|
aforesaid, free and clear of any and all conditions, restrictions, reservations, exceptions,
<br />casements, assessments, profits, limitations, encumbrances (whether monetary or non -
<br />monetary, general or specific, Including any and all leaschold interests), liens, clouds or
<br />defects in title. The Parties hereby warrant that the tittle to said real properties to be
<br />conveyed by the Parties shall be free and clear as provided above. The Parties further agree
<br />that acccptancc of any decd to said real property, with or without knowledgc of any
<br />condition, restriction, reservation, exception, easement, assessment, profit, limitation,
<br />eneumhrance (whether monetary or non -monetary, general or specific, and including any
<br />and all leasehold interests), lien, cloud or defect in title, shall not constitute a, waiver by
<br />either Party of its right to the full and clear title hereinabove agreed to be conveyed by the
<br />Parties, nor of any right which Might accrue because ofthe failure of the Parties to convey
<br />title as hereinabove provided.
<br />2. Consideration
<br />2.1 Consideration, In full andcomplete payment for the exchange of fee Interests in the City
<br />Property and the Mendez Property, City shall provide to Mendez the signed grant deeds for
<br />the City Property in the form attached as Exhibits "B-1" through "i3-3", and lAettdet shall
<br />provide,to City a signed grant deed for the Mendez Property in the form attached as Exhibit
<br />"p}_1„
<br />3. Escrow
<br />3,1 1Jscrow Agent. Within five (5) days from and after the execution of this Agreement by all
<br />Parties, City agrees to open an escrow at the otYice of Pirat Amorloa,r Title Insurance
<br />Company, 2 Mrst American Way, Santa Ana,, California ("Escrow Agent"). This Agreement
<br />oongdtutes the joint escrow instructinnfi of the parties and, a duplicate original of this
<br />Agreement shall be delivered to the Escrow Agent upon the opening of the escrow
<br />("Effactive Date"),
<br />3,2 Escrow Agent Authorization. The Escrow Agent hereby is empowered to act under this
<br />Agreement and the General Escrow Provisions, attached hereto as Nbibit E and
<br />incorporated herein by reference, and upon indicating Its acceptance of this Agreement and
<br />the General lwscrow Provisions, in writing, delivered to the Parties within five (5) days alter
<br />delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder,
<br />3.3 Escrow Agent Liability, The liability to the ,Escrow Agent under this Agreement is limited
<br />to performance of the obligations imposed upon it under this Agreement.
<br />3.4 Closing Costs. City agrees to bear, and Escrow Ageart Is hereby authorized to charge to the
<br />City the cost of any transfer taxes, recording fees, cast of title Insurance, re -conveyance
<br />fees, document preparation fees, escrow fees and any other closing costs incidental to the
<br />conveying of said real property to City, Penalties for prepayment of bona fide obligations
<br />secured by any existing deed of trust or mortgage shall be waived pursuant W California
<br />Code of Civil Procedure Section 1265.240.
<br />3.3 Tltle Insuratice. The Parties agree to deliver, concurrently with the conveyance of said real
<br />properties, within the time and at the placo horcinabove specified for said conveyance of
<br />said real property, a policy of title insurance to be issued by the above mentioned title
<br />company, with the receiving Party therein named. as the insured, in an amount equal to the
<br />Page 2 of'26
<br />25F-8
<br />
|