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that acceptance of any deed to said real property, with or without knowledge of any condition, restriction, reservation, exception, easement, assessment, profit, limitation, encumbrance (whether monetary or non -monetary, general or specific, and including any and all leasehold interests), lien, cloud or defect in title, shall not constitute a waiver by either Party of its right to the full and clear title hereinabove agreed to be conveyed by the Parties, nor of any right which might accrue because of the failure of the Parties to convey title as hereinabove provided. 2. Consideration 2.1 Consideration. The City Property is valued at $625,000 and the Bastida Property is valued at $950,000. In full and complete payment for the exchange of fee interests in the City Property and the Bastida Property, City shall provide to Bastida the signed grant deed for the City Property in the form attached as Exhibit "C" plus the sum of THREE HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($325,000.00), and Bastida shall provide to City signed grant deeds for the Bastida Property in the form attached as Exhibit "D". 3. Escrow 3.1 Escrow Agent. Within five (5) days from and after the execution of this Agreement by all Parties, City agrees to open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California ("Escrow Agent'). This Agreement constitutes the joint escrow instructions of the Parties and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow ("Effective Date"). 3.2 Escrow Agent Authorization. The Escrow Agent hereby is empowered to act under this Agreement and the General Escrow Provisions, attached hereto as Exhibit E and incorporated herein by reference, and upon indicating its acceptance of this Agreement and the General Escrow Provisions, in writing, delivered to the Parties within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. 3.3 Escrow Agent Liability. The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under this Agreement. 3.4 Closing Costs. 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, re -conveyance fees, document preparation fees, escrow fees and any other closing costs incidental to the conveying of Bastida Property to City. City and Bastida agree to split and Escrow Agent is hereby authorized to charge equally to the City and Bastida the cost of any transfer taxes, recording fees, cost of title insurance, re -conveyance fees, document preparation fees, escrow fees and any other closing costs incidental to the conveying of City Property to Bastida. 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 3.5 Title Insurance. The Parties agree to deliver, concurrently with the conveyance of said real properties, within the time and at the place hereinabove specified for said conveyance of said real property, a policy of title insurance to be issued by the above mentioned title company, with the receiving Party therein named as the insured, in an amount equal to the appraised value of the subject property, insuring the title to said real property is free and Page 2 of 17