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(b) Simultaneously with the conveyance of the real property, Seller shall also convey to City a <br />temporary landscape easement as described in greater detail in Attachment 2, attached hereto and by <br />this reference made a part hereof. <br />3. Title Insurance. Seller agrees to deliver to City, at City's sole cost and expense in accordance <br />with Section 4 below, concurrently with the conveyance of said real property to City, within the time <br />and at the place hereinabove specified for said conveyance of said real property, a policy of title <br />insurance to be issued by the above mentioned title company, with the City therein named as the <br />insured, in the amount of ONE MILLION SEVENHUNDRED THREE THOUSAND FIVE HUNDRED <br />EIGHTY-FIVE AND NO/100 DOLLARS ($1,703,585) insuring the title of the City to said real property <br />is free and clear of any and all conditions, restrictions, reservations, exceptions, easements, <br />assessments, profits, limitations, encumbrances (whether monetary or non-monetary, general or <br />specific, and including any and all leasehold interests), liens, clouds or defects in title, other than any <br />matters of record, as shown in the Attachment 4, attached hereto and incorporated herein by this <br />reference made a part hereof. <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 from <br />and after the date on which the City has approved this Agreement. This Agreement constitutes the <br />joint escrow instructions of the City and the Seller and a duplicate original of this Agreement shall be <br />delivered to the Escrow Agent upon the opening of the escrow. Escrow to close within 30 days of the <br />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 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 />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 fees, <br />escrow fees and any other closing costs incidental to the conveying of said real property to City. <br />Penalties for prepayment of bona fide obligations secured by any existing deed of trust or mortgage <br />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 obligations <br />imposed upon it under Section 4, Section 6, Section 11 and Attachment 3 of the General Provisions <br />of this Agreement. <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year <br />within which said teat property is conveyed to City as are unpaid at the time of said conveyance shall <br />bF cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation <br />C~:~de of the State of California. Seller shall be eligible for a refund under Section 5096.7 of the <br />Revenue and Taxation Code of the State of California for that portion of property taxes on said real <br />property for said fiscal year which have been paid prior to the date the deed conveying said real <br />property to City is recorded which is allocable to that portion of the fiscal year which begins on the date <br />the deed conveying said real property to City is recorded and made uncollectible if unpaid by reason of <br />Section 4986 of the Revenue and Taxation Code of the State of California. All unpaid taxes on said <br />real property for any and all years prior to the fiscal year within which said conveyance is made shall <br />be paid by Seller before conveyance of said real property to City. <br />Page 2 of 24 <br />