COMMUNITY REDEVELOPMENT AGENCY (5)-2007

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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 of this Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal yeaz within which said real property is conveyed to Agency as are unpaid at the time of said conveyance shall be cleazed 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 agees 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 Three Hundred Twenty Thousand Dollars and No/100 ($320,000.00). Agency agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) days from and a$er 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. 7. Possession. City agrees to deliver to Agency, on the date the Deed conveying said real property to Agency is recorded, quiet and peaceful possession of said real property, which shall be made free by City of all personal property. 8. Waivers. The waiver by Agency of any breach of any covenant or agreement herein contained on the part of City shall not be deemed or held to be a waiver of any subsequent or other breach of said covenant or agreement nor a waiver of any breach of any other covenants or agreements contained herein. 9. Heirs, Assi ng s, Etc. This Agreement, and all the terms, covenants and conditions hereof, shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. 2