Agmt01 Western Innisfree Ventures LLC

Browse Search

Developer shall also execute and deliver such other documents and instruments that are required herein, or that may be reasonably required by Escrow Agent, in order to consummate the transactions contemplated herein. §404 Ae. ear zI t The Agency and the City shall in accordance with this Agreement timely and properly execute, acknowledge and deliver Grant Deeds in substantially the form established in Section 310 of this Agreement conveying to Developer title to the Agency, City-Transfer and Acquisition Parcels in the condition required by Section 311 of this Agreement, together with their instructions to the Escrow Agent that the Grant Deeds may be recorded upon the Agency's confirmation that the Developer has completed all acts necessary to entitle the Developer to such conveyance, if such be the fact. Agency and the City shall also execute and deliver such other documents and instruments that are required herein, or that may be reasonably required by Escrow Agent, in order to consummate the transactions contemplated herein. §405 With respect to the Agency Parcel, the City-Transfer Parcel and each Acquisition Parcel, the Escrow Agent is authorized to: A. Pay, and charge Developer for, any fees, charges and costs payable under this Section 405. Before such payments or charges are made, the Escrow Agent shall notify Developer of the fees, charges and costs necessary to clear title and close the Escrow. B. Disburse funds and deliver the applicable Grant Deed or Grant Deeds and other documents to the parties entitled thereto when the conditions of this Escrow have been fulfilled by the Agency and Developer. C. Record any instruments delivered through this Escrow, if necessary or proper, to vest title in Developer in accordance with the terms and provisions of this Agreement. All funds received in this Escrow shall be deposited by the Escrow Agent in an interest- bearing escrow account or accounts with a federally insured institution as directed by Developer. Any interest earned on such funds shall be the property of Developer. Such funds may be transferred to any other such general escrow account or accounts. All disbursements shall be made by check of the Escrow Agent. All adjustments are to be made on the basis cfa thirty (30) day month. If this Escrow is not in condition to close on or before the time of conveyance established in the Schedule of Performance, either party who then shall have fully performed the acts to be performed before the conveyance of title, or, either Agency or Developer if neither have fully performed all such acts, may, in writing, terminate this Agreement in the manner set forth in Section 807 (B), 808(B), or 809(B), as applicable, and demand from the Escrow Agent the return of its monies, papers or documents theretofore deposited in Escrow. No demand for return shall be recognized until thirty (30) days after the Escrow Agent shall have caused copies of such demand to be delivered to the other party pursuant to Section 1002 of this Agreement. Objections, if any, to the return of monies, papers or documents theretofore deposited in Escrow, shall be raised by written notice to the Escrow Agent and to the non-temfinating party not later than the thirtieth (30th) day following receipt of such notice, in which event the Escrow Agent shall hold all money, papers and documents with respect to the Agency and Acquisition Parcels until instructed by mutual agreement of the parties or by a court of competent jurisdiction. Pursuant to receipt of such instruction from the parties or the court, or, if no timely objections have been submitted, the Escrow Agent shall terminate Escrow as soon as possible, whereupon DOCSSF 1:495065.9 9975-5 NWN