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SANTAMARIA, AZUCENA ANTONIO
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1/6/2025 4:17:36 PM
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Contracts
Company Name
SANTAMARIA, AZUCENA ANTONIO
Contract #
N-2024-397
Agency
Public Works
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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 of the escrow. 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. P 9j1grty 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 4966 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 Thirty Thousand, Three Hundred, Thirty-eight and no/100 Dollars <br />($30,338.00). The sum of Twenty-seven Thousand, Eight Hundred, Six and no/100 Dollars ($27,806.00) <br />is compensation for the certain real property and improvements as shown in Exhibit W. The sum of <br />Two Thousand, Five Hundred, Thirty-two and no/100 Dollars <br />
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