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<br /><, <br /> <br />e <br /> <br />e <br /> <br />3. Title Insurance. City shall procure a policy of title insurance to be issued by the above <br />mentioned title insurance company, with the City therein named as the insured, in the amount <br />of Six Hundred Thirty Five Thousand and No/100 ($635,000), insuring that title to Said Real <br />Property is free and clear of any and all conditions, restrictions, reservations, exceptions, <br />easements, assessments, profits, limitations, encumbrances (including any and all leases), <br />liens, clouds or defects in title, excepting those indicated in Paragraph 15. Acceptance by City <br />of any such policy of title insurance, whether such insurance complies with the requirements of <br />this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is <br />herein required, 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 marketable title as <br />required in this PSA. <br /> <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance <br />Company (hereinafter "Escrow Agent") within five (5) days from and after the date on which the <br />City has 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 upon <br />the opening of the escrow. Escrow is to close within 90 days of the City's execution of this <br />PSA. <br /> <br />The Escrow Agent hereby is empowered to act in accordance with the terms, conditions and <br />provisions of this PSA, and shall carry out its duties as Escrow Agent hereunder upon indicating <br />its written acceptance of this Section 4, and of the General Provisions described in Exhibit "B" <br />attached hereto and incorporated herein by this reference, delivered to the City and to the <br />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 of any <br />transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation <br />fees, escrow fees and any other closing costs incidental to the conveying of Said Real Property <br />to City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust <br />or mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. <br /> <br />Escrow Agent's liability under this PSA is limited to the performance of obligations imposed <br />upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General Provisions of this <br />PSA. <br /> <br />5. Property Taxes. Real property taxes, if any, on Said Real Property for the fiscal year in <br />which Said Real Property is conveyed to City, as are unpaid at the time of said conveyance, <br />shall be cleared and/or paid in accordance with the provisions of Section 4986 of the Revenue <br />and Taxation Code of the State of California. Seller shall be eligible for a refund under Section <br />5096.7 of the Revenue and Taxation Code of the State of California for that portion of property <br />taxes on Said Real Property for said fiscal year which have been paid prior to the date the deed <br />conveying Said Real Property to City is recorded which is allocable to that portion of the fiscal <br />year which begins on the date the deed conveying Said Real Property to City is recorded and <br />made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of <br />the State of California. All unpaid taxes on Said Real Property for any and all years prior to the <br />fiscal year within which said conveyance is made shall be paid by Seller before conveyance of <br />Said Real Property to City. <br /> <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept <br />from City, as and for the full purchase price for Said Real Property, including improvements to <br /> <br />Page 2 of7 <br /> <br />Seller's Initials ~ "'1-' <br />