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Buyer shall receive a credit against the Purchase Price payable hereunder equal to the amount of any insurance proceeds actually collected by City as a result of any such damage or destruction, plus the amount of any insurance deductible, less any sums expended by City toward the restoration or repair of the Property. If the proceeds have not been collected as of the Closing, then City shall assign such proceeds to Buyer, except to the extent needed to reimburse City for sums expended to repair or restore the Property, and Buyer shall not receive any credit against the Purchase Price with respect to such proceeds. 7.2 Self -Insurance Notwithstanding anything to the contrary above, Buyer acknowledges that City self - insures and shall not be obligated to purchase any third -party commercial liability insurance or property insurance. 8. EXPENSES 8.1 Expenses Buyer shall pay any transfer taxes applicable to the sale, personal property taxes, escrow fees and recording charges and any other costs and charges of the escrow for the sale. 8.2 Brokers Except as identified below, neither Party has had any contact or dealings regarding the sale of the Property, or any communication in connection with the sale of the Property, through any licensed real estate broker or other person who could claim a right to a commission or finder's fee in connection with this Agreement. Accordingly, any such commission or finder's fee, if due, shall be paid pursuant to a separate written agreement between such broker or other person and the Party through which such broker or other person contracted. If any other broker or finder perfects a claim for a commission or finder's fee based upon any such contact, dealings, or communication, the Party through whom the broker or finder makes a claim shall be responsible for such commission or fee and shall indemnify and hold harmless the other Party from any and all Claims incurred by the indemnified Party in defending against the same. The provisions of this Section shall survive any termination of this Agreement. (a) City acknowledges that: (i) prior to the Effective Date, it entered into a written agreement with Colliers International CA, Inc. that provides for real estate brokerage services in connection with the marketing and sale of the Property and (ii) City shall be solely responsible for any compensation, commission, or finder's fee payable to Colliers International CA, Inc. in connection with the purchase transaction contemplated by this Agreement. (b) Buyer acknowledges that: (i) prior to the Effective Date, it entered into a written agreement with Mark Sweeney of Newmark & Company Real Estate, Inc. that provides for real estate brokerage services in connection with Buyer's proposed acquisition of the Property and (ii) Buyer shall be solely responsible for any compensation, commission, or finder's fee payable to Mark Sweeney of Newmark & Company Real Estate, Inc. in connection with the purchase transaction contemplated by this Agreement. 9. LIQUIDATED DAMAGES IF THE SALE OF THE PROPERTY IS NOT CONSUMMATED BECAUSE OF THE FAILURE OF ANY CONDITION PRECEDENT OR CITY'S DEFAULT UNDER THIS AGREEMENT AND BUYER IS NOT THEN IN DEFAULT, THEN THE TITLE