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"City of San Leandro v. Alexander F. Lunardi, et al." Defendants shall deposit into <br />said escrow a fully executed and acknowledged copy of this Agreement and a grant <br />deed fully executed and acknowledged for the subject parcel. <br />5. Title Insurance. When the title company is in a position to record the <br />grant deed referred to in paragraph 4 and to issue a title insurance policy, then a joint <br />protection ALTA Owner's policy, in the usual and customary form, in the amount <br />allocated in paragraph 2 to the value of the subject parcel, showing title to the <br />subject property vested in the City (with the exceptions as may be noted in the <br />preliminary title report previously delivered to the parties), and dated as of the <br />Closing Date may be issued. <br />6. Prorations. The following proration shall be made as of the Closing <br />Date and shall be paid in cash to the party entitled thereto, or credited against <br />amounts owing unless the amount of such proration cannot be established, in which <br />event such proration shall be paid within ten days after the amount thereof is <br />established: real property taxes based on the most recent official information (i) <br />applicable to the fiscal year in which the Closing Date occurs, (ii) obtainable in the <br />office of the particular taxing authority. <br />7. Escrow Instructions. The parties hereto agree that this agreement shall <br />constitute the escrow instructions of Buyer and Seller. <br />8. Escrow Fees and Ancillary Costs. The escrow fees, title insurance fees, <br />recording fees and all similar ancillary costs associated with the transfer of the <br />subject parcel except for the proration of taxes and the removal of encumbrances, if <br />any there be, shall be borne exclusively by the City. <br />9. Closing of Escrow. The closing of the transactions contemplated hereby <br />shall be effectuated within 30 days of the date that Escrow is opened, unless the date <br />- 3 - <br />