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in'the amount Eighty-Two Thousand Eight Hundred Fifty Dollars And No/100 ($82,850.00), insuring the title of
<br />the City to said real property is flee and clear of any and all conditions, restrictions, reservations, exceptions,
<br />easements, assessments, profits, limitations, encumbrances, liens, leases, Clouds or~ defects in title, excepting
<br />such specific ones as city may hereinafter expressly agree to take subject to. Acceptance by City of any such
<br />policy of insurance, whether such insurance complies with the requirements of this paragraph or not, shall not
<br />constitute a waiver by City of its right to such insurance as is heroin required of Seller, nor a waiver by the City
<br />of any rights of action for damages or any other rights which may accrue to City by reason of the failure of
<br />Seller to convey title or to provide title insurance as required in this Agreement. Notwithstanding any provision
<br />in this contract to the contrary, if following close of escrow, any condition, restriction, reservation, exception,
<br />easement, assessment, profit, limitation, encumbrance, lien, lease, cloud or defect in title (referred to in the
<br />aggregate as "Defects"), is discovered, then as to any Defects which were no! placed on the property by Seller,
<br />City shall look solely to the title company which issued the title insurance policy for relief and damages and
<br />Seller shall have no liability or responsibility for such Defects.
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<br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First
<br />American Way, Santa Ana, Califomia, (the Escrow Agent) within five (5) days from and after the date on which
<br />the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and
<br />the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of
<br />the escrow.
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<br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this
<br />Section 4 and of the General Provisions described in Exhibit "C" attached hereto and incorporated herein by this
<br />reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this Agreement,
<br />shall carry out its duties as Escrow Agent hereunder.
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<br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes,
<br />recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and any other
<br />closing costs incidental to the conveying of said real property to City. Penalties for prepayment of bona fide
<br />obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil Code Procedures
<br />Section 1265.240.
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<br />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed
<br />upon it under Section 4, Section 6, Section 11 and Exhibit "C" of the General Provisions of this Agreement.
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<br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which
<br />said real property is conveyed to City as are unpaid at the time of said conveyance shall be cleared and paid in
<br />accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California.
<br />Seller shall be eligible for a retired under Section 5096.7 of the Revenue and Taxation Code of the State of
<br />California for that portion of property taxes on said real property for said fiscal year which have been paid prior
<br />to the date the deed conveying said real property to City is recorded which is allocable to that portion of the
<br />fiscal year which begins on the date the deed conveying said real property to City is recorded and made
<br />uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of California.
<br />All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance
<br />is made shall be paid by Seller before conveyance of said real property to City.
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<br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for
<br />the full purchase price for said real property, fixtures & equipment (improvements pertaining to the realty),
<br />goodwill (if any), and severance damages the total sum of Eighty-Two Thousand Eight Hundred Fifty Dollars
<br />And No/100 ($82,850.00). City agrees to deposit said purchase price in escrow with the Escrow Agent within
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