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JAH:djm 03/06/90R (REDEV) <br />JAH:djm 03/19/90R <br />JAH:djm 04/04/90R <br />Article 4. ESCROW <br />§401 Opening of Escrow <br />The Agency agrees to open an escrow with First American <br />Title Insurance Company, or with another mutually agreed upon <br />escrow company (the "Escrow Agent"), in San Mateo County, <br />California, within the time established in the Schedule of <br />Performance. This Article 4 constitutes the basis for joint <br />escrow instructions of the Agency and the Developer. The Agency <br />and the Developer shall provide mutual escrow instructions as <br />shall be necessary for and consistent with this Agreement. The <br />Escrow Agent is hereby empowered to act under this Agreement, and <br />upon indicating its acceptance of the provisions of this article, <br />in writing, delivered to the Agency and the Developer within five <br />(5) days after the opening of the escrow, shall carry out its <br />duties as Escrow Agent hereunder. <br />Upon delivery of the Grant Deed or Grant Deeds to the Escrow <br />Agent by the Agency pursuant to Section 403 of this Agreement, <br />the Escrow Agent shall record such Grant Deed or Grant Deeds when <br />title to the Acquisition Parcels can be vested in the Developer <br />in accordance with the terms and provisions of this Agreement. <br />The Escrow Agent shall pay any transfer tax required by law. <br />§402 Developer's Duties <br />The Developer shall pay in escrow or deliver to the Escrow <br />Agent the following fees, charges, costs and documents promptly <br />after the Escrow Agent has notified the Developer of the amount <br />of such fees, charges and costs, but not earlier than ten (10) <br />days prior to the scheduled date for the close of escrow: <br />A. The escrow fee; <br />B. The premium for the title insurance policy to be paid <br />by the Developer as set forth in Section 311 of this Agreement; <br />C. The Promissory Note; <br />D. A reconveyance of the Deed of Trust (or partial <br />reconveyance, if the parties so specify to the Escrow Agent); <br />E. Subject to the provisions of Section 310 of this <br />Agreement, costs necessary to place title in the condition of <br />conveyance required by the provisions of this Agreement; <br />F. Cost of drawing the Grant Deed or Grant Deeds; <br />G. Recording fees; <br />H. Notary fees; <br />I. Ad valorem taxes and assessments, if any, upon the <br />Acquisition Parcels or any parcel or subparcel for any time prior <br />15 <br />