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3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real property to City, within the time and at the place hereinabove specified for said conveyance of said real property, a policy of title insurance to be issued by the above mentioned title company, with the City therein named as the insured, ir the amount of ONE HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($150,000) insuring the title of the City to said real property is free and clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances (whether monetary or non-monetary, general or specific, and including any and all leasehold interests), 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 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 fc.?r damages or any other rights which may accrue to City by reason of the failure of Seller to convey title or to provide title nsurance. as required it-, this Agreement. 4. Escrow. City agrees to 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 City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of tree escrow. Escrow to close within 90 days of the City's execution of this Agreerrrent. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section and of the General Provisions described in Attachment 3 attached hereto and incorporated herein by this reference, in writing; delivered to the City and to the Seller 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 'nsuranc-, reconveyance gees, document preparation fees, escrow fees and any other closing costs incidentai 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 to the Escrow Agent ?,ar,der !:his Agre.emeni i.+ lirnited to performance of the obligations imposed upon it under Section 4, Sect on 6, Section 11 and Attachment 3 of the General Provisions of this Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conve'ved to City as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisicns of Section 4986 of the Revenue and Taxation Code of the State of Caiifornia. Seller shah be eligible for a refund under Section 5096.7 of the Revenue and axation Code of they State of Caiiitornia for that portion of property taxes on said real property for said fiscal year which have been paid r:rior 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 saki reai prcpertNI to City is recordea and n-iade uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation code of we 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. 2 25E-21