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2. Acquisition of the Broadwav Avenue Pronertv by A$enev. <br />a. The execution of this Agreement by District shall constitute an offer to convey fee <br />title to the Broadway Avenue Property to Agency, subject to the terms and conditions stated herein. <br />b. The execution of this Agreement by Agency shall constitute an acceptance of <br />District's offer to convey fee title to the Broadway Avenue Property, subject to the terms and <br />conditions set forth herein. <br />c. Agency's acceptance of District's offer to convey fee title to the Broadway <br />Avenue Property shall be conditioned on the simultaneous transfer of fee title to the Bradford Street <br />Property from Agency to District. <br />d. Upon close of escrow, Agency shall receive a fee simple interest in the Broadway <br />Avenue Property, subject only to easements of record, taxes, and existing obligations created <br />through the redevelopment agency, and specifically excepting those encumbrances required to be <br />removed pursuant to section 7, below, and further subject to two existing leases on commercial units <br />commonly known as 846 Jefferson Avenue, units 4 and 5, and 846 Jefferson Avenue, unit 14. <br />3. Escrow. <br />a. Escrow has been established with First American Title Company ("the Escrow <br />Holder"). All matters relating to escrow for the acquisition of the properties that are the subject of <br />this Agreement shall be handled by the Escrow Holder. The parties shall promptly prepare escrow <br />instructions, as requested by the Escrow Holder, adequate to fully carry out the terms and conditions <br />of this Agreement. Such escrow instructions shall incorporate the provisions of this Agreement. <br />b. Close of escrow shall occur no later than _ days after the date this Agreement is <br />fully executed by the parties, unless extended in writing by the Director of Agency and the <br />Superintendent of District, and subject to any right either party may have under this Agreement to <br />