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hereto and incorporated herein by this reference, in writing, delivered to the City and to the <br />Seller within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow <br />Agent hereunder. <br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any <br />transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation <br />fees, escrow fees and any other closing costs incidental to the conveying of said real property <br />to City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust <br />or mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal <br />year within which said real property is conveyed to City as are unpaid at the time of said <br />conveyance shall be prorated as of the Close of Escrow. All unpaid taxes on said real property <br />for any and all years prior to the fiscal year within which said conveyance is made shall be paid <br />by Seller before conveyance of said real property to City. <br />6. Payment of Purchase Price; and Other Consideration. City agrees to pay to Seller, <br />and Seller agrees to accept from City, as and for the full purchase price for said real property, <br />the total sum of THREE HUNDRED FIFTY-TWO THOUSAND SEVEN HUNDRED AND <br />TWENTY DOLLARS ($352,720). City agrees to deposit said purchase price in escrow with the <br />Escrow Agent within THIRTY (30) days from and after the date on which the City has approved <br />this Agreement, and the Escrow Agent is hereby authorized to pay the same to Seller upon and <br />after: <br />(a) Conveyance of said real property by Seller to City as hereinabove provided; <br />(b) Acceptance by City of a Grant Deed conveying said real property to City; <br />(c) Delivery to City of the policy of title insurance as hereinabove provided; <br />(d) Recordation of the Deed conveying said real property to City. <br />In addition: <br />(a) The City shall deliver to Seller the water heater which was recently installed in 1301 W. <br />6th Street or, should such water heater be unavailable, then the City shall pay to Seller $500 to <br />reimburse Seller for the costs associated with such water heater (see paragraph 17); <br />(b) The City shall, prior to the Close of Escrow, deliver to Seller a letter on the City's <br />letterhead acknowledging that this sale was consummated under the threat that the City would <br />acquire the subject property by eminent domain in a form reasonably acceptable to Seller. <br />7. Possession. Seller agrees to deliver to City, on the date the Deed conveying said real <br />property to City is recorded, quiet and peaceful possession of said real property subject to the <br />rights of the existing tenants. <br />8. Rental and Occupancy By Seller. Seller agrees to execute a complete, current and <br />correct statement of rentals (Estoppel Certificate) on a form furnished to Seller by Buyer and <br />deliver same to Buyer within fifteen (15) days hereof with copies of any written leases or rental <br />agreements attached thereto. All rents will be prorated as of the close of escrow on the basis <br />of a 30-day month/360-day year consistent with that statement, subject to approval of Buyer. <br />Seller hereby agrees not to rent any units on the premises which are now vacant, or which may <br />be vacated by present occupants prior to close of escrow. Any and all Tenant Security <br />Deposits pertaining to the subject property collected by or in the possession of Seller prior to <br />the close of escrow shall remain the property of Seller.