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<br />3. Title Insurance. Seller agrees (at City's expense) to cause First American Title Insurance <br />Company to deliver to City, concurrently with the conveyance of said real property to City, within <br />the time and at the place hereinabove specified for said conveyance of said real property, a policy <br />of title insurance to be issued by the above mentioned title company, with the City therein named <br />as the insured, in the amount of FOUR MilLION TWO HUNDRED FIFTY-SEVEN THOUSAND <br />EIGHT HUNDRED EIGHTY AND NO/100 Dollars ($4,257,880) insuring the title of the City to said <br />real property is free and clear of any and all conditions, restrictions, reservations, exceptions, <br />easements, assessments, profits, limitations, encumbrances (whether monetary or non-monetary, <br />general or specific, and including any and all leasehold interests), liens, clouds or defects in title, <br />excepting those items shown in the preliminary title report referenced in Section 2 above or <br />specified in paragraph 15 of this Agreement or such specific ones as City may hereinafter <br />expressly agree to take subject to. <br /> <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, but not later than December 31, <br />2009 <br /> <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 Attachment 3 attached <br />hereto and incorporated herein by this reference, in writing, delivered to the City and to the Seller <br />within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent <br />hereunder. <br /> <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 to <br />City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust or <br />mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. <br /> <br />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations <br />imposed upon it under Section 4, Section 6, Section 11 and Attachment 3 of the General <br />Provisions of this Agreement. <br /> <br />5. ProDertv Taxes. Such real property taxes, if any, on said real property for the fiscal year <br />within which said real property is conveyed to City as are unpaid at the time of said conveyance <br />shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and <br />Taxation Code of the State of California. Seller shall be eligible for a refund under Section 5096.7 <br />of the Revenue and Taxation Code of the State of California for that portion of property taxes on <br />said real property for said fiscal year which have been paid prior to the date the deed conveying <br />said real property to City is recorded which is allocable to that portion of the fiscal year which <br />begins on the date the deed conveying said real property to City is recorded and made <br />uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State <br />of California. All unpaid taxes on said real property for any and all years prior to the fiscal year <br />within which said conveyance is made shall be paid by Seller before conveyance of said real <br />property to City. <br /> <br />Page 2 of18 <br />