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4. Escrow. City agrees to open an escrow at the office of Commonwealth Land Title Insurance <br /> Company, Newport Place Drive, Suite 120, Newport Beach, California, (the Escrow Agent) within five <br /> (5) days from and after the date on which the City has approved this Agreement. This Agreement <br /> constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this <br /> Agreement shall be delivered to the Escrow Agent upon the opening g of the escrow <br /> . Escrow to close <br /> within sixty (60) days of the City's execution of this Agreement. If escrow is not in a condition to close <br /> by the Close of Escrow, and failure to close is due to unforeseen conditions of title or interest of third <br /> parties in the Property that cannot be resolved in Escrow, then buyer may, at its option, request <br /> cancellation of escrow and this Agreement and return of any funds it has deposited into escrow. <br /> Thereupon, all obligations and liabilities of the Parties under this Agreement shall cease and terminate. <br /> If no such request is made, Escrow shall be closed as soon as possible thereafter. Buyer shall be <br /> entitled to possession of the Property immediately upon close of Escrow. <br /> The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its <br /> acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached hereto <br /> and incorporated herein by this reference, in writing, delivered to the City and to the Seller within five <br /> (5)days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. <br /> City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer <br /> taxes, recording fees, cost of title insurance, re-conveyance fees, document preparation fees, escrow <br /> fees and any other closing costs incidental to the conveying of said real property to City. Penalties for <br /> prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived <br /> pursuant to Civil Code Procedures Section 1265.240. <br /> The liability to the Escrow Agent under this Agreement is limited to performance of the obligations <br /> imposed upon it under Section 4, Section 6, Section 8 and Exhibit "B" of the General Provisions of <br /> this Agreement. <br /> 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within <br /> which said real property is conveyed to City as are unpaid at the time of said conveyance shall be <br /> cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code <br /> of the State of California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and <br /> Taxation Code of the State of California for that portion of property taxes on said real property for said <br /> fiscal year which have been paid prior to the date the deed conveying said real property to City is <br /> recorded which is allocable to that portion of the fiscal year which begins on the date the deed <br /> conveying said real property to City is recorded and made uncollectible if unpaid by reason of Section <br /> 5086 of the Revenue and Taxation Code of the State of California. To the extent that Seller has prepaid <br /> any taxes or assessments attributable to the Property; Seller shall be solely responsible for obtaining <br /> any refund due thereon from the taxing authority. Upon written request, Buyer shall assist Seller, at <br /> Seller's sole cost, in obtaining said refund, if any; however, in no case shall Buyer credit or otherwise <br /> pay Seller for that refund, if any, through or outside of Escrow. <br /> All unpaid taxes on said real property for any and all years prior to the fiscal year within which said <br /> conveyance is made shall be paid by Seller before conveyance of said real property to City. <br /> 6. payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from <br /> City, as and for the full purchase price for said real property and temporary occupancy, for the total <br /> sum of Forty-five Thousand, and no/100 Dollars ($45,000.00). The sum of Forty-two Thousand, <br /> and no/100 Dollars ($42,000.00), is compensation for the certain real property and improvements as <br /> shown in Exhibit 'A'. The sum of Three Thousand, and no/100 Dollars <br />