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conveying the Property to Buyer effective upon the close of escrow. As soon as possible after opening of <br />escrow, Buyer will deposit the executed Reed, with Certificate of Acceptance attached, with Escrow Agent on <br />Seller's behalf. Buyer agrees to deposit the Purchase Price upon demand of Escrow Agent. Buyer and Seller <br />agree to deposit with Escrow Agent any additional instruments as may be necessary to complete this <br />transaction. <br />Insurance policies for fire or casualty are not to be transferred, and Seller will cancel its own policies after <br />close of escrow. <br />All funds received in this escrow shall be deposited with other escrow funds in a general escrow account(s) <br />and may be transferred to any other such escrow trust account in any State or National Bank doing business <br />in the State of California. All disbursements shall be made by check from such account. <br />ESCROW AGENT IS AUTHORIZED AND IS INSTRUCTED TO COMPLY WITH THE FOLLOWING TAX <br />ADJUSTMENT PROCEDURE: <br />A. Pay and charge Seller for any unpaid delinquent taxes and/or penalties and interest thereon, <br />and for any delinquent or non -delinquent assessments or bonds against the Property; <br />B. In the event this escrow closes between February 1 and May 30, and current tax information <br />is not available from title insurer, Escrow Agent is instructed to withhold from Seller's <br />proceeds an amount equal to 120% of the prorated amount due based upon the previous <br />fiscal year's second half tax bill. At such time that the tax information is available, Escrow <br />Agent shall make a check payable to the County Tax Collector for Seller's prorated portion of <br />taxes and forward same to the Buyer and shall refund any difference to the Seller. In the <br />event the amount withheld is not sufficient to pay Seller's prorated portion of taxes due, the <br />Seller agrees to immediately pay the difference; <br />In the event said tax information is available, Seller's taxes shall be prorated in accordance with <br />subsection "C" below. <br />C. From the date that tax information is available, as per subsection "B", up to and Including <br />May 30, Seller's current taxes, if unpaid, shall be prorated to date of close of escrow on the <br />basis of a 365 day year in accordance with Tax Collector's proration requirements, together <br />with penalties and interest, if said current taxes are unpaid after December 10 and/or April <br />10. At close of escrow, check payable to the County Tax Collector for Seller's prorata portion <br />of taxes shall be forwarded to Buyer with the closing statement; <br />D. Any taxes which have been paid by Seller, prior to opening of this escrow, shall not be <br />prorated between Buyer and Seller, but Seller shall have the sole right, after close of escrow, <br />to apply to the County Tax Collector of said county for refund. This refund would apply to <br />the period after Buyer's acquisition, pursuant to Revenue and Taxation Code Section 5096.7. <br />ESCROW AGENT IS AUTHORIZED TO AND SHALL: <br />E. Pay and charge Seller, upon Seller's written approval, for any amount necessary to place title <br />in the condition necessary to satisfy the requirements of Section 3; <br />F. Pay and charge Buyer for any escrow fees, charges, and costs payable under Section 6; <br />G. Disburse funds and deliver the Deed when conditions of this escrow have been fulfilled by <br />Buyer and Seller. <br />Page 2 <br />