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agree upon in writing (the "Closing Date"). Such date and time may not be extended without the prior written approval of both City and Buyer. 6.3 Deposit of Documents (a) At or before the Closing, City shall deposit into escrow the duly executed and acknowledged Deed conveying the Property to Buyer subject to the Conditions of Title. (b) At or before the Closing, Buyer shall deposit into escrow the all funds necessary to close this transaction. (e) City and Buyer shall each deposit such other instruments as are reasonably required by the Title Company or otherwise required to close the escrow and consummate the purchase of the Property in accordance with the terms of this Agreement. 6.4 Prorations Any real property taxes and assessments; water, sewer and utility charges; amounts payable under any service contracts; annual permits and/or inspection fees (calculated on the basis of the period covered); and any other expenses normal to the operation and maintenance of the Property, shall all be prorated as of 12:01 a.m. on the date the Deed is recorded, on the basis of a three hundred sixty-five (365)-day year. The Purchase Price shall be increased by the amount of any utility deposits paid by City with respect to the Property. If any of the above described prorations cannot be calculated accurately on the Closing Date, then the same shall be calculated as soon as reasonably practicable after the Closing Date and either Party owing the other Party a sum of money based on such subsequent proration(s) shall promptly pay such sum to the other Party. 7. RISK OF LOSS 7.1 Loss (a) Condemnation. City shall give Buyer notice of any commencement of condemnation proceedings affecting the Property. In the event that all or any portion of the Property is condemned, then Buyer may, at its option to be exercised within ten (10) days of City's notice of the commencement of condemnation proceedings, either terminate this Agreement or consummate the purchase for the full Purchase Price as required by the terms hereof. If Buyer elects to terminate this Agreement or fails to give City notice within such ten (10)-day period that Buyer will proceed with the purchase, then this Agreement shall terminate at the end of such ten (10)- day period, the Title Company shall return the Deposit (excluding the Initial Deposit) to Buyer, and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.4 [Entry and Indemnity], 8.2 [Brokers], or otherwise expressly provided herein. If Buyer elects to proceed with the purchase of the Property, then upon the Closing, Buyer shall receive a credit against the Purchase Price payable hereunder equal to the amount of any condemnation awards actually collected by City as a result of any such condemnation. If the awards have not been collected as of the Closing, then City shall assign such awards to Buyer, and Buyer shall not receive any credit against the Purchase Price with respect to such awards. (b) Damage or Destruction In the event that all or any portion of the Property is destroyed or damaged by fire or other casualty prior to the Closing, then this Agreement shall not terminate and Buyer shall consummate the purchase for the full Purchase Price. In such event, then upon the Closing, 8