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98328429 <br />9.2 Time for Close of Escrow. Close of escrow shall occur no later than <br />sixty (60) days after Optionee's giving of notice of exercise pursuant to <br />Section 7.1, but no more than thirty (30) days after the expiration of <br />the then applicable Option term. <br />9.3 Prorations and Closing Costs. Real property taxes, interest on <br />assessments assumed, homeowner association dues, premiums on hazard <br />insurance assigned, and interest on any indebtedness secured by any <br />deed of trust to remain on the Property shall all be prorated as of the <br />closing date on the basis of a thirty -day month. Closing costs shall be <br />paid in accordance with the custom and practice in Alameda County at <br />the time of closing. <br />9.4 State of Title. At close of escrow, Optionors shall by grant deed convey <br />to Optionee fee simple title to the Property free and clear of all title <br />defects, liens, encumbrances, deeds of trust, mortgages, leases, subject, <br />however, to any unexpired leases presently in existence, and further <br />excepting nondelinquent real property taxes and such exemptions to <br />title as are approved in writing by Optionee. Optionors shall procure a <br />California Land Title Association standard policy of title insurance in <br />the amount of the purchase price of the Property showing title vested in <br />Optionee subject only to the approved exceptions. <br />10. FORECLOSURE. Optionee may also exercise the Option upon occurrence of <br />any one of the following events: (a) the giving of notice of sale under any <br />mortgage or deed of trust with power of sale encumbering the Property; (b) <br />service of summons in any judicial foreclosure against the Property; (c) <br />execution of judgment foreclosure against the Property. If Optionee receives <br />written notice of the occurrence of any of these events, Optionee shall have <br />ninety (90) days from the date it receives such written notice to exercise the <br />option. If any one of the above events occurs, but Optionee does not receive <br />written notice, Optionee may exercise the Option at any time. To exercise the <br />Option upon occurrence of any of the above events, Optionee shall give notice <br />both to Optionors and to the mortgagee, beneficiary under the deed of trust, <br />or judgment creditor. <br />4 <br />