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4. Escrow. City, agrees to open an escrow at the office of Commonwealth Title Company, 4100
<br />Newport Place Drive, Newport Beach, California, (the Escrow Agent) within five (5) days from and after the
<br />.date on which the City has approved this Agreement. This Agreement constitutes the joint escrow
<br />instructions of the City and the Seller and a duplicate original of this Agreement shall be delivered to the
<br />Escrow Agent upon the opening of the escrow. Escrow to close within sixty (60) days of the City's execution
<br />of this Agreement. If escrow is not in a condition. to close by the Close of Escrow, and failure to close is due
<br />to unforeseen conditions of title or interest of third parties in the Property that cannot be resolved in Escrow;
<br />then buyer may, at its option, request cancellation of escrow and this Agreement and return of any funds it
<br />has deposited into escrow., Thereupon, all obligations and liabilities of the Parties under this Agreement shall
<br />cease and terminate. If no such request is,made,. Escrow shall be closed as "soon as possible thereafter.
<br />Buyer shall be entitled to possession of the Property immediately uIpon close of Escrow.
<br />The Escrow Agent hereby .IS empowered to act`u"nder this Agreement, and upon indicating its acceptance of
<br />this Section 4 and of the General Provisions described in Exhibit "B" attached hereto.and incorporated
<br />herein by this, reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of
<br />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 transfer
<br />taxes, recording fees, cost of title insurance, 're-conveyance,fees, -document preparation fees, escrow fees
<br />and,any other closing costs incidental to the conveying of said real property to City. Penalties for prepayment
<br />of bona,fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil
<br />Code Procedures Section 1265,240.
<br />The liability to the Escrow. Agent under this Agreement is limted'to performance of the -obligations imposed
<br />upon it under Section 4, Section 6, Section 8 and.Exhibit "B" of the General Provisions of this, Agreement.
<br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within
<br />which said real property is conveyed to City as are unpaid at the time of said conveyance shall be cleared
<br />and paid, in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State
<br />of California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of
<br />the State, of California for that portion of property taxes on said real property for said fiscal year which have
<br />been paid prior to the date.the deed conveying said real property to City is recorded which is allocable to that
<br />portion of the fiscal year which begins on the date the deed conveying said real property to City is recorded
<br />and made uncollectible if unpaid by reason of Section 5086 of the Revenue and Taxation Code of the State
<br />of California. To the extent that Seller has prepaid any taxes or assessments attributable to the Property;
<br />Seller shall be solely responsible for obtaining any refund due thereon from the taxing authority. Upon
<br />written request, Buyer shall assist Seller, at Seller's sole.cost, in obtaining said refund, if any; however; in no
<br />case shall Buyer creditor otherwise pay Sellerfor 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 City, as
<br />and for the full purchaser price for said real property, fixtures & equipment (improvements pertaining to the
<br />realty), goodwill (if any), and severance damages, the total sum of Four Hundred Sixty -Five Thousand and
<br />no/100 Dollars ($465,000.00). City agrees to deposit said purchase price in escrow with the Escrow.Agent
<br />within THIRTY (30) days from and after the date on which the City has approved this Agreement,. and the
<br />Escrow Agent is hereby authorized to pay the same to Seller upon and after:
<br />a. Conveyance of said real property by Seller to City as hereinabove provided;
<br />b. Acceptance by City of a Grant Deed conveying said real property to City;
<br />25D-6
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