WINCHELL'S DONUT HOUSES-2010 - Laserfiche WebLink

Home Browse Search

HUNDRED FIFTEEN THOUSAND AND NO/100 Dollars ($915,000) insuring the title of 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, except as set forth in Paragraph 15 below and excepting such specific ones as City may hereinafter expressly agree to take subject to. 4. Escrow. Seller and City agree to open an escrow for the purchase and sale of said real property in accordance with the terms and conditions of this Agreement (the "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 signed 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 the escrow. Escrow to close within 120 days of the City's execution of this Agreement. Seller and City agree to execute such escrow instructions as the Escrow Agent shall reasonably require in connection with the opening and administration of the Escrow, provided that all such escrow instructions shall be consistent with the terms of this Agreement and any modifications to this Agreement mutually agreed upon by Seller and City. Seller agrees to execute and deliver to the Escrow Agent a Certificate of Non-Foreign Status sufficient to meet the requirements of FIRPTA. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "B" 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 insurance, reconveyance fees, document preparation fees, escrow fees and any other closing costs incidental 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 under this obligations imposed upon it under Section 4, General Provisions of this Agreement. Agreement is limited to performance of the Section 6, Section 11 and Exhibit "B" of the 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conveyed to City as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. Seller shall 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 City is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying said real property to 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 -2-