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(a) Title Insurance. At Close of Escrow, Title Company shall have issued or shall have committed to issue the Title Policy(as hereinafter defined)to Buyer. (b) Seller's Obligations. As of the Close of Escrow, Seller shall have performed all of the obligations required to be performed by Seller under this Agreement. (c) Seller's Representations. All representations and warranties made by Seller to Buyer in this Agreement shall be true and correct as of the Close of Escrow. (d) Tenancies and Possessory Interests. Seller shall deliver the Property free and clear of all tenancies and possessory interests. (e) Accuisition of Adjacent Pronerty. Buyer being able to concurrently acquire the real property commonly Imown as Assessor's Parcel Number 173-040-35 pursuant to terms and conditions acceptable to Buyer. 8. Natural Hazards Disclosures. Prior to the end of the Contingency Period, Seller will cause to be delivered to Buyer,all natural hazards disclosures as required bylaw. 9. Issuance of Title Insurance. At the Close of Escrow, Buyer shall cause Escrow Holder's title insurer (`Title Company") to issue to Buyer its standard form California Land Title Association I'CLTA") Owner's Policy of Title Insurance showing fee title to the Property, vested in Buyer subject only to the Approved Conditions of Title ffitle Policy"). The Title Policy shall be issued with liability in an amount equal to the Purchase Price. Buyer may elect to have Title Company issue its American Land Title Association (`ALTA") Extended Coverage Owner's Policy of Title Insurance or any endorsements. Seiler shall pay the premium cost of the CLIA Title Policy and if Buyer elects to have ALTA extended coverage,Buyer shall pay any increase in the premium. Buyer is responsible for any survey costs associated with obtaining the ALTA policy. 10. Costs and Fanmm- WBuyer and Seller shall each pay their respective legal and professionsteems and fees of other consultants incurred with regard to this transaction. Any other closing costs not specified herein shall be paid by Buyer.. 11. Protations. (a) Taxea/Assessments. Ali non-delinquent real estate taxes, assessments and bonds on the Property shall be prorated as of 11:59 p.m.on the day prior to the Close of Escrow based on the actual current tax bill, but if such tax bill has not yet been received by Seller by the Close of Escrow, then the current year's taxes shall be deemed to be one hundred two percent (102%) of the amount of the previous year's tax bill for the Property. All delinquent taxes and all assessments,if any, on the Property shall be paid at the Close of Escrow from funds accruing to Seller. All supplemental taxes billed after the Close of Escrow for periods prior to the Close of Escrow shall be paid promptly by Seller to Buyer in immediately available funds. All supplemental tax bills resulting from the reassessment of the Property caused by the sale to Buyer will be paid by Buyer. 12. Review of Documents and Materials. Within fifteen (15) business days after the Effective Date, Seller shall provide to Buyer copies of documents and materials relevant to the Property as described below (collectively "Documents and Materials'). The Documents and Materials shall be provided without any representation or warranty, except, however, that Seller represents and -5- PSA Stmicton•Faunington Sanchez Final 05.30.07