Res99 RD-99-30 - Laserfiche WebLink

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shall have mailed copies of such demand to the other party or parties at the address of its or their principal place or places of business. If no such demands aze made, the Escrow shall be closed as soon as possible. Nothing in this section shall be construed to impair or affect the rights or obligations of IAC to specific performance. The Escrow Agent shall not be obligated to retum any such money, papers or documents except upon the written instructions of both the Agency and IAC or until the parry entitled thereto has been determined by a final decision of a court of competent jurisdiction. Any amendment to the escrow instructions shall be in writing and signed by both the Agency and IAC. At the time of any amendment, the Escrow Agent shall agree to carry out its duties as Escrow Agent under such amendment. All communications from the Escrow Agent to the Agency or IAC shall be directed to the addresses and in the manner established in Section 1002 of this Agreement for notices, demands and communications between thc Agency and IAC. Neither IAC nor the Agency shall be liable for any real estate commissions or brokerage fees that may be claimed under this Agreement. IAC and the Agency each represents that it has not engaged any broker, agent or finder in connection with the transactions contempiated in this Agreement. The liability of the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under this article. §406 Recordation of Grant Deed or Grant Deeds Upon the close of Escrow, the Escrow Agent shall file the Grant Deed or Grant Deeds for recordation among the land records in the Office of the County Recorder for San Mateo County, shall deliver the applicable purchase price, less the applicable portion of the Letter of Credit or Cash Deposit, pursuant to Section 307 of this Agreement and other required sums to the Agency and shall deliver to IAC a title insurance policy or policies insuriag title in conformity with Section 314 of this Agreement. Article 5. DEVELOPMENT OF THE IAC PROJECT §501 Scope of Development The IAC Project shall be designed and developed in one or more phases as a multi-family residential and retail complex as shown in Attachment 4. T'he buildings shall be designed with architectural excellence consistent with the Basic Concept Drawitigs. The space azound the buildings shall be designed, landscaped and developed to the same level of azchitectural excellence. All development shall conform to the applicable City codes and standazds, as set forth in the Project Approvals. . - -_ 21 9627:8397615