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City Dr�ft <br /> 6128/13 <br /> 2.1 Purchase and Sale. The City shall se11 the City Property to the DeveIoper <br /> and the Developer shall purchase the City Property from the City,pursuant <br /> to the temas ar�d conditions of this Agreement. For the purposes of <br /> exchanging funds and documents to complete the sale from the City to the <br /> Developer and the purchase by the Developer from the City of the City <br /> Property,the City and�he Developer agree ta open Escrow with the <br /> Escrow Agent. The pxovisions of ARTICLE 3 af this Agreement are the <br /> joint escrow instructions ofthe Parties to the Escrow Agent far the <br /> conduct of Escrow;pmvided these joint escrow instructions may be <br /> supplemented by mutual agreement of the parties. If requested by the <br /> Escrow Agent, the Develaper and the City shall execute the Escraw <br /> Agent's reasonable standard ot general escrow instructions. Any <br /> provision in the Escrow Agent's standard or general escrow instructions <br /> that purports to exculpate the Escrow Agent from or require the Develaper <br /> or the City to indemnify�he Escrow Agent against the Escrow Agent's <br /> negligence or willful misconduct shall be deemed "unreasonable" and <br /> shall not be included in any standaxd or general escrow instructions <br /> requested by the Escrow Agent. In the event of any conflict between the <br /> provisions of this Agreement and any such standard or general escrow <br /> instructions requested by the Escrow Agent, the pravisions of this <br /> Agreement shall be con�rolling............................................................................ 16 <br /> 2.2 Payment of Purchase Price. The Deve�oper sha11 deposit the Purchase <br /> Price into Escrow, as follows............................................................................... 17 <br /> 2.3 Title Approval. ................................................................................................... 17 <br /> 2.4 Developer Due Diligence Investigations........................................................... 18 <br /> 2.5 Work Product. If City terminates this Agreement due to default of <br /> Developer, without the Developer acquiring�he City Property,the <br /> Developer shall deliver or cause to be delivered to tl�.e City, within twenty <br /> (20) days after the City's written reyuest and at no cost to the City, a11 <br /> Work Product. City understands and acknowledges that Developer shall <br /> deliver the Work Product to the City,pursuant to this Section 2.5, without <br /> representation or warranty of any kind. The Developer shall take such <br /> actions and make such payments as may be necessary to preclude any <br /> claim against the City or the City Praperty for any sums owing regarding <br /> the Work Product. The Develaper shall defend, indemnify and hold the <br /> City harn�less from all Claims associated with any actual or alleged failure <br /> of the Developer to pay any an�ount regarding any Work Product. The <br /> Work Product shall be deemed assigned to the City,without the execution <br /> of any additional documents,upon a termination of this Agreement for any <br /> reason. Hawever,the Developer shaIl,if requested by the City, execute <br /> such other documents as the City reasonably requests, to further document <br /> the assignment of the Work Product to the City..................................................20 <br /> 2.6 City Pre-Closing Document Approval............. 20 <br /> ARTICLE 3 JOINT ESCROW INSTRUCTIONS......................................................................21 <br /> 824$3.00 0 0917 57 1 3 1 2.10 i� <br />