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<br />clouds or defects in title, except those exceptions shown in Paragraph 15 below. Seller <br />hereby warrants that the title to Said Real Property shall be free and clear as provided <br />above. Seller further agrees that acceptance by City of any deed to Said Real <br />Property, with or without knowledge of any condition, restriction, reservation, <br />exception, easement, assessment, profit, limitation, encumbrance (including any and <br />all/eases), lien, cloud or defect in title, shall not constitute a waiver by City of its right to <br />the full and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right <br />which might accrue to City because of the failure of Seller to convey title as hereinabove <br />provided. <br /> <br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the <br />conveyance of title to Said Real Property to City, within the time and at the place <br />hereinabove specified, a policy of title insurance to be issued by the above mentioned <br />title insurance company, with the City therein named as the insured, in the amount of <br />FOUR HUNDRED EIGHT FIVE THOUSAND DOLLARS ($485,000) insuring that title to <br />Said Real Property is free and clear of any and all conditions, restrictions, reservations, <br />exceptions, easements, assessments, profits, limitations, encumbrances <br />(inciuding any and all leases), liens, clouds or defects in title, excepting those <br />indicated in Paragraph 15. Acceptance by City of any such policy of titie insurance, <br />whether such insurance complies with the requirements of this paragraph or not, shall <br />not constitute a waiver by City of its right to such insurance as is herein required of <br />Seller, nor a waiver by the City of any rights of action for damages or any other rights <br />which may accrue to City by reason of the failure of Seller to convey title or to provide <br />title insurance as required in this PSA. <br /> <br />4. Escrow. City agrees to open an escrow at the office of First American Title <br />Insurance Company (hereinafter "Escrow Agent")" located at 2 First American Way, <br />Santa Ana, California, within five (5) days from and after the date on which the City has <br />approved this PSA. This PSA constitutes the bi-Iateral escrow instructions of the City <br />and the Seller and a duplicate original of this PSA shall be delivered to the Escrow Agent <br />upon the opening of the escrow. Escrow is to close within 120 days of the City's execution <br />of this PSA. <br /> <br />The Escrow Agent hereby is empowered to act in accordance with the lerms, conditions <br />and provisions of this PSA, and shall carry out its duties as :r,ow 7~t~reunder <br />Page 2 of 11 Seller's Initial / <br />V <br />