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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 of Title and Delivery of Possession. a. Subj ect 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 su.fficient 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 within sixty (60) days of the opening of Escrow. In the event that the Close of Escrow cannot occur by the specif ied closing date due to one or more of the conditions set forth in Section 2 . 07 of this Agreement having not been satisfied or waived, the closing date for Escrow shall be automatically extended for an additional period of sixty (60) days to permit the satisfaction or waiver of such unsatisf ied conditions . The Agency and Developer may agree to additional extensions of any of the closing dates, not to exceed an additional ninety (90) days. Section 2 . 05 . Form of Deed. The Agency shall convey to the Developer title to the Property in the condition provided in Section 2 . 06 of this Agreement and by means of a grant deed REDW\0006\DOC\013-7 8 1\11\08 940 law