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4. Esc row. City agrees to o pe n an esc ro w at the office o f F ide li ty Nation al Tit le , 4 400 MacArthu r Blv d. <br />Suite 200 , Newport Beach, Ca lifornia , (the "Escrow A gent") with in five (5) days fr om and after the date on <br />w hi ch th e C ity has ap prove d thi s A greement . T h is Agree m ent constitutes the joint escrow in struct ions of the <br />City and the Se ller and a duplicate original of this Agreement shall be delivered to the Escrow Agen t upon the <br />o pen ing of the es crow. Escrow t o c lo se wi thin thi rty (30) days of th e City's execu t io n of this Agreement. If <br />esc row is no t i n a c ond it io n to close by the clo se of escrow , an d fai lu re to clo se is due to un foresee n <br />con d it ion s of ti tle or inte rest of th ird parties in the P ro perty that cannot be reso lve d in escrow, then Buy er <br />may, at its opt ion , request can ce llat ion of escrow and th is Agree men t an d return of a ny fu nd s it has de posi ted <br />i nto escrow Thereupon, all o b lig atio ns and liabili ti es of th e partie s unde r thi s Agreemen t sha ll cea se an d <br />terminate. If no such req ues t is made , escrow shal l be closed as soon as possible thereafter . Bu yer shall be <br />enti tl e d to pos sess ion of the Property immedia tely up on close of escrow . <br />The Escrow Ag ent hereby is empowered to act unde r th is Ag ree ment, and upon indi cating its accepta nce of <br />this Sect ion 4 and of the General Provisi ons described in Exhibit "B" a tta ched hereto an d in co rpo rated <br />herei n b y this refere nce , in w ri ting , delivered to the City and to the Se ll er with in five (5) days after deli very of <br />this Ag reem en t , sha ll ca rry out its duties as E s cro w Agent he reunder. <br />Se lle r sha ll pay (a) the fees o f any counsel /re a l esta te agent repre s enting Seller in connection with this <br />transaction , (b) one -ha lf (1/2) of a n y con veyance fee , tra nsfe r ta x, docume ntary stam p tax or sim ilar ta x <br />w h ich becomes payable b y re ason o f t he trans fe r of the P rope rty; and (c ) one -h al f (1 /2 ) of any escrow fe e <br />w hi ch may be charged by the Escrow Age nt o r Title C ompany . City shal l pay (a) th e fees of any coun sel/real <br />esta te agent rep res en ting C ity in co n nection w ith thi s transa ctio n; (b) the fee for the title examination a nd th e <br />Title R eport , (c) the premi um fo r the Owner's Pol icy o f Title Insurance a nd any endorsements to be issued to <br />the City by the Titl e Company at C losing ; (d) the cost of the Survey , if needed ; (e) one-half (1/2) of an y <br />conve ya nce fee , tra ns fe r tax, d o cu mentary sta m p ta x or sim ila r ta x wh ich becomes p ayable b y reaso n of th e <br />tra ns fe r o f the Property; (f) the fees for re co rdi n g the d eed convey in g the Prope rty to the City, if any ; and (g) <br />one-ha lf (1/2 ) of an y escrow fees ch arged by the Escro w Age nt or Titl e Comp a ny . All other cos ts and <br />expe ns es inc ident t o this t ran sact ion and th e closi ng th ereof sha ll be pai d by the party incurring same . <br />5. Prop e rty Ta xes. Such re al property taxes , if any, on said real property for the fiscal year w ithin which <br />said re al pro pe rty is conveyed to City as are unpa id at the time of said co nveya nce s h all be cleared an d paid <br />in a c cordan ce with the provi sions of Se cti on 4 986 of th e Revenue and T ax atio n Code of the St ate of <br />Californ ia . Se ller shal l be eligible for a refund unde r Secti on 50 96 .7 of th e R evenue a nd Taxation Code of <br />the State of Ca liforn ia fo r that portion of property tax es on said real property for sa id fisc al year whic h have <br />bee n paid pr io r to th e date the deed conveying said rea l pro perty to City is recorde d w h ich i s a llocable to th at <br />port ion of the f iscal yea r w hich beg ins on the date th e deed conveying said real pro perty to City is re co rded <br />and made un co ll e ct ible if unpaid by reason of S e ction 5086 o f the Revenue and Ta xati on Cod e of th e Sta te <br />of Cal iforn ia. To the extent that Sel ler ha s prepa id any ta xes or assessments attributa ble t o the Proper ty ; <br />Se ller shall b e sole ly re spo n si ble fo r obtain ing any re fun d due th ereon from the tax ing authorit y. Upon w ritten <br />req ues t , Buy e r shall assist Seller, at Se ll e r's sole co s t, in o bta ining said re fun d , if any; however, in no cas e <br />shall B uyer c redit or otherwise pay Seller for that refund, if any , through o r outside of escrow . <br />All u npaid ta xes on sa id real property for any and all years prior to the fi scal year w ithin wh i ch sa id <br />convey an ce is made sh a ll be paid by Se lle r before conveyan ce of said rea l property to C ity. <br />6. Payment of P urchase Pri ce. C ity agre es to pay to Seller, and Seller ag rees to accept from C ity . as <br />a nd fo r th e f u ll purchase price for s aid real pro pert y, the tota l sum of $10,500,000 (T en Million Five Hu ndre d <br />Thou sa nd D ol lars ). City agrees to deposit said purchase price in escro w w ith the Escrow Agent with in <br />T HIR TY (30) da ys from and after the date hereof, and th e Escrow Agent is he reby authorize d to pay the <br />sam e to Seller upon a nd after: <br />(a ) Record ing o f a G ra nt Deed convey in g sa id re a l prope rty to Ci ty ;