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e. With respect to the Escrow, the Agency and properly execute, acknowledge and deliver to the a grant deed conveying to the Developer title to Property in accordance with the requirements of this shall timely Escrow Agent the subj ect Agreement. f. During the Escrow, the Escrow Agent shall cause a Preliminary Title Report to be prepared and issued for the Property, and shall promptly provide the Agency and the Developer with copies thereof along with legible copies of all reported title exceptions. The Agency and the Developer must approve the Preliminary Title Report in writing as a condition precedent to the close of each escrow. g. All funds received in escrow shall be deposited by the Escrow Agent in an insured account with any state or national bank doing business in the State of California, and such funds may be combined with other escrow funds of the Escrow Agent. Such funds shall draw the highest reasonable rate of interest and such interest shall accrue to the credit of the party to this Agreement who shall have made the deposit thereof with the Escrow Agent. h. All communications from the Escrow Agent to the Agency or the Developer shall be directed to the respective parties at the addresses set forth in Section 6.01 of this Agreement. Section 2.04. Conveyance Possession. of Title and Delivery of a. Subject to the conditions set forth in Section 2.07 hereof with respect to the Escrow and to any mutually agreed upon written extension of time or extensions otherwise authorized by this Agreement, conveyance to the Developer of title to the Property, and the completion of all other acts required for each such transfer by the Agency, the Developer or the Escrow Agent shall be completed on or prior to the closing date for the Escrow, as specified below. The Agency and the Developer agree to perform all acts necessary for conveyance of title to the Property in the form and to the extent required herein, in sufficient time for title to be conveyed in accordance with this provision. b. Possession of the Property shall be delivered to the Developer concurrently with the conveyance of title. c. The Close of Escrow shall be take place wi thin thirty (30) days of the opening of Escrow. In the event that the Close of Escrow cannot occur by the specified closing date due to one or more of the conditions set forth in Section 2.07 of this 9 REDW\0006\DOC\001-S 1/27/05 7:00 /mve