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<br />upon indicating its written acceptance of this Section 4, and of the General Provisions <br />described in Exhibit "B" attached hereto and incorporated herein by this reference, <br />deiivered to the City and to the Seller within five (5) 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 <br />of any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document <br />preparation fees, escrow fees and any other closing costs incidental to the conveying of <br />Said Real Property to City. Penalties for prepayment of bona fide obligations secured by <br />any existing deed of trust or mortgage shall be waived pursuant to Civil Code <br />Procedures Section 1265.240. <br /> <br />Escrow Agent's liability under this PSA is limited to the performance of obligations <br />imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General <br />Provisions of this PSA. <br /> <br />5. Property Taxes. Real property taxes, if any, on Said Real Property for the fiscal <br />year in which Said Real Property is conveyed to City, as are unpaid at the time of said <br />conveyance, shall be cleared and/or paid in accordance with the provisions of Section <br />4986 of the Revenue and Taxation Code of the State of Califomia. Seller shall be <br />eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State <br />of California for that portion of property taxes on Said Real Property for said fiscal year <br />which have been paid prior to the date the deed conveying Said Real Property to City is <br />recorded which is allocable to that portion of the fiscal year which begins on the date the <br />deed conveying Said Real Property to City is recorded and made uncollectibie if unpaid <br />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 <br />which said conveyance is made shall be paid by Seller before conveyance of Said Real <br />Property to City. <br /> <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to <br />accept from City, as and for the full purchase price for Said Real Property, including <br />improvements to Said Real Property, and business goodwill, if any, the total sum of: <br />FOUR HUNDRED EIGHT FIVE THOUSAND DOLLARS ($485,000). City agrees to <br />deposit said purchase price in escrow with the Escrow Agent within THIR (30) days <br />\ .,..~ <br />Page 3 of 11 Seller's Initials ~ <br />