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Article 4. ESCROW §401 Openiag of Escrow To accomplish the purchase and transfer of the Acquisition Pazcels, the Agency agrees to open one or more escrows ("Escrow") with First American Title Company, or with another mutually agreed upon escrow company (the "Escrow Agent"), within the time established in the Schedule of Performance. This Article 4 constitutes the basis for joint escrow instructions of the Agency and IAC. The Agency and IAC shall provide mutual escrow instructions as shall be necessary for and consistent with this Agreement. The Escrow Agent is hereby empowered to act under this Agreement, and upon indicating its acceptance of the provisions of this article, shall carry out its duties as Escrow Agent hereunder. Upon delivery of the Grant Deed or Grant Deeds to the Escrow Agent by the Agency pursuant to Section 404 of this Agreement and the fulfillment by IAC of its obligations under the Escrow, the Escrow Agent shall record such Grant Deed or Grant Deeds when title to the Acquisition Pazcels, or any of them, can be vested in IAC in accordance with the terms and provisions of this Agreement, and the Title Company is committed to issuing ttte title policy. The Agency and IAC shall each deposit in Escrow such instruments as aze reasonabiy required by the Escrow Agent or otherwise required to close the Escrow and consununate the purchase of all of the Acquisition Pazcels in accordance with this Agreement. §402 Conditions Precedent to Close of Escrow The following conditions shall have been fulfilled, or waived by IAC in writing not later than thirty (30) days prior to the scheduled date for close of Escrow for an Acquisition Pazcel: A. IAC shail have approved the condition of title for the Acquisition Pazcel pursuant to Section 313 B. The Project Approvals, and all other Agency or City discretionary approvals for the IAC Project shall have been issued, all requirements of CEQA shall have been complied with, and all time periods for appeal or legal statutes of limitation for challenging the same shall have expired, on terms and conditio�s approved by IAC. C. The Agency shall have relocated all occupants of the Acquisition Pazcel in accordance with all legal requirements pursuant to the phasing of the IAC Project described in Attachment 4 and in accordance with the Schedule of Performance. D. IAC shall have obtained the commitment from the Title Company to issue the - title policy described in Section 314 above, together with such en$ersements and co-insurance or reinsurance as may be required by IAC or its lenders, in an amount equal to the Agency's Total Acquisition Costs for the Acquisition Pazcel. E. IAC shall have obtained itom its lender or other financial sources firm commitments for financing or provide other evidence of sufficient funding to construct the IAC Project and all infrastructtue improvements therefor or portions thereof related to the Acquisition 18 9627�8397625