Laserfiche WebLink
shall be the escrow agent for this transaction. The "close of escrow" shall be when the <br />grant deed to the property is recorded. Real property taxes, rents and insurance shall <br />be prorated as of the closing date on the basis of a 30 day month. As set forth in paragraph <br />II above, the Purchaser shall deposit Fifty Thousand Dollars ($50,000) ("Deposit") into <br />an escrow account at Placer Title Company upon the opening of escrow. The Deposit shall <br />be invested by the escrow agent into an interest bearing account selected by the Purchaser <br />with all interest accruing thereon paid to the Purchaser upon demand, or at the Purchaser's <br />election, credited towards the Purchase Price upon the close of escrow. <br />IV. TITLE TO PROPERTY <br />Title to the property shall be conveyed to the Purchaser at the close of escrow by <br />grant deed, subject to the matters of title approval by Purchaser. The Property shall be <br />free and clear of any liens, exceptions, or encumbrances, except for those specifically approved <br />by the Purchaser. The Purchaser shall acknowledge to Seller that the Property sale is <br />subject to bankruptcy court approval. <br />V. CONDITION OF PROPERTY <br />Purchaser shall purchase Property in an "as -is .. where -is" condition subject to the <br />Fifty Thousand Dollar ($50,000) set aside for environmental remediation outlined above. <br />VI. CLOSE OF ESCROW <br />Escrow shall close within forty-five (45) days of bankruptcy court approval of this <br />transaction. <br />VII. CLOSING COSTS <br />Purchaser shall pay all recording costs, escrow fees and title insurance premiums <br />and Seller shall pay transfer taxes related to this transaction. <br />VIII. WARRANTIES <br />The sale of the real Property is without any representations or warranties of any <br />kind whatsoever and is strictly on an "as -is .. where -is" basis. The Seller is expressly <br />making no representations or warranties regarding any environmental contamination which <br />may exist on the Property or whether or not the Property is in compliance with federal, <br />state, county or local ordinances. Any cleanup costs related to any environmental conditions <br />or other existing conditions on the property, including any conditions required to be remedied <br />-2- <br />