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Such evidence of financing shall include: <br /> <br /> A. Copies of all conditional and firm financing commitments. Conditional <br />commitments shall not be deemed to be firm and binding commitments, but shall be subject to <br />all conditions required by the financing institutions committing same. <br /> <br /> B. Proof of acceptance of each loan commitment by Developer and proof of payment <br />of all loan commitment fees and expenses required to fired the financing commitments. <br /> <br /> C. Proof of funding or binding commitments to fund equity capital contributions, <br />reasonably satisfactory to the Agency. <br /> <br /> D. A binding commitment to fund the difference between the amount of the equity <br />and the land acquisition, predevelopment costs, and costs of construction and related expenses, <br />subject to customary lender or investor conditions concerning due diligence and underwriting <br />matters. <br /> <br /> E. The Agency shall approve or disapprove such evidence of financing within the <br />time established in the Schedule of Performance. Approval shall be based on the Agency's <br />determinations that (a) the proposed lender is a responsible financial or lending institution; (b) <br />the commitment letter given by the responsible financial or lending institution is consistent with <br />standard current lending practices; and (c) Developer has the financial capability and has <br />committed sufficient equity in the Project. Failure of the Agency to either approve or disapprove <br />such evidence of financing within fifteen (15) days of its complete submission shall be deemed <br />an approval. If the Agency shall disapprove any such evidence of financing, the Agency shall do <br />so by written notice to Developer stating the reasons for such disapproval. Developer, as soon as <br />reasonably practicable, shall obtain and submit to the Agency new evidence of financing. The <br />Agency shall approve or disapprove such new evidence of financing in the same manner and <br />within the same times established in this section for the approval or disapproval of the evidence <br />of financing initially submitted to the Agency. <br /> <br />Article 4. ESCROW <br /> <br /> §401 Opening of Escrow <br /> <br /> To accomplish the purchase and transfer of the Agency and Acquisition Parcels, the <br />Agency agrees to open one or more escrows ("Escrow") with First American Title Company, or <br />with another mutually agreed upon escrow company (the "Escrow Agent"), in San Mateo <br />County, within the time established in the Schedule of Performance. This Article 4 constitutes <br />the basis for joint escrow instructions of the Agency, the City and Developer. The Agency and <br />Developer shall provide mutual escrow instructions as shall be necessary for and consistent with <br />this Agreement. The Escrow Agent is hereby empowered to act under this Agreement, and upon <br />indicating its acceptance of the provisions of this article, shall carry out its duties as Escrow <br />Agent hereunder. <br /> <br /> Upon delivery of the Agency and Acquisition Parcels Grant Deeds to the Escrow Agent <br />by the Agency, pursuant to Section 404 of this Agreement and the fulfillment by Developer of its <br />obligations under the Escrow, the Escrow Agent shall record such Grant Deeds when title to the <br /> <br /> 15 <br />DOCSSF1:648942.4 <br />9975-5 C14 <br />120502 <br /> <br /> <br />