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<br />City therein named as the insured, in the amount of
<br />
<br />Fll I I/I,VDRED SIXTY FIVE THOUSAND DOLLARS ($ 565000 )
<br />insuring th;]! title to Said Real Property is free and clear of any and all conditions, restrictions,
<br />reservations, exceptions, easements, assessments, profits, limitations, encumbrances
<br />(including any and all leases), liens, clouds or defects in title, excepting those indicated in
<br />Paragraph 15 Acceptance by City of any such policy of title insurance, whether such insurance
<br />complies with the requirements of this paragraph or not, shall not constitute a waiver by City of
<br />its right to such insurance as is herein required of Seller, nor a waiver by the City of any rights
<br />of action fOI damages or any other rights which may accrue to City by reason of the failure of
<br />Seller to cOllvuy title or to provide title insurance as required in this PSA.
<br />
<br />4. Escrow City agrees to open an escrow at the office of First American ,
<br />(hereinafter "Escrow Agent"), located at 1 Fir,<t American Wav. Santa Ana , California
<br />within five (51 days from and after the date on which the City has approved this PSA. This PSA
<br />constitutes the bl.lateral escrow instructions of the City and the Seller and a duplicate original of
<br />this PSA shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow is to
<br />close within 12/1 days of the City's execution of this PSA.
<br />
<br />The Escrow Aqcent hereby is empowered to act in accordance with the terms, conditions and
<br />provisions of ti1ls PSA. and shall carry out its duties as Escrow Agent hereunder upon i~d~C~.ti~?
<br />its written acceptclllce of this Section 4, and of the General ProVISions desCribed In Exhibit 8
<br />attached heretu ancllncorporated herein by this reference, delivered to the City and to the
<br />Seller within five (5 i days after delivery of this PSA.
<br />
<br />City agrees to pay, and Escrow Agent is hereby authorized to charge to the City, the cost of any
<br />transfer taxes, recurrling fees, cost of title insurance, reconveyance fees, docu~e~t p~e:ara~l~n
<br />fees, escrow fees and any other closing costs inCidental to the co~~eymg of ~~:n :eaed ~~~ruZt
<br />t City Penalties f 01 prepayment of bona fide obligations secure y any ex 6
<br />~ mortgage shall Ix, waived pursuant to Civil Code Procedures Section 1265.24 .
<br />
<br />,., . SA is limited to the performance of obligations imposed .
<br />Escrow Agent s Ilahlllty under thiS P . 11 d Exhibit "8" of the General ProvISions of thiS
<br />upon it under Sect lOll 4, Section 6, Section an
<br />
<br />PSA. f' \ rin
<br />'f on Said Real Property for the Isca yea
<br />5 ProDert\l Taxes. Real property taxes, I any, unpaid at the time of said conveyance,
<br />. rt . conveyed to City, as are . 4966 of the Revenue
<br />which Said Real Pft'I'" Y IS . dance with the provisions of SectIOn der Section
<br />shall be cl~areg "\','d~~~~:~t~:~~alifOrnia. Seller shallf ~ ~~~;~:: :~~ ~h~~f~~~i~~ of property
<br />and TaxatIOn 0'. nd Taxation Code of the State 0 a I . rior to the date the deed
<br />5096,7 of the Rev~r~r~;erty for said fiscal year which have l~eCe:b::~~ (hat portion of the fiscal
<br />taxes o~ SalddR~", I Property to City is recorded whlChd I~ a f Property to City is recorded and
<br />conveYIng Sal e3 th deed conveYing Sal ea d Taxation Code of
<br />ear which begins 011 the date r:ason of Section 4966 of the Revenue ::d all years prior to the
<br />~ade uncollectible '\Ull~t'~~~aid taxes on Said Real propert~ ~oyr ~~Xer before conveyance of
<br />the State of Califor, "" .' ance is made shall be pal
<br />fiscal year within wIW)I,sald convey
<br />Said Real Propel\Y tu city. I d Seller agrees to accept
<br />t ay to Sel er, an t t
<br />Payment of purchase Price. City af;~~~i~ ~ea\ Property, including improvemen s 0
<br />~;om City, as and lor the full purchase pnce
<br />
<br />Seller's Initials \l \Z
<br />
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