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title to Said Real Property is free and clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances (including any and all leases), 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 title 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 Seller, nor a waiver by City of any rights of action for damages or any other rights which may accrue to City by reason of the failure of Seller 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 Mariners Escrow, 1100 Newport Center Drive, Suite 200, Newport Beach, California, (hereinafter "Escrow Agent") within five (5) days after the date on which City has approved this PSA. This PSA constitutes the joint escrow instructions of City and the Seller and a duplicate original of this PSA shall be deliver ed to the Escrow Agent upon the opening of the escrow. Escrow is to close on or before July 30, 2008. The Escrow Agent hereby is empowered to act under this PSA, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this reference, in writing, delivered to City and to the Seller within five (5) days after delivery of this PSA, shall carry out its duties as Escrow Agent hereunder. City agrees to bear, and Escrow Agent is hereby authorized to charge to 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 Civil Code Procedures Section 1265.240. The liability of the Escrow Agent under this PSA is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 11 and the General Escrow Provisions as referenced in Exhibit "B" of this PSA, attached hereto. 5. Property Taxes. Such real property taxes, if any, on Said Real Property for the fiscal year within which Said Real Property is conveyed to City as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. Seller 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 year which begins on the date the deed conveying Said Real Property to City 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 Seller before conveyance of Said Real Property to City. Page 2 of 1 I Seller's Initials ~, ~~ ~cJ~-' 25N-5