RecD05 2005-141296 - Laserfiche WebLink

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When the parties have deposited into the Escrow all documents and funds as required by this Agreement, and all conditions for the Close of Escrow have been satisfied, the Escrow Agent shall promptly file for recordation among the land records in the Office of the County Recorder where the Property is located: (i) the Grant Deed, (ii) the Declaration of Affordability Covenants, (iii) the Deed of Trust, and (iv) this Agreement. If a deed of trust is required in connection with the Public Assistance, the parties agree that it shall be recorded in first position, provided that the Agency has approved the terms thereof in the exercise of its reasonable discretion. The Escrow Agent shall thereafter promptly provide a conformed copy of said recorded documents to both parties, shall promptly deliver to the Developer a title insurance policy in conformity with this Agreement and shall otherwise deliver to the appropriate party any other documents which are required to be delivered. The Escrow Agent shall provide to each party a complete set of copies of all documents received or generated by the Escrow Agent in the Escrow and copies of both closing statements. Section 2.10. Title Insurance. Concurrently with recordation of the Grant Deed, the Title Company shall provide and deliver to the Developer an ALTA owner's policy of title insurance issued by the Title Company insuring that the title to the Property is as required pursuant to the terms of this Agreement. The title insurance policy shall be in the amount of Three Million One Hundred Sixty Thousand Dollars ($3,160,000). Section 2.11. Taxes and Assessments. Ad valorem taxes and assessments, if any, on the Property levied, assessed or imposed as to any period prior to conveyance of title through the Escrow, shall be borne by the Agency. Section 2.12. Land Use and Environmental Approvals. The Developer must obtain any and all necessary land use approvals or changes required for the Project, including, without limitation, general and special plan amendments, conditional use permits required pursuant to applicable zoning ordinances, any and all modifications or variances including, but not limited to, those modifications or variances necessary for height, parking, signs and any and all other matters. The Agency requires that all requirements of the California Environmental Quality Act ("CEQA") and the National Environmental Policy Act ("NEPA") applicable to this Agreement and the Project, shall be met. The Developer shall apply for all necessary environmental permits or clearances applicable to the Project. Section 2.13. Condition of the Property. 13 REDW\0006\DOC\001-7 3/29/05 3:15 /rove