Item 25 - Real Property Acquisition for Warner Avenue Street Improvements

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4. Escrow . City agrees to open an escrow at the office of F idelity National Title, 4400 MacArthur Blvd ., Suite 200, Newport Beach , California, (the Escrow Agen t ) within five (5) days from and after the date on which the City has approved this Agreement . This Agreement constitutes the joint escrow instructions of the City and the Seller and a dupl i cate origi nal of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow . Escrow to close within sixty (60) days of the City's execution of this Agreement. If escrow is not in a condition to close by the Close of Escrow, and failure to close is due to unforeseen conditions of t itle or interest of third parties in the Property that cannot be resolved in Escrow, then buyer may, at its option, request cancellation of escrow and this Agreement and return of any funds it has deposited into escrow. Thereupon , all obligations and liabilities of the Parties under this Agreement shall cease and terminate . If no such request i s made, Escrow shall be closed as soon as possible thereafter. Buyer shall be entitled to possession of the Property immed iately upon close of Escrow . The Escrow Agent hereby is empowered to act under th i s Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this reference , in writing , delivered to the City and to the Seller with in five (5) days after de livery of this Agreement, shall carry out its duties as Escrow Agent hereunder. 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 said real property to City. 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 . The liabil ity to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 8 and Exhibit "B" of the General Provisions of this Agreement. 5. Property Taxes. Such real property taxes , if any, on sa id real property for the fiscal year w ithin which said real property is conveyed to City as are unpa id at the time of said conveyance shall be cleared and pa id in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California . Seller shall be eligible for a refund under Sect ion 5096.7 of the Revenue and Taxation Code of the State of California for that portion of property taxes on said real property for said fiscal year which have been paid prior to. the date t he deed conveying said real property to City is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying said real property to City is recorded and made uncollectible if unpaid by reason of Section 5086 of the Revenue and Taxation Code of the State of California . To the extent that Seller has prepaid any taxes or assessments attributable to the Property; Seller shall be solely responsib le for obta ining any refund due thereon from the taxing authority . Upon written request , Buyer shall assist Seller, at Seller's sole cost , in obtaining said refund, if any ; however, in no case shall Buyer credit or otherwise pay Seller for that refund , if any , through or outside of Escrow. All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance is made shall be pa id by Seller before conveyance of said real property to City. 6. Payment of Purchase Price . City agrees to pay to Seller, and Seller agrees to accept from City , as and for t he full purchase price for said real property , fixtures & equipment (improvements pertaining to the realty), goodwill (if any ), and severance damages , the tota l sum of Seven Hundred Eighty Five Thousand Dollars and no/100 Dollars ($785,000.00). City agrees to deposit said purchase price in escrow w ith the Escrow Agent within THIRTY (30) days from and after the date on which the City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same to Seller upon and after: a. Conveyance of said real property by Seller to City as hereinabove provided; b. Acceptance by City of a Grant Deed conveying said real property to City ;