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Exhibit B <br />ESCROW AND DISBURSEMENT AGREEMENT <br />I. 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, 601 Allerton Street, Redwood City, California 94063. <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 $2,284,182.00, 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 />Escrow - h3 - 1 <br />J <br />04/14/00 <br />