Agmt99 Peninsula Habitat... (2) - Laserfiche WebLink

Browse Search

Agreement with Peninsula Habitat for Humanity Funding for Property Acquisition Exhibit B METHOD OF PAYMENT I. Escrow Agent Contractor agrees that Escrow Agent in connection with this transaction contemplated herein shall be Old Republic Title Insurance Company, 601 Allerton Street, Redwood City, Califomia 94063 (Steve Johnson, Escrow Officer) II. Deposits to Escrow Contractor shall deposit no less than $170,000 in cash, or by check or wire transfer with Escrow Agent with appropriate escrow instructions. Contractor shall be responsible for all escrow fees or charges, including notary fees, recording fees, title insurance fees, etc. City Clerk shall provide an executed Funding agreement, Exhibit A, B, and C, and accompanying resolutions of the City Council and Redevelopment Agency Board regarding this transaction to Old Republic Title Insurance Company. City shall deposit$260,000 and Agency shall deposit$100,000 with appropriate escrow instn.ictions limiting disbursement of funds for acquisition only. None of the HOME funds shall be used to pay for salary, fringe benefits or other compensation of employees of contractor and/or its affiliates. III. Disbursement of Funds Escrow Agent shall disburse sale proceeds in the amount of not less than $530,000 to the seller as a condition of recording the Grant Deed transferring title to the property to Peninsula Habitat for Humanity, Inc. Disbursement of funds to Seller is subject to the review and approval by City of the exceptions to the title to the property. IV. Title Policy Insurance Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy of title insurance in the amount of not less than $360,000, clear of any title defects which would prevent the operation of the proposed project. Contractor shall pay all recording fees, escrow fees, the premium for the title insurance policy, all fees and cost for any new financing, and shall pay any applicable transfer taxes. __ . _ _..,. . ._ �_._._._ ...._._..�._ _..._...� .__ .