SOTO, BERTHA - 2006 - Laserfiche WebLink

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. monetary or non-monetary, general or specific, and Including any and all leasehold Interests), liens, clouds or defects In 1I11e, excepting such speCific; ones as city may hereinafter expressly agree to take subject to. Acceptance by City of any such policy of Insurance, whether such insurance compiles with the requirements of this paragraph or not, shall not constitute il _Iver by City of ils right to such insurance as is herein required of Sellar, nor a waiver by the City of any rights of action for demages or any other rights which may ac;crue to City by reason of the failure of Seller to convey title or to proVIde title Insurance as required in this Agreement. 4. Escrow. City agrees to open an escrOW at the office of LandAmerica Commercial Services, 1920 Main Street,12"' Floor, (the Escrow Agent) within five (5) days from and after the date on which the City has approved this Agreement. This Agreement consUtutes the Joint escrow instructions of the City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to close within of the City's execution of this Agreement. ~ PCl'"S- The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described In Exhibit "B" altactled hereto and incorporated herein by this reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this Agreement, shall carry out its duties at Escrow Agent hereunder. City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes, recording fees, cost of title insurance, reconveyanca fees, document preparation fees, escrow fees and any other closing costs Incidental to the conveying of said real property to City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust or rhorlgage atu;lll be waived pursuant to eMI Code Procedures Section 1265.240. The liability to the Escrow Agent under this Agreement Is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "S" of the General Provisions of this Agreement. 5. Prolll!rtv Tax... Such real property taxes, if any, on said real property for the fiscal year WIthin whIch said real property Is convayed to City as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the Stete of California for that portion of property taxes on said rllal property for said fiscal year which have been paid prior to the date the deed conveylng said real property to City is reCOrded WhIch 18 IIllocable to that portion of the fiscal year which begins on the date the deed conveylng said real property to City .15 reoorded and made uncollecUble If unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State'of California. All unpaid taxes on said real property for any and all years prtor to the fIScal year within which said conveyance Is mllde ahall be paid by Seller before conveyanca of said real property to City. 6. PaYment of Purchase Price. City agrees to pay to Seller; and Seller agrees to accept from City, 1I$ and for the full purchase price for said real property, fixtures & equipment (improvements pertaining to the realty), goodwill (If any), and severance damages, the total sum of Nine Hundred Eighteen Thousand Nine Hundred Forty AND N0I100 ($918,940) City agrees to deposit said purchase price In escrow with the Escrow Agent within Sixty (60) days from and after tha date on which the City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the slime to Seller upon and attllr: (a) Conveyance of said real property by Seller to City as hereinabove provided; 2 m'd I7S:~! 900Z ~ ^ON S~9S-ll79-I7!l:xej 'lj a~ 9N3 - ~ S AllJ