AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 26 of 154 5.2. Insurance. Insurance policies for fire or casualty are not to be transferred, and Developer and City may only each cancel its own policies with respect to the Maple Street Vacation Area and Public Right -of -Way and Public Service Easement Area, if any, after Close of Escrow. 5.3. Escrow Account. All funds received in the Escrow shall be deposited with other escrow funds in a general escrow account(s) and may be transferred to any other escrow trust account in any state or national bank doing business in the State of California. All disbursements shall be made by check or wire transfer from such account. 6. Taxes. 6.1. Delinquent Taxes. Escrow Agent shall pay and charge Developer for any unpaid delinquent property taxes, assessments or bonds and/or penalties and interest thereon, payable with respect to the Public Right -of -Way and Public Service Easement Area due and payable prior to the Close of Escrow. 6.2. Current Taxes. Developer shall remain obligated to pay all property taxes and assessments payable with respect to the Public Right -of -Way and Public Service Easement Area up to the Close of Escrow. Developer shall have the right, after Closing, to apply to the San Mateo County Tax Collector for refund of any excess property taxes which have been paid by Developer with respect to the Public Right -of -Way and Public Service Easement Area. Upon Closing, Developer shall be obligated to pay all future property taxes and assessments payable with respect to the Maple Street Vacation Area. 7. Escrow Agent Authorization. Escrow Agent is authorized to, and shall: 7.1. Charge Cily. Charge City for City's share of Escrow fees, recording fees and other costs and expenses of Escrow payable under Section 7.7 below. 7.2. Charge Developer. Charge Developer for transfer taxes, if any, due in connection with the Exchange; and (ii) Developer's share of Escrow fees, recording fees and other costs and expenses of Escrow payable under Section 7.7 below. 7.3. Recordation and Delivery. When conditions of the Escrow have been fulfilled by City and Developer, record the Maple Street Quitclaim Deed and the Acceptance of Irrevocable Offer, and deliver the title policy (ies) and the Non -Foreign Transferor Declarations to City and Developer. 7.4. Time Limits. All time limits within which any matter specified is to be performed may be extended by mutual agreement of the Parties. Any amendment of, or supplement to, any instructions must be in writing. 7.5. Time of the Essence. TIME IS OF THE ESSENCE IN THESE INSTRUCTIONS AND ESCROW IS TO CLOSE ON OR BEFORE JUNE 1, 2021. If this Escrow is not in condition to close by such date, then the Party who has fully complied with this Agreement may, in writing, demand the return of its money or property; provided, however, no demand for return shall be recognized until five (5) days after Escrow Agent shall have mailed copies of demand to all other Parties at the respective addresses shown in Section 19, below, and if any objections are raised within such five (5) day period, Escrow Agent is authorized to hold all REV: 01-21-20201 PR ATTYIAGR.2021.01111548 Maple LLC (Page 4 of 25) 238