RecD05 2005-141296 - Laserfiche WebLink

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of title insurance premiums, promptly after the Escrow Agent has notified the Developer of the amount thereof, but not earlier than three (3) calendar days before the date for the conveyance of the Property. The Agency shall pay one half of all escrow fees, and costs and fees related to the transfer of any of the Property from the Agency to the Developer in the Escrow, and all of the title insurance premiums, promptly after the Escrow Agent has notified the Developer of the amount thereof, but not earlier than three (3) calendar days before the date for the conveyance of the Property. Notwithstanding any language of this Agreement to the contrary, the Agency shall only be required to pay title insurance premiums for standard ALTA title insurance, and the costs of any other form of insurance, and/or any endorsements to such insurance, shall be the expense of the Developer to the extent that it exceeds the cost of standard ALTA coverage. e. With respect to the Escrow, the Agency shall timely and properly execute, acknowledge and deliver to the Escrow Agent a grant deed conveying to the Developer title to the subject Property in accordance with the requirements of this 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. 9 REDW\0006\DOC\001-7 3/29/05 3:15 /rove