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instruments that are required herein, or that may be reasonably required by Escrow Agent, in <br />order to consummate the transactions contemplated herein. <br /> <br /> §405 Terms of Escrow <br /> <br /> With respect to the Agency Parcel and each Acquisition Parcel, the Escrow Agent is <br />authorized to: <br /> <br /> A. Pay, and charge Developer for, any fees, charges and costs payable under this <br />Section 405. Before such payments or charges are made, the Escrow Agent shall notify <br />Developer of the fees, charges and costs necessary to clear title and close the Escrow. <br /> <br /> B. Disburse funds and deliver the applicable Grant Deed or Grant Deeds and other <br />documents to the parties entitled thereto when the conditions of this Escrow have been fulfilled <br />by the Agency and Developer. <br /> <br /> C. Record any instruments delivered through this Escrow, if necessary or proper, to <br />vest title in Developer in accordance with the terms and provisions of this Agreement. <br /> <br /> All funds received in this Escrow shall be deposited by the Escrow Agent in an interest- <br />beating escrow account or accounts with a federally insured institution as directed by Developer. <br />Any interest earned on such funds shall be the property of Developer. Such funds may be <br />transferred to any other such general escrow account or accounts. All disbursements shall be <br />made by check of the Escrow Agent. All adjustments are to be made on the basis of a thirty (30) <br />day month. <br /> <br /> If this Escrow is not in condition to close on or before the time of conveyance established <br />in the Schedule of Performance, either party who then shall have fully performed the acts to be <br />performed before the conveyance of title, or, either Agency or Developer if neither have fully <br />performed all such acts, may, in writing, terminate this Agreement in the manner set forth in <br />Section 807 (B), 808(B), or 809(B), as applicable, and demand from the Escrow Agent the return <br />of its monies, papers or documents theretofore deposited in Escrow. No demand for return shall <br />be recognized until thirty (30) days after the Escrow Agent shall have caused copies of such <br />demand to be delivered to the other party pursuant to Section 1002 of this Agreement. <br />Objections, if any, to the return of monies, papers or documents theretofore deposited in Escrow, <br />shall be raised by written notice to the Escrow Agent and to the non-terminating party not later <br />than the thirtieth (30th) day following receipt of such notice, in which event the Escrow Agent <br />shall hold all money, papers and documents with respect to the Agency and Acquisition Parcels <br />until instructed by mutual agreement of the parties or by a court of competent jurisdiction. <br />Pursuant to receipt of such instruction from the parties or the court, or, if no timely objections <br />have been submitted, the Escrow Agent shall terminate Escrow as soon as possible, whereupon <br />the obligations and liabilities of the parties under this Agreement shall cease and terminate in the <br />manner set forth in Sections 807(B), 808(B) or 809(B), as applicable. Nothing in this section <br />shall be construed to impair or affect the rights or obligations of Developer to specific <br />performance. <br /> <br /> 19 <br />DOCSSF1:648942,4 <br />9975-5 C 14 <br />120502 <br /> <br /> <br />