COMMUNITY REDEVELOPMENT AGENCY 1 - 2004

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Agency by reason of the failure of City to convey title or to provide title msurance as required in this Agreement. 4. Escrow. Agency agrees to open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date on which the Agency has approved this Agreement. This Agreement constitutes the joint escrow instructions of the Agency and the City and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. The Escrow Agent hereby is empowered to act under this 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 Agency and to the City within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. Agency agrees to bear and Escrow Agent is hereby authorized to charge to the Agency the cost of any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and any other closing costs incidental to the conveying of said real property to Agency. 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 liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General Provisions ofthis Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conveyed to Agency as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. City shall be eligible for a refund under Section 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 the deed conveying said real property to Agency is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying said real property to Agency is recorded and made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of California. 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 paid by City before conveyance of said real property to Agency. 6. Payment of Purchase Price. Agency agrees to pay to City, and City agrees to accept from Agency, as and for the full purchase price for said real property, fixtures & equipment (improvements pertaining to the realty), goodwill (if any), severance damages, and relocation claims pursuant to Government Code §7260 et seq., the total sum of Four Hundred Eleven Thousand Dollars And No/100 ($411,000.00). Agency agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) days from and after the date on which the Agency has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same to City upon and after: (a) Conveyance of said real property by City to Agency as hereinabove provided; (b) Acceptance by Agency of a Grant Deed conveying said real property to Agency; (c) Delivery to Agency of the policy of title insurance as hereinabove provided; (d) Recordation of the Deed conveying said real property to Agency. 2