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<br />this Option Agreement shall cease to have any further force or <br /> <br />effect. <br /> <br />6. <br /> <br />The <br /> <br />to <br /> <br />transfer <br /> <br />title <br /> <br />of <br /> <br />the <br /> <br />Escrow. <br /> <br />Property <br /> <br />following Optionee's election to exercise the Option to purchase <br /> <br />the Property shall be consummated through an escrow to be opened <br /> <br />at First American Title Insurance Company <br /> <br />( "Title Company") <br /> <br />Redwood <br /> <br />City, <br /> <br />company <br /> <br />California <br /> <br />title <br /> <br />insurance <br /> <br />other <br /> <br />or <br /> <br />mutually agreed upon by parties herein if Title Company is out of <br /> <br />business <br /> <br />unable <br /> <br />Such <br /> <br />escrow <br /> <br />shall <br /> <br />to <br /> <br />or <br /> <br />open <br /> <br />an <br /> <br />escrow. <br /> <br />opened within five (5) business days after receipt by Optionor of <br /> <br />Optionee's written notice of exercise and shall close within ten <br /> <br />(10) business days thereafter. <br /> <br />7. <br /> <br />of <br /> <br />Title. <br /> <br />escrow <br /> <br />the <br /> <br />the <br /> <br />close <br /> <br />of <br /> <br />Conveyance <br /> <br />At <br /> <br />Optionor <br /> <br />shall <br /> <br />Optionee <br /> <br />title <br /> <br />the <br /> <br />the <br /> <br />to <br /> <br />to <br /> <br />Property <br /> <br />convey <br /> <br />without warranty, express or implied. <br /> <br />The deed to the Property <br /> <br />shall <br /> <br />reversionary <br /> <br />Optionee <br /> <br />contain <br /> <br />provisions <br /> <br />requiring <br /> <br />construct a fire station on the Property within five <br /> <br />( 5) <br /> <br />years <br /> <br />following recordation of the Deed and restricting the use of the <br /> <br />Property to use principally as a public fire station, and shall <br /> <br />be <br /> <br />in <br /> <br />substantially <br /> <br />the <br /> <br />form attached hereto as Exhibit <br /> <br />"B". <br /> <br />Optionor's <br /> <br />title <br /> <br />the <br /> <br />shall <br /> <br />also be <br /> <br />of <br /> <br />to <br /> <br />Property <br /> <br />conveyance <br /> <br />subject to: <br /> <br />(a) <br /> <br />including, <br /> <br />without <br /> <br />All <br /> <br />of <br /> <br />record <br /> <br />matters <br /> <br />limitation, <br /> <br />liens, <br /> <br />rights <br /> <br />of <br /> <br />covenants, <br /> <br />easements, <br /> <br />way, <br /> <br />restrictions and conveyances. <br /> <br />3 <br /> <br />in <br /> <br />~ <br />CIT <br />0 <br />~ <br />ø <br />c..: <br />G") <br />N <br /> <br />be <br /> <br />œ <br />CIT <br />Q <br />-J <br />N <br />0 <br />C,J <br />... <br /> <br />to <br />