NGUYEN, MAI & NINH 2 - 2007 - Laserfiche WebLink

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City therein named as the insured, in the amount of THREE HUNDRED FORTY SEVEN THOUSAND DOLLARS ($ 347,000 ) insuring that title to Said Real Property is free and clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances (including any and all leases), liens, clouds or defects in title, excepting those indicated in Paragraph 15. Acceptance by City of any such policy of title insurance, whether such insurance complies with the requirements of this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is herein required of Seller, nor a waiver by the City of any rights of action for damages or any other rights which may accrue to City by reason of the failure of Seller to convey title or to provide title insurance as required in this PSA. 4. Escrow. City agrees to open an escrow at the office of LandAmerica Title Insurance, (hereinafter "Escrow Agent"), located at 1920 Main Street, 12th Floor, Irvine , California within five (5) days from and after the date on which the City has approved this PSA. This PSA constitutes the bi-Iateral escrow instructions of the City and the Seller and a duplicate original of this PSA shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow is to close within 120 days of the City's execution of this PSA. The Escrow Agent hereby is empowered to act in accordance with the terms, conditions and provisions of this PSA, and shall carry out its duties as Escrow Agent hereunder upon indicating its written acceptance of this Section 4, and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this reference, delivered to the City and to the Seller within five (5) days after delivery of this PSA. City agrees to pay, and Escrow Agent is hereby authorized to charge to the City, the cost of any transfer taxes, recording fees, cost of title insurance, reconveyance 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 mortgage shall be waived pursuant to Civil Code Procedures Section 1265,240. Escrow Agent's liability under this PSA is limited to the performance of obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General Provisions of this PSA. 5. Property Taxes. Real property taxes, if any, on Said Real Property for the fiscal year in which Said Real Property is conveyed to City, as are unpaid at the time of said conveyance, shall be cleared and/or 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 State of California for that portion of property taxes on Said Real Property for said fiscal year which have been paid prior to the date the deed conveying Said Real Property to City is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying Said Real Property to City is recorded and made uncollectible 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 aiL years prior to the fiscal year within which said conveyance is made shall be paid by Seller before conveyance of Said Real Property to City. 6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for the full purchase price for Said Real Property, including improvements to Page 2 of8 Seller's Initials ~r/ /'\;lAJ I