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City Draft <br /> 6/28113 <br /> 3.8 Close of Escrow. The Close of Escrow shall occur on or before the Escrow <br /> Closing Date. The Parties may mutually agree to change the Escrow Closing Date by joint <br /> written instruction to the Escrow Agent. <br /> 3.9 Escrow Closing Costs, Taxes and Title Policy Premium. The City and the <br /> Developer shall each pay one-half(1/2) of the Escrow fees and such other costs as the Escrow <br /> Agent may charge �or the conduct of the Escrow. The City shall pay the premium charged i�y <br /> the Title Company for a CLTA standard form Title Policy, exclusive of any endorsements ax <br /> other supplements to the coverage of the Title Policy that may be requested by tl;e Developer, <br /> and any dacumentary transfer tax relating to the conveyance of the City Property from the City <br /> to the Deveioper through the Escrow that is due at the Close af Escrow. The Developer shall pay <br /> any and a11 recording fees, any and all other charges, fees and t�es levied by a Govenunent <br /> Agency arising or relating to the conveyance af the City Property through the Escrow and the <br /> cost of any endorsements or supplements to the coverage of the Title Policy requested by the <br /> Developer. The Escrow Agent shall Notify both the Developer and the City of tl�e costs to be <br /> borne by each of them at the Close of Escrow by delivering the Escrow Agent's estimated <br /> closing/settle�nent staternent to both the City and the Developer, at least four (4) business days <br /> prior to the Escrow Closing Date. <br /> 310 Escrow Cancellation. If tbe Escrow is canceZled and this Agreement is <br /> terminated pursuant to a contractual r�ght granted to a Party in this Agreement to cancel the <br /> Escrow and terminate this Agreement, other �han due to an Event of Default attributabte to the <br /> other Party,the Parties sha11 pay any associated costs and do each of the following: <br /> 3.10.1 Cancellation Instr�ctions. The Parties sha11, wit�in three (3} business <br /> days following receipt of the Escrow Agent's written reques�, execute any reasonable Escrow <br /> cancellation instructions rec�uested by the Escrow Agent; and <br /> 3.10.2 Return of Runds and Documents. Within seven (7) days following <br /> receipt by the Parties of a settlement statement from the Escrow Agent o�cancelIation charges <br /> regarding cancellation of the Escrow and the Title Policy order, if any: {i) the Developer or the <br /> Escrow Agent, respectxvely, shall return to the City any documents previously delivered by the <br /> City to the Developer or the Escrow Agent regarding the Escrow, {ii} the City or the Escrow <br /> Agent, respectively, shall return to the Developer all dacuments previously delivered by the <br /> Developer to the City or the Escrow Agent regarding the Escrow; (iii) the Escrow Agent shall <br /> ret�rn to the Developer any funds deposited into the Escrow by the Develaper, except as <br /> otherwise provided in Section 7.4.3, less the Developer's share of any customary anc�reasonable <br /> cancellation charges of the Escrow and Tit1e Policy order, if any; and (iv) the Escrow Holder <br /> sha11 return to the City any funds deposited into the Escrow by the City, less the City's share of <br /> any customary and reasonable cancellation charges of the Escrow and Title Policy order,if any. <br /> 3.11 Escrow Notiees. Al�notices and communications from the Escrow Agent to the <br /> Parties sha11 be given in the manner provided in Section 8.5 of this Agreement. <br /> azax3.0000s��s�i3�z.io z� <br />