Laserfiche WebLink
<br />Section 2.03. <br /> <br />Escrow. <br /> <br />a. The Agency and the Developer agree to establish an <br />escrow for the purchase and sale of the Property (the "Escrow"). <br />The Escrow shall be established at FIRST AMERICAN TITLE COMPANY, <br />1737 N. First Street, San Jose, California, 95112, Attention: Rob <br />Tidd, (408) 451-7831 (the "Escrow Agent"). The Escrow shall be <br />opened upon Agency's approval of the funding and financing <br />commitments as set forth in Section 2.02(c) (1), above, regarding <br />the Public Assistance, provided the proceeds thereof are available <br />to the Developer under the disbursement requirements of said <br />documents. <br /> <br />b. The Agency and the Developer shall provide and <br />execute such additional escrow instructions consistent with this <br />Agreement as shall be necessary with respect to the Escrow. The <br />Escrow Agent hereby is empowered to act under this Agreement upon <br />indicating its acceptance of this Section in writing, delivered to <br />the Agency and the Developer, within five (5) calendar days after <br />the establishment of the Escrow, and shall thereafter carry out its <br />duties as the Escrow Agent hereunder. <br /> <br />c. The Agency and the Developer shall execute and <br />deliver to the Escrow Agent all documents necessary for the <br />conveyance of title to the Property which is the subject of the <br />Escrow, to the extent provided in this Agreement, in conformity <br />with, within the times, and in the manner provided in this <br />Agreement. <br /> <br />d. The Developer shall pay one half of all escrow fees, <br />and costs and fees related to the transfer of any of the Property <br />from the Agency to the Developer in the Escrow, with the exception <br />of title insurance premiums, promptly after the Escrow Agent has <br />notified the Developer of the amount thereof, but not earlier than <br />three (3) calendar days before the date for the conveyance of the <br />Property. The Agency shall pay one half of all escrow fees, and <br />costs and fees related to the transfer of any of the Property from <br />the Agency to the Developer in the Escrow, and all of the title <br />insurance premiums, promptly after the Escrow Agent has notified <br />the Developer of the amount thereof, but not earlier than three (3) <br />calendar days before the date for the conveyance of the Property. <br />Notwithstanding any language of this Agreement to the contrary, the <br />Agency shall only be required to pay title insurance premiums for <br />standard ALTA title insurance, and the costs of any other form of <br />insurance, and/or any endorsements to such insurance, shall be the <br />expense of the Developer to the extent that it exceeds the cost of <br />standard ALTA coverage. <br /> <br />8 <br /> <br />REDW\0006\OOC\001-5 <br />1/27/05 7:00 /mve <br />