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". f e e Said Real Property to City, within the time and at the place hereinabove specified for the conveyance of Said Real Property, a policy of title insurance to be issued by the above mentioned title company, with the City therein named as the insured, in the amount EIGHT HUNDRED SIXTEEN THOUSAND SEVEN HUNDRED NINETY FIVE AND Noll 00 DOLLARS ($816,795.00) insuring that title to Said Real Property is free and clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances (whether monetary or non-monetary, general or specific, and including any and all leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may hereinafter expressly agree to take subject to. Acceptance by City of any such policy of insurance, whether such insurance complies with the requirements of this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is herein required of Sellers, nor a waiver by the City of any rights of action for damages or any other rights which may accrue to City by reason of the failure of Sellers to convey title or to provide title insurance as required in this PSA. 4. Escrow. City agrees to open an escrow at the office of LandAmerica Commercial Services, located at 1920 Main Street, lih Floor, Irvine, California, ("Escrow Agent") within five (5) days from and after the date on which the City has approved this PSA. This PSA constitutes the joint escrow instructions of the City and the Sellers and a duplicate original of this PSA shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow is to close within 120 days of the City's execution of this PSA, but in any event, not later than January 30, 2008. The Escrow Agent hereby is empowered to act in accordance with the terms, conditions and provisions of this PSA, and shall carry out its duties as Escrow Agent hereunder upon indicating its written acceptance of this Section 4, and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this reference, delivered to the City and to the Sellers within five (5) days after delivery of this PSA. City agrees to bear, and Escrow Agent is hereby authorized to charge to the City, 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 City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to the California Code of Civil Procedure 91265.240. The liability to the Escrow Agent under this PSA 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 PSA. 5. Property Taxes. Real property taxes, if any, on Said Real Property for the fiscal year in which Said Real Property is conveyed to City, as are unpaid at the time of said conveyance, shall be cleared and/or paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. Sellers 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 City is recorded which is allocable to that portion of the fiscal Page 2 of 10 Sellers's Initials \"" \' ST