Item 16 - Purchase and Sale Agreement for 1601 and 1607 N Bristol Street

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3.7 Possession. Seller shall deliver possession of the Property to Buyer at the Close of Escrow subject only to the Perinitted Exceptions and free of any tenancies and/or third patty claims of use or ownership. 3.8 Taxes, Assessments and Prorations. 3.8.1 Takes. Only to the extent the Seller pays any property taxes or assessments on the Property, all current general and special taxes and assessments on the Property shall be prorated by Escrow bolder based upon the latest available information as shown in the tax statements provided to Escrow Holder by Seller, using customary escrow procedures in Orange County. Seller shall provide Buyer with written evidence of the payment or satisfaction of such taxes. Should the Property be pail of a larger tax parcel (°`.Assessment Parcel") which as of the Close of Escrow remains unsegregated on the County Tax Assessor's Roll for the ensuing fiscal year; Escrow Holder shall charge Buyer and credit Seller for taxes and assessments allocated to the Property (based on unimproved value) based on the percentage of the total acreage of the. Assessment parcel located on the Property, which acreage .hgures for allocation purposes shall be fairly and equitably determined and supplied to Escrow Holder by Buyer and Seller. 'Buyer and Seller shall cooperate in good faith to cause the Property to be separately assessed and segregated in Buyer's name on the current tax roll. Any real property taxes or assessments levied under the Supplemental Tax Roll as a result of the, sale of the Property to Buyer, shall be the responsibility of Buyer. Any real property taxes or assessments levied under the Supplemental Tax. Roll as a result of transfers, improvements or other occurrences before the Close of Escrow shall be the responsibility of Seller. 3, 8.2 General, All pro rations provided for herein shall be on an "actual day" basis and a three hundred sixty-five (365) day year.. The provisions of this ,Section shall survive Close of Escrow, If either Party fails to pay its pro rata share of taxes or other expenses by the times herein. provided; interest shall accrue on all unpaid amounts f-onn when owing until paid at the maximum rate allowed by law. Any errors or omissions made in calculating adjustments and proration shall be corrected promptly upon the discovery thereof If any estimations are made at the Close of Escrow regarding adjustments or prorations, the Parties shall make the appropriate collection promptly when accurate information becomes available. Any corrected adjustment or proration shall be paid to the Party entitled thereto within thirty (30) days after written request therefor and if not so paid interest shall accrue and be payable on same at the maximum rate allowed by law. 3.9 Closing Costs. Buyer shall pay the cost of the Title Policy, the Escrow pees and any applicable documentary transfer: fees (considering Seller is a City) and recording fees, and all other costs and expenses incurred related to the purchase of the Property by Buyer. If required by Buyer's lender, Buyer shall also pay for the appraisal cost of the Property (collectively, "Closing Costs'). As soon as reasonably possible following the Close of Escrow, Escrow Holder shall deliver a copy of the final Escrow closing statement to Buyer and Seller. -5-