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assessments, profits, limitations, encumbrances (whether monetary or non-monetary, general or
<br />specific, including any and all leasehold interests), liens, clouds or defects in title except those
<br />exceptions shown in Paragraph 15 below. Senor hereby warrants that the title to said real
<br />property to be conveyed by Seller to Agency shall be free and clear as provided above. Seller
<br />further agrees that acceptance by Agency of any deed to said real property, with or without
<br />knowledge of any condition, reshiction, reservation, exception, easement, assessment, profit,
<br />limitation, encumbrance (whether monetary ornon-monetary, general or specific, and including
<br />any and all leasehold interests), lien, cloud or defect in title, shall not constitute a waiver by
<br />Agency of its right to the full and clear title hereinabove agreed to be conveyed by Seller to
<br />Agency, nor of any right which might accrue to Agency because of the failure of Seller to
<br />convey title as hereinabove provided.
<br />3. Title Insurance. Agency shall purchase a policy of title insurance to be issued by the
<br />above mentioned title company, with the Agency therein named as the insured, in the amount of
<br />Six Hundred Eighty Two Thousand Five Hundred Dollars ($682,500.00) insuring the title of the
<br />Agency to said real property is free and clear of any and all conditions, reshictions, reservations,
<br />exceptions, easements, assessments, profits, limitations, encumbrances (whether monetary or
<br />non-monetary, general or specific, and including any and all leasehold interests), liens, clouds or
<br />defects in title, excepting such specific ones as Agency may hereinafter expressly agree to take
<br />subject to. Acceptance by Agency of any such policy of insurance, whether such insurance
<br />complies with the requirements of this paragraph or not, shall not constitute a waiver by Agency
<br />of its right to such insurance as is herein required of Seller, nor a waiver by the Agency of any
<br />rights of action fox damages or any other rights which may accrue to Agency by reason of the
<br />failure of Seller to convey title or to provide title insurance as required in this Agreement.
<br />4, Escrow. Agency agrees to open an escrow at the office of First American Title Insurance
<br />Company, located at Saute Ana, California, (the Escrow Agent) within five (5) days from and
<br />after the date on which this Agreerent is ftrlly executed. This Agreement constitutes the joint
<br />escrow instructions of the Agency and the Seller and a duplicate original of this Agreement shall
<br />be de]ivered to the Escrow Agent upon the opening of the escrow.
<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 Exhibit "C" attached
<br />hereto and incorporated herein by this reference, in writing, delivered to the Agency and to the
<br />Seller within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow
<br />Agent hereunder.
<br />Agency agrees to bear and Escrow Agent is hereby authorized to charge to the Agency the cost
<br />of any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document
<br />preparation fees, escrow fees and any other closing costs incidental to the conveying of said real
<br />property to Agency. Penalties for prepayment of bona fide obligations secured by any existing
<br />deed of trust or mortgage shall be waived pursuant to Code of Civil Procedure Section 1265.240,
<br />The liability to the Escrrow Agent under this Agreement is limited to performance of the
<br />obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "C" of the
<br />General Provisions of this Agreement.
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