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and Permitted Exceptions, in an amount equal to $123,412.60 , <br />issued by Escrow Holder and dated as of the date of the Closing. <br />Section 7.8. Recordation of Documents and Delivery of Funds. <br />Upon receipt of the funds and instruments described in this <br />Article, and upon the satisfaction or waiver of the conditions to <br />Closing referred to in this Article, Escrow Holder shall cause the <br />Grant Deed, the memorandum of Agreement referred to in Section 3.4 <br />and the Easement Agreements to be recorded in the office of the <br />County Recorder of the County of Alameda, California. <br />Section 7.9. Prorations. All property taxes and utilities <br />relating to the property shall be prorated between CITY and LIN as <br />of the Closing based on the latest available tax information. All <br />prorations shall be based upon a 30-day month and a 360-day year. <br />Section 7.10. Payment of Costs. The costs associated with <br />this transaction shall be paid as follows: <br />(a) CITY shall pay the entire costs of obtaining the <br />title insurance policy described in Section 7.7. <br />(b) CITY shall pay all costs and fees charged by Escrow <br />Holder. <br />(c) LIN shall pay the costs of documentary transfer <br />taxes in connection with the recordation of the Grant Deed. <br />(d) CITY shall pay the costs of recording the Grant Deed <br />and any other documents to be recorded hereunder, and any other <br />costs and fees associated with the Close of Escrow. <br />Section 7.11. Termination of Agreement. In the event this <br />Agreement is terminated for any reason, then, the documents and <br />funds deposited with Escrow Holder by CITY, plus any interest <br />earned on the Deposit shall be returned to CITY and the instruments <br />and funds deposited with Escrow Holder by LIN shall be returned to <br />LIN. In the event this Agreement is terminated because of the <br />default of either LIN or CITY, then either LIN or CITY shall be <br />entitled to all rights and remedies to which they might be entitled <br />under applicable law. <br />Section 7.12. Escrow Cancellation Charges. In the event that <br />Escrow shall fail to close by reason of the default of either <br />party, the Defaulting Party shall be liable for all Escrow <br />Cancellation Charges. In the event that the Escrow shall fail to <br />close for any other reason, CITY and LIN shall be liable for one- <br />half of all Escrow Cancellation Charges. <br />8 <br />H n\docs\acquisit.agr <br />