Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

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Agreement with Peninsula Habitat for Humanity Funding for Property Acquisition Exhibit B METHOD OF PAYMENT I. Escrow Agent Contractor agrees that Escrow Agent for City shall be Fidelity National Title Insurance Company, 900 Veterans Boulevard, Suite 330, Redwood City, California 94063, Maria Reeser, Escrow Officer. II. Deposits to Escrow Contractor shall deposit no less than $31,000 directly into Escrow at Fidelity National Title Insurance Company with appropriate escrow instructions. Contractor shall be responsible for all escrow fees or charges, including notary fees, recording fees, title insurance fees, etc. City Clerk shall provide an executed Grant Deed, Addendum, and accompanying resolutions of the City Council regarding this transaction to Fidelity National Title Insurance Company. City shall deposit $100,000 with appropriate escrow instructions for acquisition only. None of the CDBG funds shall be used to pay for salary, fringe benefits or other compensation of employees of contractor and/or its affiliates. III. Disbursement of Funds Fidelity National Title Insurance Company shall disburse sale proceeds in the amount of not less than $131,000 to the City of Redwood City, to the Attention of the Director of Financial Planning as a condition of recording the Grant Deed transferring Title to Peninsula Habitat for Humanity. III. Title Policy Insurance Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy of title insurance in the amount of not less than $131,000, clear of any title defects which would prevent the operation of the proposed project. Contractor shall pay all recording fees, escrow fees, the premium for the title insurance policy, all fees and cost for any new financing, and shall pay any applicable transfer taxes.