Laserfiche WebLink
Exhibit B <br />ESCROW AND DISBURSEMENT AGREEMENT <br />1. Escrow Agent <br />Peninsula Habitat For Humanity, Inc. ( "HABITAT ") agrees that Escrow Agent in <br />connection with this transaction contemplated herein shall be Fidelity National <br />Title insurance company, 001 Allerton Street, Redwood- city, California 04003. <br />2. Deposits to Escrow <br />HABITAT shall deposit no less than $5,000 in cash, or by check or wire transfer <br />with Escrow Agent with appropriate escrow instructions. HABITAT shall be <br />responsible for all escrow fees or charges, including notary fees, recording fees, <br />title insurance. fees, etc. <br />City clerk shall provide an executed Purchase Agreement , Exhibit A, B, C, and <br />D accompanying resolutions of the city council and Redevelopment Agency <br />Board regarding this transaction to Fidelity National Title insurance company. <br />City shall deposit $ -0- and Agency shall deposit $ -0- with appropriate escrow <br />instructions regarding recording only. None of the HOME funds related to this <br />project shall be used to pay for salary, fringe benefits or other compensation of <br />employees of HABITAT and/or its affiliates. <br />3. Disbursement of Funds <br />Escrow Agent shall disburse sale proceeds in the amount of not less than $ -0- to <br />the seller as - a condition of recording the Grant Deed transferring title to the <br />Property to Peninsula Habitat for Humanity, Inc. Disbursement of funds to Seller <br />is subject to the review and approval by seller of the exceptions to the title to the <br />Property. • <br />4.. Title Policy insurance <br />HABITAT shall, at its own cost, secure at the close of escrow the issuance of a <br />policy of title insurance in the amount of not less than $2,284,1 82.00, clear of <br />any title defects which would prevent the operation of the proposed project. <br />HABITAT shall pay all recording fees, escrow fees, the premium for the title <br />insurance policy, all fees and cost for any new financing, and- shall pay any <br />applicable transfer taxes. <br />T r�.'f• �: i i �yL %:: •'•.l �: .e ...- _ _ .. - - ... .. - -1. .. Escrow - h3 <br />FXS:fs <br />04/14/00 w � <br />Y,X :a yr.; TGr +tt'��+oir *►«sirr: ^_- ,a': a,e; is -- .a.- +s.�:��.;rr:.rs- -ti'r , >.:ri� -..�- , rrc -.lc:- ..r.�r.u- �.s,•�r¢s�:sve _':.'�s7,':.�iY <br />+r <br />rw�^+'r�•ars nv+*ww!xawnAw:w'a.�a�Ji.Ma+e: "' <br />