Agmt20 Casey Property Donation - Laserfiche WebLink

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7.5 Closing Statements. No more than two days prior to the Closing Date, Escrow Agent shall deliver to City and to Donors, for their respective approvals, drafts of Escrow Agent's closing statement showing all receipts and disbursements of the Escrow. 7.6 Closing Instructions. On the Closing Date (or any extension thereof), Escrow Agent shall close Escrow as follows: Mateo County Recorder; (i) record the Deeds (marked for return to City) with the San (ii) issue the Title Policy; (iii) prorate taxes, assessments, rents, and other charges as provided in Section 7.7 below; (iv) prepare and deliver to both City and Donors one signed copy of Escrow Agent's closing statement showing all receipts and disbursements of the Escrow; (v) If Escrow Agent is unable to simultaneously perform all of the instructions set forth above, Escrow Agent shall notify City and Donors and retain all funds and documents pending receipt of further instructions jointly issued by City and Donors. 7.7 Donors' Closing Costs and Prorations. Donors shall pay the following closing costs and prorations through the Close of Escrow: (i) All governmental conveyancing fees and taxes due upon transfer of the Property, except that no documentary transfer tax will be payable with respect to this transaction, pursuant to Revenue and Taxation Code Section 11922; and (ii) All charges in connection with removing any Disapproved Exceptions pursuant to Section 6.4. 7.8 City's Closing Costs. City shall pay all costs in connection with the issuance of the Title Policy, all fees and charges levied by Escrow Agent and any endorsements required by City. 7.9 Real Estate Taxes, Bonds, and Assessments. Donors shall pay real property taxes at the Close of Escrow based on the most current real property tax bill available, including any additional property taxes that may be assessed after the Close of Escrow, regardless of when notice of those taxes is received or who receives the notice. Donors may seek reimbursement from the San Mateo County Tax Assessor's office for any property taxes that have been assessed for a period after the Close of Escrow as City is a public agency exempt from payment of such taxes. City further agrees to cooperate with Donors to provide any necessary information to the Assessor's office in connection with such request for refund. All installments of any bond or assessment that constitutes a lien on the Property at the Close of Escrow shall be paid by Donors. 7.10 Possession. Possession of the Property shall be delivered to City at the Close of Escrow. REV: 10-29-2020 SK ATTY/AGR.2020.244/Casey Family Trust (Casey Property Donation Agreement) (Page 7 of 25)