25A - SETTLEMENT AGREEMENTS - BRISTOL STREET CORRIDOR

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hereinafter expressly agree to take subject to. Acceptance by C{ty 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 Seller, nor a waiver by the City of any rights of action far damages or any other rights which may accrue to City by reason of the failure of Seiler to convey title or to provide #itfe insurance as required in fhis Agreement. 4. Es row. City agrees fo open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5} days from and after the date on which the Cify has approved this Agreement. This Agreement constitutes the joint escrow instructions of the Cify and the Seiler and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to close within 30 days of the City's execution of this Agreement. The Escrow Agent hereby is empowered fo ac# under this Agreement, and upon indicating its acceptance of this Section 4 and of the Genera( provisions described in Exhibit "S" attached hereto and incorporated herein by this reference, in writing, delivered to the City and to the Seiler within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. 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 ether closing costs incidental to the conveying of said real property to City. Penalties for prepayment of bona fide obligations secured by any exis#ing deed of trust or mortgage shall be waived pursuant to Civil Code Procedures Section 1265.24t?. The liability to the Escrow Agent under this Agreement is limited #o performance of the obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "E" of the General Provisions of this Agreement. 5. proaerty Taxes. Such real property taxes, if any, on said rea! property for the fisca! year within which said real property is conveyed to Cify as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 49136 of the Revenue and Taxation Code of the State of California. Seller snail 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 Cfty is recorded which is allocable #o tha# portion of fhe fiscal year which begins on the date the deed conveying said real property #o 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 reai property to City. 6. Aavment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for the full purchase price for said reai property, fixtures & equipment (improvemen#s pertaining to fhe realty), goodwill (if any), and severance damages, the tots! sum of ONE Mit.[_ION FOUR HUNDRED TWENTY NINE THOUSAND FIVE HUNDRED 1=1FTY AND N0/100 Dollars ($1,429,550.00}. City agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) days from and after the date on which the City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same to Seller upon and after: (a) Conveyance of said reai property by Seiler to City as hereinabove provided; (b) Acceptance by City of a Grant Deed conveying said real property to City; (c) Delivery to City of the policy of title insurance as hereinabove provided; 7. 25A-7