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ARTICLE VII CLOSING AND ESCROW Section 7.1. The Escrow and Escrow Holder. An escrow for the transaction contemplated by this Agreement (the "Escrow") will be opened with Title Company (the "Escrow Holder") promptly following execution of this Agreement by the parties. Section 7.2. Agreement to Constitute Escrow Instructions. This Agreement shall constitute escrow instructions to Escrow Holder. LIN and CITY shall deposit three (3) copies of this executed Agreement with Escrow Holder who shall endorse all three copies and return one copy to CITY and one copy to LIN. Section 7.3. Close of Escrow. The conveyance of the Property from LIN to CITY as contemplated by this Agreement (the "Closing") shall occur on or before 5:00 p.m., November 30 , 19 92 provided that all of the conditions to Closing referred to in this Article have been satisfied. Section 7.4. Certain Obligations of CITY. In addition to fulfilling any other obligations of CITY contained in this Agreement, on or before the day of Closing, CITY shall have deposited into escrow the Promissory Note. Section 7.5. Certain Obligations of LIN. In addition to fulfilling any other obligations of LIN contained in this Agreement, on or before the business day prior to the Closing, LIN shall deposit with Escrow Holder: (a) The Grant Deed, properly executed by LIN and in recordable form for the Tank Site; (b) The Easement Deeds properly executed by LIN for the Access Road and Utility Easements; and (c) The License Agreement properly executed by LIN for the Slope Area adjacent to the Access Road. Section 7.6. Conditions of the Closing. The Closing shall not occur unless and until: (a) CITY and LIN have deposited with Escrow Holder all sums and documents required to be deposited pursuant to Section 7.4 and 7.5; and (b) Escrow Holder shall be prepared to issue the policy of title insurance as described in Section 7.7. Section 7.7. Title Policy. Escrow Holder is hereby instructed to deliver, or cause to be delivered, to CITY through escrow a CLTA or at CITY's option ALTA standard coverage owner's policy of title insurance, insuring CITY as fee owner of the Tank Site, subject only to the usual printed title company exclusions 7 H n\docs\acquisit.agr