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City Draft <br /> 6128113 <br /> 31 Upening of Escrow. The City and the Developer shall cause the Escrow <br /> to be opened within five{5)days following the Effective Date of this <br /> Agreement. The Escrow Agent shall promptly confirm the Escrow <br /> Opening Date in writing to each of the Parties. The Escrow Closing Date <br /> sha11 be on or before the later of(i) December 6, 2013, or{ii)the date <br /> which is fifteen(15) days after the satisfaction of each of the conditions to <br /> Developer's and City's obligation to close escrow set forth in Sections 3.3 <br /> and 3.4, respecdvely,unless the Escrow Closing Date is extended as <br /> provided in this Agreement. This ARTICLE 3 shall constitute the joint <br /> escrow instructions of the City and the Developer to the Escrow Agent for <br /> conductingof the Escrow.....................................................................................21 <br /> 3.2 Escrow Agent Authority. The City and the Developer authorize the <br /> EscrowAgent to:..................................................................................................21 <br /> 3.3 DeveIoper's Conditians to Close of Escrow. Provided that the failure of <br /> any such condition to be satisfied is not due to a Defanit under this <br /> Agreement by the Developer, the Developer's obligation to purc�ase the <br /> City Property from the City on the Escrow Closing Date shall be subject to <br /> the satisfaction or waiver of each af the following conditions precedent, <br /> each of which can only be waived in writing by the Developer:.........................21 <br /> 3.4 City's Conditions to Close of Escrow. Provided that the failure of any <br /> such condition to be satisfied is not due to a Default under this Agreement <br /> by the City,the City's obligation to sell the City Property to the Developer <br /> on or before the Escrow Closing Date sha11 be subject to the satisfaction or <br /> waiver of each of the foFlowing conditians precedent, each of which can <br /> only be waived 'rn writing by the City:.................................................................22 <br /> 3.5 Developer's Escrow Deposits. At least one(1)business day prior to the <br /> Escrow Closing Date,the Developer shall deposit the following described <br /> funds and dacuments into the Escrow, ar de�iver to the City, as applicable: ......24 <br /> 3.6 City's Escrow Deposits. At least one(1)business day prior to the <br /> Escrow Closing Date, the City shall deposit the following described funds <br /> and documents iz�to the Escrow: ..........................................................................25 <br /> 3.7 Closing Procedure. When each of the Developer's Escrow deposits, as <br /> set forth in Section 3.5, ar�d each of the City's Escrow deposits, as set <br /> forth in Section 3.6, are deposited into ttie Escrow, the Escrow Agent sha11 <br /> request confirmation in writing from both the Developer and the City that <br /> each of their respective conditions to the Ctose of Escrow, as set forth in <br /> Section 33 and Section 3.4,respective, are satisfied or waived. Upon the <br /> Escrow Agent's receipt of written canfirmation from both the City and the <br /> Developer that each af theix respec#ive conditions to the Close of Escrow <br /> are either satisfed or waived,the Escrow Agent shall schedule the Escrow <br /> Closing Date by written Notice to both Parties and, thereafter, shall close <br /> the Escrow by doing a11 of the follawing:............................................................25 <br /> 824$3.0000917571312.10 iii <br />