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EXHIBIT C <br /> METHOD OF PAYMENT <br /> Agreement with Kainos Home & Training Center <br /> Funding for Property Acquisition <br /> 1122 Valota Road, Redwood City, California 94061 <br /> Escrow Agent <br /> Kainos agrees that the Escrow Agent in connection with Kainos' purchase of the <br /> Property, as contemplated in the Agreement, shall be Cornerstone Title Insurance <br /> Company, 181 Second Avenue, Suite 100, San Mateo, California 94401 (Holly <br /> Macareno, Escrow Officer). <br /> II. Deposits to Escrow <br /> Kainos shall deposit no less than $675,000.00 in cash or by check or wire transfer <br /> with Escrow Agent with appropriate escrow instructions. <br /> City Clerk shall provide fully executed copies of this Agreement, including the final <br /> executed copies of Exhibits D, E and F of the Agreement to Cornerstone Title <br /> Insurance Company. <br /> City shall deposit $400,000.00 with appropriate escrow instructions limiting <br /> disbursement of funds for acquisition of the Property only. None of the City Funds <br /> (CDBG or HOME funds) shall be used to pay for salary, fringe benefits or other <br /> compensation of employees of Kainos and /or its affiliates. <br /> III. Close of Escrow and Disbursement of Funds <br /> The close of escrow shall be a date following the deposit of all funds and documents <br /> and the completion of all other conditions required prior to close of escrow under this <br /> Agreement, as set forth herein and in Paragraphs 2.c. and 6.a.(2) of the Agreement, <br /> but in no event later than 90 days after the date of the Agreement ( "Close of <br /> Escrow "). Escrow Agent shall disburse sale proceeds in the amount of <br /> $1,075,000.00 ( "Purchase Price ") to the seller and shall simultaneously record the <br /> Grant Deed transferring title to the Property to Kainos Home & Training Center, the <br /> Declaration of Affordability Covenants and the Deed of Trust securing the City Note, <br /> in that order. Disbursement of funds to seller is subject to review and approval by <br /> City of the exceptions to title to the Property. <br /> IV. Title Policy Insurance <br /> Kainos shall, at its own cost, secure at the Close of Escrow the issuance of an <br /> owner's policy of title insurance in the amount of the Purchase Price, clear of any title <br /> defects which would prevent the use and operation of the program on the Property <br /> as described in this Agreement. Kainos shall pay buyer's share of all closing costs, <br /> including recording fees, escrow fees, the premium for the owner's title insurance <br /> policy, and any applicable transfer taxes. <br /> Exhibit C <br /> 1 <br />