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<br />Agreement with Service League of San Mateo County <br />Funding for Property Acquisition <br />2820 Huntington 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 Fidelity National Title Insurance Company, 570 EI Camino Real, <br />Suite 240, Redwood City, CA, 94063, (Lee Kocjan, Escrow Officer). <br /> <br />II. Deposits to Escrow <br /> <br />Contractor shall deposit no less than $205,000 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 $200,000 with appropriate escrow instructions limiting disbursement of <br />funds for acquisition only. None of the CDBG funds shall be used to pay for salary, <br />fringe benefits or other compensation of employees of contractor and/or its affiliates. <br /> <br />III. Disbursement of Funds <br /> <br />Escrow Agent shall disburse sale proceeds in the amount of not less than $500,000 to <br />the seller as a condition of recording the Grant Deed and Declaration of Affordable <br />Housing Covenants transferring title to the property to Service League of San Mateo <br />County. Disbursement of funds to Seller is subject to the review and approval by City of <br />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 not less than $200,000 clear of any title defects which <br />would prevent the operation of the proposed project. Contractor shall pay all recording <br />fees, escrow fees, the premium for the title insurance policy, all fees and cost for any <br />new financing, and shall pay any applicable transfer taxes. . <br />