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<br />e. Agency Assistance Funding Procedure. Subject to the <br />other provisions hereof, including, without limitation, the <br />conditions precedent set forth above, the proceeds of the <br />Development Loan shall be disbursed to the Developer as follows: <br /> <br />The Development Loan shall disbursed by the Agency from <br />time to time within thirty (30) days of receipt by the Agency of <br />appropriate documentation demonstrating the completion of an item <br />of work covered by the Scope of Development and after the <br />inspection of said work by an authorized agent of the Agency to <br />verify its completion; provided, however, that all requests for <br />disbursement, together with supporting documentation as necessary, <br />shall be submitted prior to the 15th day of the given month. Any <br />submittals received after the 15th day of the given month will be <br />processed in the following month. <br /> <br />Section 2.03. <br /> <br />Escrow. <br /> <br />a. The Agency and the Developer agree to establish an <br />escrow for the purchase and sale of the Property (the "Escrow"). <br />The Escrow shall be established at FIRST AMERICAN TITLE COMPANY, <br />1737 N. First Street, San Jose, California, 95112, Attention: Rob <br />Tidd, (408) 451-7831 (the "Escrow Agent"). The Escrow shall be <br />opened upon Agency's approval of the funding and financing <br />commitments as set forth in Section 2.02(c) (1), above, regarding <br />the Public Assistance, provided the proceeds thereof are available <br />to the Developer under the disbursement requirements of said <br />documents. <br /> <br />b. The Agency and the Developer shall provide and <br />execute such additional escrow instructions consistent with this <br />Agreement as shall be necessary with respect to the Escrow. The <br />Escrow Agent hereby is empowered to act under this Agreement upon <br />indicating its acceptance of this Section in writing, delivered to <br />the Agency and the Developer, within five (5) calendar days after <br />the establishment of the Escrow, and shall thereafter carry out its <br />duties as the Escrow Agent hereunder. <br /> <br />c. The Agency and the Developer shall execute and <br />deliver to the Escrow Agent all documents necessary for the <br />conveyance of title to the Property which is the subject of the <br />Escrow, to the extent provided in this Agreement, in conformity <br />with, within the times, and in the manner provided in this <br />Agreement. <br /> <br />d. The Developer shall pay one half of all escrow fees, <br />and costs and fees related to the transfer of any of the Property <br />from the Agency to the Developer in the Escrow, with the exception <br /> <br />8 <br /> <br />REDW\0006\DOC\001-7 <br />3/29/05 3:15 /rove <br />