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I/ <br />4 <br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of <br />said real property to City, within the time and at the place hereinabove specified for said <br />conveyance of said real property, a policy of title insurance to be issued by the above <br />mentioned title company, with the City therein named as the insured, in the amount of FIVE <br />HUNDRED EIGHTEEN THOUSAND FIVE HUNDRED NINETY AND NO/100 Dollars <br />($518,590) insuring the title of the City to said real property is free and clear of any and all <br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, <br />encumbrances (whether monetary or non-monetary, general or specific, and including any and <br />all leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may <br />hereinafter expressly agree to take subject to. Acceptance by City of any such policy of <br />insurance, whether such insurance complies with the requirements of this paragraph or not, <br />shall not constitute a waiver by City of its right to such insurance as is herein required of Seller, <br />nor a waiver by the City of any rights of action for damages or any other rights which may <br />accrue to City by reason of the failure of Seller to convey title or to provide title insurance as <br />required in this Agreement. <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance <br />Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days <br />from and after the date on which the City has approved this Agreement. This Agreement <br />constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this <br />Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to <br />close within 90 days of the City's execution of this Agreement. <br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its <br />acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached <br />hereto and incorporated herein by this reference, in writing, delivered to the City and to the <br />Seller within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow <br />Agent hereunder. <br />City agrees to bear 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 />The liability to the Escrow Agent under this Agreement is limited to performance of the <br />obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the <br />General Provisions of this Agreement. <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal <br />year within which said real property is conveyed to City as are unpaid at the time of said <br />conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the <br />Revenue and Taxation Code of the State of California. Seller shall be eligible for a refund <br />under Section 5096.7 of the Revenue and Taxation Code of the State of California for that <br />portion of property taxes on said real property for said fiscal year which have been paid prior to <br />the date the deed conveying said real property to City is recorded which is allocable to that <br />portion of the fiscal year which begins on the date the deed conveying said real property to City <br />is recorded and made uncollectible if unpaid by reason of Section 4986 of the Revenue and <br />Taxation Code of the State of California. All unpaid taxes on said real property for any and all <br />years prior to the fiscal year within which said conveyance is made shall be paid by Seller <br />before conveyance of said real property to City. <br />2 <br />