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PROPERTY TO PURCHASER. PURCHASER AND SELLER AGREE THAT IT <br />WOULD BE IMPRACTICAL OR EXTREMELY DIFFICULT TO FIX THE ACTUAL <br />DAMAGES SUFFERED BY SELLER BECAUSE OF SUCH DEFAULT, THAT THE <br />EARNEST MONEY DEPOSIT SHALL CONSTITUTE A REASONABLE ESTIMATE <br />AND AGREED STIPULATION OF DAMAGES IN THE EVENT OF SUCH DEFAULT <br />BY PURCHASER AND THAT SELLER SHALL HAVE NO OTHER RIGHT OR CAUSE <br />OF ACTION AGAINST PURCHASER FOR DAMAGES OR OTHERWISE ARISING <br />FROM SAID DEFAULT. <br />Seller's Inifials:e7�\ Purchaser's InitiaZZM4- <br />3.4 Closin Costs. Costs of escrow shall be paid as follows <br />3.4.1 By Selle . Seller will pay the cost of any documentary transfer tax, the <br />cost of the Title Policy (excluding the cost of any endorsements required by Purchaser or <br />Purchaser's lender which shall be paid by Purchaser), the ALTA Survey, and one-half <br />(1/2) of customary escrow fees. <br />3.4.2 By Purchase . Purchaser will pay one-half (1/2) of customary escrow <br />fees, the cost of extended coverage, and any additional title coverage or endorsements <br />which Purchaser may desire and any document preparation costs. <br />No recording fees will be payable with respect to the recording of the Grant Deed, <br />pursuant to Government Code Section 27383. Each party will be responsible for payment <br />of its own attorneys' fees with respect to the negotiation and preparation of this <br />Agreement. <br />3.5 Real Property Taxes; Closine Prorations and Adjustments. The parties <br />acknowledge that because of Seller's status as a public entity, the Property has not been subject <br />to real property taxation during Seller's period of ownership. Purchaser will become liable for <br />real property taxes and assessments with respect to the Property from and after Close of Escrow, <br />to the extent that such taxes and assessments relate to periods following Close of Escrow. All <br />items of income or expense shall be prorated according to prevailing local custom in San <br />Bernardino County, California. All prorations are final. <br />3.6 Payment of Purchase Price. The Purchase Price, less the balance of Earnest <br />Money Deposit and plus or minus any adjustments, credits or prorations provided for herein, <br />shall be paid at the Closing, at Seller's option by cashier's or certified check or by wire transfer <br />of current funds. <br />RV1nJS\L0LT\664785.4 <br />