25F - ACQUISITION OF RIGHT OF WAY DYER AND REDHILL

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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. Seller shall not be required to remove any exceptions from the Title Report other than monetary liens recorded against said real property by or with the consent of Seller. 4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, Attention: Robert Benavente (the Escrow Agent) within five (5) days from and after the date on which Seller has executed this Agreement. This Agreement constitutes the joint escrow instructions of the City and the Seller and a duplicate original of Seller's counterpart shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to close within 90 days of the City's execution of this Agreement. 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 Attachment 3 attached 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 as 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, including any endorsements to Seller's title policy requested by Seller and approved by Buyer, which approval shall not be unreasonably withheld, 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. 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 Attachment 3 General Escrow Provisions of this Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conveyed 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 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 all 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 unimproved real property, and severance damages, the total sum of ONE MILLION SEVENTY NINE THOUSAND SIX HUNDRED SIX AND NO/100 Dollars ($7,079,606) (the "Purchase Price"). Upon the opening of escrow (described in Paragraph 4 above), Purchaser shall deposit into escrow cash or other immediately available funds in the amount of Fifteen Thousand Dollars ($15,000) (the "Deposit"). The Deposit shall be applied to the Purchase Price at Closing. Upon delivery of the Deposit in escrow, the Deposit shall be deemed earned by Seller and non-refundable to City unless the real property is not conveyed to City as a result of a default under this Agreement by Seller. City agrees to deposit the remainder of said Purchase Price and all costs to be paid through escrow by City In escrow: with the Escrow Agent within Ninety (90) days from and after the date on which the City .has approved this Agreement, Page 2 of 27 25F-22