AKOUBIAN, RUPERT-2015 - Laserfiche WebLink

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American Way, Santa Ana, CA 92707, forthe purpose of consummating the purchase and sale of the Property, as described herein. The date on which Escrow is opened with Escrow Holder shall be referred to as the "Effective Date." The parties shall execute and deliver to Escrow Holder such escrow instructions prepared by Escrow Holder, as may be required to consummate the transaction contemplated by this Agreement. If there is any inconsistency between such instructions and this Agreement, this Agreement shall control unless the parties expressively agree in writing otherwise. The Escrow instructions shall include the following terms and conditions of sale: 2.1 Purchase Price The total purchase price forthe Property shall be the sum of Forty - Thousand Dollars ($40,000.00) ( "Purchase Price "). (a) Escrow Deposit Within five (5) days of the Effective Date, Buyer shall deposit FIVE THOUSAND) ($6,000) ( "Escrow Deposit ") in cash with the Escrow Holder. Such Escrow Deposit shall be credited towards the Purchase Price paid to Seller as provided in this Agreement. (b) Closing Payment The Purchase Price, as adjusted by the application of the Escrow Deposit and by the proration and credits specified herein, shall be paid by Buyer to Seller in cash at the Close of Escrow (the amount to be paid under this Section 2.1(b) being herein called the "Closing Payment'). (c) Independent Consideration Escrow Holder shall pay a portion of the Escrow Deposit in the amount of One - Hundred Dollars ($100.00) (the "Independent Consideration ") to Seller upon the earlier to occur of the Close of Escrow (as defined below) or the termination of this Agreement for any reason. The Independent Consideration constitutes bargained -for consideration for this Agreement and Buyer's rights under Section 2.6(d) and is expressly acknowledged to be adequate. The obligation of Buyer to pay the Independent Consideration to Escrow Holder, and the obligation of Escrow Holder to pay the same to Seller, are unconditional and shall survive any termination of this Agreement. 2.2 Close of Escrow If Buyer does not exercise its right to terminate this Agreement under Section 2.6(d) prior to the expiration of the Due Diligence Period (as defined below), then Escrow shall close on the fifth (5t) business day following the expiration of the Due Diligence Period (the "Close of Escrow "). If Escrow is not in a condition to close by Close of Escrow, Escrow shall be closed as soon as possible thereafter. 2.3 Condition of Title to Property Seller shall cause the conveyance of title to the Property to Buyer as evidenced by a Binder of Title Insurance ( "Title Policy ") issued by FIRST AMERICAN TITLE (the "Title Company ") in an amount equal to the Purchase Price. The Title Policy shall show as exceptions with respect to the Property only matters approved in writing by