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<br />hereinafter expressly approve, which approval shall not be unreasonably withheld. <br /> <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First <br />American Way, Santa Ana, California, (the Escrow Agent) within five (5) days uom and after the date on which <br />the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and <br />the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of <br />the escrow. <br /> <br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this <br />Section 4 and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this <br />reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this Agreement, <br />shall carry out its duties as Escrow Agent hereunder. <br /> <br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes, <br />recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and any other <br />escrow or closing costs incidental to the conveying of said portions of real property to City. Penalties for <br />prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant <br />to Civil Code Procedure Section 1265.240. <br /> <br />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed <br />upon it under Section 4, Section 6, Section II and Exhibit "B" of the General Provisions of this Agreement. <br /> <br />5. Propertv Taxes. Such real property taxes, if any, on said real property for the fiscal year within which <br />said real property is conveyed to City as are unpaid at the time of said conveyance shall be cleared and paid in <br />accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. <br />Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State of <br />California for that portion of property taxes on said real property for said fiscal year which have been paid prior <br />to the date the deed conveying said real property to City is recorded which is allocable to that portion of the <br />fiscal year which begins on the date the deed conveying said real property to City is recorded and made <br />uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of California. <br />All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance <br />is made shall be paid by Seller before conveyance of said real property to City. <br /> <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for <br />the full purchase price for said real property, fixtures & equipment (improvements pertaining to the realty), <br />goodwill (if any) claims by Seller, severance damages, and relocation claims by Seller pursuant to Government <br />Code §7260 et seq., the total sum of FORTY SEVEN THOUSAND EIGHTY FIVE DOLLARS AND No/lOO <br />($47,085.00). Seller agrees to remove flagpole and existing street sign by June 30, 2004. If not removed, the <br />flagpole will be considered abandoned. It will be Seller's responsibility to remove, abandon or rework existing <br />irrigation system before and after this construction project. Seller agrees that if such items are not removed by <br />June 30, 2004, City may remove said items. City agrees to deposit said purchase price in escrow with the <br />Escrow Agent within THIRTY (30) days uom and after the date on which the City has approved this <br />Agreement, and the Escrow Agent is hereby authorized to pay the same to Seller upon and after: <br /> <br />(a) <br /> <br />Conveyance of said portions of real property by Seller to City as hereinabove provided; <br /> <br />(b) <br /> <br />Acceptance by City of a Grant Deed conveying said portions of real property to City; <br /> <br />(c) <br /> <br />Delivery to City of the policy of title insurance as hereinabove provided; <br /> <br />2 <br />