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<br />Agreement with Service League of San Mateo County <br />Funding for Property Acquisition <br />96 Buckingham Avenue <br /> <br />Exhibit B <br /> <br />METHOD OF PAYMENT <br /> <br />I. Escrow Agent <br /> <br />Contractor agrees that Escrow Agent in connection with this transaction contemplated <br />herein shall be First American Title Insurance Company, 1440 Chapin Avenue, <br />Burlingame, California 94010 (Alma Prince, Escrow Officer) or such other escrow <br />company agreed upon in writing by the parties (seller, contractor, and City). <br /> <br />II. Deposits to Escrow <br /> <br />Contractor shall deposit no less than $20,000 in cash, or by check or wire transfer with <br />Escrow Agent with appropriate escrow instructions. Contractor shall be responsible for <br />all escrow fees or charges, including notary fees, recording fees, title insurance fees, <br />etc. <br /> <br />City Clerk shall provide an executed Funding agreement, Exhibit A, B, and C, and <br />accompanying resolutions of the City Council regarding this transaction to First <br />American Title Insurance Company. <br /> <br />City shall deposit $250,000 with appropriate escrow instructions limiting disbursement of <br />funds for acquisition only. None of the CDBG or HOME funds shall be used to pay for <br />salary, fringe benefits or other compensation of employees of contractor and/or its <br />affiliates. <br /> <br />III. Disbursement of Funds <br /> <br />Escrow Agent shall disburse sale proceeds in the amount of not less than $555,000 to <br />the seller or designees as a condition of recording the Grant Deed and Declaration of <br />Affordable Housing Covenants transferring title to the property to Service League of San <br />Mateo County. Disbursement of funds to Seller is subject to the review and approval by <br />City of the exceptions to the title to the property. <br /> <br />IV. Title Policy Insurance <br /> <br />Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy of <br />title insurance in the amount of the purchase price clear of any title defects which would <br />prevent the operation of the proposed project. Contractor shall pay all recording fees, <br />escrow fees, the premium for the title insurance policy, all fees and cost for any new <br />financing, and shall pay any applicable transfer taxes. <br /> <br />* * * <br /> <br />A TTY/AGR/2008.072 <br />081108 <br />