2.2 Escrow and Title Insurance . The parties do not intend to use an escrow for the performance of this Agreement. However, Purchaser may, at Purchaser’s sole cost and expense, obtain a policy of title insurance. 2.3 Closing . The Closing shall occur following verification by Seller of the following: 2.3.1 Completion of relocation of the existing block wall along the eastern edge
of the Property as shown on Exhibit “D” ;
2.3.2 Completion of installation of wrought iron gates and fence panels as shown
on Exhibit “E” ;
2.3.3 Lien waivers and lien releases from all contractors, subcontractors and
materialmen; and
2.3.4 Payment of Thirty Thousand Dollars ($30,000.00).
2.4 Real Property Taxes; Closing Prorations and Adjustments . The parties acknowledge that because of Seller’s status as a public entity, the Property has not been subject to real property taxation during Seller’s period of ownership. Purchaser will become liable for real property taxes and assessments with respect to the Property from and after the Closing, to the extent that such taxes and assessments relate to periods following the Closing. All items of income or expense, if any, shall be prorated according to prevailing local custom in Riverside County, California. All prorations are final. 2.5 Documents To Be Delivered By Seller At Closing . At the Closing, Seller shall deliver or cause to be delivered to Purchaser, the following, each of which shall be in form reasonably satisfactory to Purchaser: 2.5.1 A duly executed and acknowledged Grant Deed to the Property in the form attached hereto as Exhibit “C” ; 2.5.2 All other documents (if any) required to be executed and delivered by Seller; and 2.5.3 Such other instruments and documents as may be reasonably required in order to carry out the purposes of this Agreement. 2.6 Documents To Be Delivered By Purchaser At Closing . At the Closing Purchaser shall deliver to Seller, the following, each of which shall be in form reasonably satisfactory to Seller: 2.6.1 The Purchase Price, plus or minus adjustments, credits and prorations provided for herein; and 2.6.2 A Documentary Transfer Tax Affidavit as required by the Riverside County Assessor-County Clerk-Recorder;
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