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2.1 Purchase Price. <br />The total purchase price for the Easement shall be the <br />lump sum of Four Thousand Sixty Dollars ($4,060.00), plus interest <br />in the amount of Three Hundred Eighty Five and 42/100 Dollars <br />($385.42) through and including December 31, 1992, plus interest in <br />the amount of Fifty Nine Cents (.59) per day from January 1, 1993, <br />through the Close of Escrow, which shall be paid by Grantee to <br />Grantors through Escrow Holder in cash at Close of Escrow. <br />2.2 Close of Escrow. <br />Escrow shall close on or before sixty ( 60 ) days following <br />the execution of this Agreement (the "Close of Escrow"). If the <br />Escrow is not in a condition to close by the Close of Escrow, any <br />party who is not then in default may, in writing, demand the return <br />of its money and/or documents. Thereupon all obligations and <br />liabilities of the parties under this Agreement shall cease and <br />terminate. If no such demand is made, Escrow shall be closed as <br />soon as possible. <br />2.3 Conditionof Title to _Property <br />Grantor shall convey title to the Easement to Grantee as <br />evidenced by a CLTA Standard Form Policy or Binder of Title <br />Insurance ("Title Policy") issued by Chicago Title Company, Order <br />No. 9113304-20, in an amount equal to the purchase price. The <br />Title Policy shall show as exceptions with respect to the Easement <br />only matters approved in writing by Grantee. Any exceptions to <br />title representing monetary liens or encumbrances are hereby <br />disapproved by Grantee, and Escrow Holder is hereby authorized and <br />instructed to cause the reconveyance, partial reconveyance, or <br />subordination, as the case may be, of any such monetary exceptions <br />to Grantee's title to the Easement at or prior to the Close of <br />Escrow. <br />2.4 Escrow and Closing Costs. <br />Grantee shall pay the cost of the Title Policy, the <br />Escrow fees, and all recording costs and other costs and expenses <br />incurred herein. All parties acknowledge that Grantee is exempt <br />from payment of documentary transfer taxes. <br />2.5 Deposit of Funds and Documents. <br />A. Prior to Close of Escrow, Grantee shall deposit into <br />Escrow (i) all Escrow and Closing Costs as described above; (ii) <br />the purchase price to be paid to Grantors through Escrow; (iii) <br />such other documentation as is necessary to close Escrow. <br />-2- <br />LMH164445 <br />