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City Draft <br /> 6/28/13 <br /> 3.8 Close of Escrow. The Close of Escrow sha11 occur on or before the <br /> Escrow Closing Date. 'I`he Parties may mutually agree to change the <br /> Escrow Closing Date by joint written instruction to the Escrow Agent.............. 27 <br /> 3.9 Escrow Closing Costs,Taxes�nd Title Policy Preinium. The City and <br /> the Developer shall each pay one-half(112}of the Escrow fees and such <br /> other costs as the Escrow Agent may charge for the conduct of the <br /> Escrow. The Crty shall pay the premiuxn charged by tha Title Company <br /> for a CLTA standard form Title Policy, exclusive of any endorsements or <br /> other supplements to the coverage af the Title PoIicy tbat may be <br /> requested by the Developer, and any documentary transfex tax rela#ing to <br /> the conveyance of the City Property from the City to the Developer <br /> through the Escrow that is due at the Close of Escrow. The Developer <br /> shall pay any and all recording fees, any and a11 other charges, fees and <br /> taaces levied by a Governrnent Agency arising or relating to the <br /> conveyance of the City Property through the Escrow and the cost of any <br /> endorsemen�ts or supplernents to the coverage of the Title Policy requested <br /> by the Developer. The Escrow Agent shall Notify both the Developer and <br /> the City of the costs to be borne by each of them at the Close of Escrow by <br /> delivering the Escrow Agent's estimated closing/settlement statement to <br /> both the City and the Developer, at least four(4) business days prior to the <br /> EscrowClosing Date............................................................................................27 <br /> 3.10 Escrow Cancellation. If the Escrow is cancelled and this Agreernent is <br /> termi�a.ted pursuant to a contractual right granted to a 1'arty in this <br /> Agreemen�ta cancel the Escrow and terminate this Agreement, other than <br /> due to an Event of Default attributable to the other Party, the Parties shall <br /> pay any associated costs and do each of the foIlowing:......................................27 <br /> 3.11 Escrow Notices. All notices and communications from the Escrow Agent <br /> to the Parties shall be given in the manner provided in Section 8.5 of this <br /> Agreement............................................................................................................27 <br /> ARTICLE 4 PROJECT DEVELOPMENT................................................................................. 28 <br /> 4.1 Precise Plan. The Site is located within an area covered by the recentZy- <br /> adopted Precise Plar�and is subject to the terms and conditions of�he <br /> Parking Covenant and Agreement(Exhibit I). The Site shall be <br /> developed by the Developer with a mixed-use retaiUcomrnercial project as <br /> set forth in the Scope of Development(E�ibit H). .........................................28 <br /> 82483.D060917571312.10 iv <br />