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<br />Agreement with Kainos Home & Training Center <br />for the Developmentally Disabled <br /> <br />Funding for Property Acquisition <br /> <br />Exhibit 8 <br /> <br />METHOD OF PAYMENT <br /> <br />I. <br /> <br />Escrow Agent <br /> <br />Contractor agrees that Escrow Agent for City shall be Commonwealth land Title <br />Company, 530 EI Camino, Suite A, San Carlos, CA 94070, Escrow Officer.Jennifer <br />Rovins. <br /> <br />II. <br /> <br />Deposits to Escrow <br /> <br />Contractor shall deposit no less than $292,500 directly into Escrow at Commonwealth <br />land Title Company with appropriate escrow instructions. Contractor shall be <br />responsible for all escrow fees or charges, including notary fees, recording fees, title <br />insurance fees, etc. <br /> <br />City Clerk shall provide an executed Funding Agreement, and accompanying resolutions <br />of the City Council regarding this transaction to Commonwealth land Title Company. <br /> <br />City shall deposit $57,500 with appropriate escrow instructions for acquisition only. <br />None of the CDBG funds shall be used to pay for salary, fringe benefits or other <br />compensation of employees of contractor and/or its affiliates. <br /> <br />III. <br /> <br />Disbursement of Funds <br /> <br />Commonwealth land Title Company shall disburse sale proceeds in the amount of not <br />less than $375,000 to BETHSAIDA Family Living Home, to the Attention of Janet <br />Rafferty, Coldwell Banker, 930 Santa Cruz Avenue, Menlo Park,CA 94025 as a <br />condition of recording the Deed of Trust completing the sale of the property and <br />transferring Title to Kainos Home & Training Center for the Developmentally Disabled. <br /> <br />III. <br /> <br />Title Policy Insurance <br /> <br />Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy of <br />title insurance in the amount of not less than $375,000, clear of any title defects which <br />would prevent the operation of the proposed project. Contractor shall pay all recording <br />fees, escrow fees, the premium for the title insurance policy, all fees and cost for any <br />new financing, and shall pay any applicable transfer taxes. <br /> <br />1 <br />