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3 <br /> destroyed or condemned, then the purchase price shall be reduced <br /> t in direct proportion to the property destroyed or condemned as <br /> agreed by the parties. <br /> 10. Title Policies <br /> On the Closing Date Texaco shall receive individual <br /> CLIA policies of title insurance issued by Title Insurance and <br /> Trust Company evidencing TeAaco's fee simple title or levachold <br /> title to each service station property described in Exhibits "A" <br /> and "E", subject only to current local real and personal property <br /> taxes not yet payable and such exceptions which have been <br /> previously approved in writing by Texago which approval Texaco <br /> will not unreasonably withhold Liability under said title <br /> insurance policies ;,hall be in the amotrts set forth in Exhibit <br /> nD" <br /> 11. Costs and Charges <br /> Texaco shall pay for recording the deeds and <br /> assignments Douglas shall pay for the policies of title <br /> Insurance and all other charges in connection with this trans- <br /> action such as stamp tax <br /> 12 Closi�gte <br /> Closing of this transaction shall take place at <br /> the offices of Title Insurance and Trust Company, 433 South <br /> Spring Street, Los Angeles, California 90054 at 6 00 a.m, on <br /> or before October 1, 1971 (herein referred to as the "Closing <br /> Date"). However, the Closing Date may be postponed by mutual <br /> agreement of the parties or unilaterally at any time by either <br /> Party for one period not to exceed 30 days. <br /> k <br /> 13 Taxes <br /> a. Real and Personal Proverty Taxes <br /> Local real and personal property taxes for <br /> the fiscal year 1971-1972 shall be prorated as of Closing Date <br /> - 6 - <br /> 0000311) <br />