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3.2 Escrow_ Agent Authorization, The Escrow Agent hereby is empowered to act under this Agreement and the General Escrow Provisions attached hereto as Exhibit E and incorporated herein by reference, and upon indicating its :acceptance of this Agreement and the General Escrow Provisions, in writing; delivered to the Parties within'five (S) days after delivery of this Agreement,.shall carry out its duties as Escrow Agent hereunder. 3.3 Escrow Agent. Liability. The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under this Agreement. 3.4 ClosCost s. Parties agree to split, and Escrow Agent is hereby authorized to charge to the Parties equally, the cost of any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation foes, escrow fees .and any other closing costs incidental to the conveying of said real properties ("Closing Costs"). 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 12.65.240. 3.5 Title Insurance. The Parties agree to deliver, concurrently with the conveyance of said real properties, within the time and at the place bereinabove specified for said. conveyance of said real property, a policy of title insurance to be issued by the above mentioned title:company, with the receiving Party therein named as the insured, in an amount equal to the appraised value of the subject property, insuring the title to said real property is free and clear of any and all conditions, restrictions, reservations,exceptions, casements, 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 the receiving Party may hereinafter expressly agree to take subject to, Acceptance by the receiving Party of any such policy of insurance, whether such insurance complies with. the requirements of this paragraph or not, shall not constitute a waiver by the receiving Party of its right to such insurance as is herein required of the granting Party, nor a waiver by the receiving Party. of any rights of action for damages or any other, rights which may accrue to the receiving Party by reason.of the failure of the giving Party to convey title or to provide title insurance as required in this Agreement, 3.6 Property Taxes, (a) Such real property taxes, if any, on the subject real properties for the fiscal year within which said real property is conveyed to the receiving Party 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, 3 f __ . - _------ _...........