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failure of Seller to convey title or to provide title insurance as required in this Agreement <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance <br />Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from <br />and after the date on which the City has approved this Agreement. This Agreement constitutes the <br />joint escrow instructions of the City and the Seller and a duplicate original of this Agreement shall be <br />delivered to the Escrow Agent upon the opening of the escrow. Escrow to close within sixty (60) <br />days of the City's execution of this Agreement. If escrow is not in a condition to close by the Close of <br />Escrow, and failure to close is due to unforeseen conditions of title or interest of third parties in the <br />Property that cannot be resolved in Escrow, then buyer may, at its option, request cancellation of <br />escrow and this Agreement and return of any funds it has deposited into escrow. Thereupon, all <br />obligations and liabilities of the Parties under this Agreement shall cease and terminate. If no such <br />request is made, Escrow shall be closed as soon as possible thereafter. Buyer shall be entitled to <br />possession of the Property immediately upon close of 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 "B" attached hereto <br />and incorporated herein by this reference, in writing, delivered to the City and to the Seller within five <br />(5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. <br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any <br />transfer taxes, recording fees, cost of title insurance, re- conveyance fees, document preparation <br />fees, escrow fees and any other closing costs incidental to the conveying of said real property to City. <br />Penalties for prepayment of bona fide obligations secured by any existing deed of trust or mortgage <br />shall be waived pursuant to Civil Code Procedures Section 1265.240. <br />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations <br />imposed upon it under Section 4, Section 6, Section 8 and Exhibit "B" of the General Provisions of <br />this Agreement. <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year <br />within which said real property is conveyed to City as are unpaid at the time of said conveyance shall <br />be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation <br />Code of the State of California. Seller shall be eligible for a refund under Section 5096.7 of the <br />Revenue and Taxation Code of the State of California for that portion of property taxes on said real <br />property for said fiscal year which have been paid prior to the date the deed conveying said real <br />property to City is recorded which is allocable to that portion of the fiscal year which begins on the <br />date the deed conveying said real property to City is recorded and made uncollectible if unpaid by <br />reason of Section 5086 of the Revenue and Taxation Code of the State of California. To the extent <br />that Seller has prepaid any taxes or assessments attributable to the Property; Seller shall be solely <br />responsible for obtaining any refund due thereon from the taxing authority. Upon written request, <br />Buyer shall assist Seller, at Seller's sole cost, in obtaining said refund, if any; however, in no case <br />shall Buyer credit or otherwise pay Seller for that refund, if any, through or outside of Escrow. <br />All unpaid taxes on said real property for any and all years prior to the fiscal year within which said <br />conveyance is made shall be paid by Seller before conveyance of said real property to City. <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from <br />City, as and for the full purchase price for said real property and temporary occupancy, for the total <br />sum of Twelve Thousand Nine Hundred Eighty and no 1100 Dollars ($12,980.00). The sum of <br />Eleven Thousand, Two Hundred and Thirty -Two and no /100 Dollars>> ($11,238.00), is compensation <br />for the certain real property and improvements as shown in Exhibit "A ". The sum of One Thousand, <br />Seven Hundred and Forty -Two and no /100 Dollars>> ($1,742.00), is compensation for the temporary <br />