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Tim Davis First Amc, rican Title Insurance Company Page 2 I. Wells Fargo Bank, N.A. made a loan to the Partner~hlp in the amount of $11,636,635 for the con~truction of the Improvements (the "C6n.struction Loan") which is secured by a de~d of trust recorded June 28, 1996 as In~h,rnent No. 96079144 of Official Records (the ~Conslruction Deed of Trust"). Through this escrow, the Construction Loan will be repa/d in full and thc Construction Deed of Trust w/Il be fully reconveyed. 2. Thc Agency made a loan to the Parmersh/p m thc amount of $1/1~5,000 (the "Agency Loan") which is secured by a deed of trust on the Property (thc "Agency Deed of Trust"). The Agency recorded an affordability covenant on the Property on June 28, 1996 as Instmmen: No. 96079147 iu thc Official Rccorcks of San Mateo County (the "Affordability Covenant"). Through this c~crow, Thc Agency Deed of Trust and Affordability Covenant will be subordinated to thc Bank Deed of Trust and thc Citibank Dccd of Trust. I. Deoosit of Documents and Funds Into Escrow: A. Partnershiv Documents: The following documents will be deposited with you on behalf of the Partnership; 1. Memoraadum of Option cxecuted and acknowledged by MP Mezes, Inc. and the Parlnership (the "Memo of Option"). B. Wells Fargo Bank will deposit into escrow a demand for paymcnt and all other documentation necessary to reconvey thc Construction Deed of Trust as described above. C. Fund~ will be deposited with you as follows: 1. Tran~merica will deposit with you funds in the amount of $2,508,490 via wire as de~'n'bed in Transamerica'a ezcrow i.m'trucfions. 2. The Bsnk will deposit with you documents, escrow instructions and funds in the amount of $6,800,000 or such other ~mount as may be described in thc Bank's escrow instructiom.