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agrees that acceptance by City of any deed to said real property, with
<br />or without knowledge of any condition, restrictions, reservation,
<br />exception, easement, assessment, profit, limitation, encumbrance, lien,
<br />lease, cloud or defect in title, shall not constitute a waiver by City of its
<br />right to the full and clear title hereinabove agreed to be conveyed by
<br />Seller to City, nor of any right which might accrue to City because of
<br />the failure of Seller to convey title as hereinabove provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the
<br />conveyance of said real property to City, within the time and at the
<br />place hereinabove specified for said conveyance of said real property,
<br />a policy of title insurance to be issued by the above mentioned title
<br />company, with the City therein named as the insured, in the amount of
<br />twenty-six thousand, one hundred and thirty dollars ($26,130.00),
<br />insuring the title of the City to said real property is free and clear of any
<br />and all conditions, restrictions, reservations, exceptions, easements,
<br />assessments, profits, limitations, encumbrances, liens, teases, clouds
<br />or defects in title, excepting such specific ones as city may hereinafter
<br />expressly agree to take subject to. Acceptance by City of any such
<br />policy of insurance, whether such insurance complies with the
<br />requirements of this paragraph or not, shall not constitute a waiver by
<br />City of its right to such insurance as is herein required of Seller, nor a
<br />waiver by the City of any rights of action for damages or any other
<br />rights which may accrue to City by reason of the failure of Seller to
<br />convey title or to provide title insurance as required in this Agreement.
<br />4. Escrow. City agrees to open an escrow at the office of First American
<br />Title Insurance Company, 2 First American Way, Santa Ana, California
<br />92707 (the Escrow Agent) within five (5) days from and after the date
<br />on which the City has approved this Agreement. This Agreement
<br />constitutes the joint escrow instructions of the City and the Seller and a
<br />duplicate original of this Agreement shall be delivered to the Escrow
<br />Agent upon the opening of the escrow.
<br />The Escrow Agent hereby is empowered to act under this Agreement,
<br />and upon indicating its acceptance of this Section 4 and of the General
<br />Provisions described in Exhibit "B" attached hereto and incorporated
<br />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
<br />out its duties as Escrow Agent hereunder.
<br />City agrees to bear and Escrow Agent is hereby authorized to charge
<br />to the City the cost of any transfer taxes, recording fees, cost of title
<br />insurance, reconveyance fees, document preparation fees, escrow
<br />fees and any other closing costs incidental to the conveying of said
<br />real property to City. Penalties for prepayment of bona fide obligations
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