AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 11 of 113 ARTICLE III ESCROW AND CLOSING 3.1 Escrow. City and Developer shall open escrow at the office of Old Republic Title Company located at 275 Battery Street, 151h Floor, San Francisco, California, or such other title company as the Parties may agree upon ("Title Company" or "Escrow Agent") in order to consummate the closing of escrow for the transactions contemplated hereby. 3.2 Costs of Closing and Escrow. Developer shall pay for the cost of any lender's policy of title insurance that City elects to acquire in connection with the transactions contemplated hereby. City and Developer shall provide Escrow Agent with a copy of this Agreement, which together with such supplemental instructions as City or Developer may provide and which are consistent with this Agreement or which are otherwise mutually agreed upon by City and Developer, shall serve as escrow instructions for the Closing. 3.3 Closing. Prior to the Close of Escrow, Developer shall deposit into escrow the City Documents to which Developer is a party, executed and acknowledged as applicable, and Developer's share of closing costs. Provided that all conditions precedent to Close of Escrow set forth in Section 4.3 have been satisfied or waived, City shall deposit into escrowexecuted copies of the City Documents to which City is a party. On the Closing Date the Escrow Agent shall cause the Regulatory Agreement and the Deed of Trust to be recorded in the Official Records. 3.4 Alternative. By mutual agreement, the Parties may agree to handle the Closing without the use of a third -party Escrow Agent, and in such case City shall cause the Regulatory Agreement and the Deed of Trust to be recorded in the Official Records prior to disbursement of Grant proceeds. ARTICLE IV CITY FINANCIAL ASSISTANCE 4.1 Grant. In order to increase the affordability of the Project, the City has agreed to provide a grant to Developer in the amount of Three Million, Three Hundred Eighty -Six Thousand Four Hundred and Ninety -Seven Dollars ($3,386,497) (the "Grant") upon the terms and conditions and for the purposes set forth in this Agreement. The Grant will be funded with City in lieu housing fee funds and affordable housing impact fee funds. Provided that Developer has complied with all conditions precedent to disbursement of the Grant set forth in Section 4.3, the Grant proceeds shall be disbursed pursuant to approved draw requests as described in Section 4.3 Ln). 4.2 Use of Grant Proceeds. Grant proceeds shall be used solely for Project development costs as approved by City. 4.3 Conditions to Disbursement of Grant Proceeds. City's obligation to disburse Grant proceeds is conditioned upon the satisfaction of all of the requirements set forth in this Section CiZvi[ijWaVa■9:t 24 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 7 of 109)