Laserfiche WebLink
company mutually satisfactory to both parties (the "Escrow Agent") within fifteen (15) days <br />after the Date of Agreement. In the event that the Segura Parcels have not been acquired by the <br />Agency on or before September 15, 2010 (if Developer is awarded a reservation of Tax Credits <br />for Phase R-1 in the second Tax Credit round of 2010, and otherwise forty-five (45) days prior to <br />submission date of a Tax Credit application to TCAC for Phase R-1 if Developer does not <br />receive a reservation of Tax Credits in the second round of 2010, as all such dates may be <br />extended by a CEQA challenge), the Developer shall redesign Phase R-1 so as to exclude the <br />Segura Parcels in which event Developer's obligations with respect to Phase R-1 shall be <br />extended by the time necessary for such redesign. If and to the extent the Additional Properties <br />and/or Segura Parcels have been acquired by the Agency within the time frame set forth herein, <br />the acquired Additional Parcels and/or Segura Parcels shall become part of the Site. <br />201.1 Costs of Escrow. The Agency shall pay the premium for the Title Policy <br />as set forth in Section 203 hereof, recording fees, if any, and the documentary transfer taxes, if <br />any, due with respect to each Conveyance ("Agency Title Policy Costs"). The Developer shall <br />pay for any additional costs with respect to title insurance for each Conveyance, including the <br />cost of an ALTA policy, any surveys or inspections necessary for the issuance of an ALTA <br />policy or any endorsements requested by the Developer pursuant to Section 203 not paid by the <br />Agency as part of the Agency Title Policy Costs (`Developer Title Policy Costs"). All other <br />usual fees, charges, and costs which arise from the Escrows shall be split 50150. <br />201.2 Escrow Instructions. This Agreement constitutes the joint escrow <br />instructions of the Agency and Developer, and the Escrow Agent to whom these instructions are <br />delivered is hereby empowered to act under this Agreement. The parties hereto agree to do all <br />acts reasonably necessary to close this Escrow in the shortest possible time. Insurance policies <br />for fire or casualty are not to be transferred, and Agency will cancel its own policies, if any, with <br />respect to each Phase after the Closing associated with such Phase. All funds received in the <br />Escrow for a particular Phase shall be deposited with other escrow funds in a general escrow <br />account(s) and may be transferred to any other such escrow trust account in any State or National <br />Bank authorized to do business and currently doing business in the State of California. All <br />disbursements shall be made by check from such account. <br />If in the opinion of either party it is necessary or convenient in order to <br />accomplish a Closing, such party may require that the parties sign supplemental escrow <br />instructions; provided that if there is any inconsistency between this Agreement and the <br />supplemental escrow instructions, then the provisions of this Agreement shall control. The <br />parties agree to execute such other and further documents as may be reasonably necessary, <br />helpful or appropriate to effectuate the provisions of this Agreement. Each Closing shall take <br />place when both the Agency's Conditions Precedent and the Developer's Conditions Precedent <br />as set forth in Section 204 have been satisfied with respect to the applicable Phase. Escrow <br />Agent is instructed to release the Agency's and Developer's escrow closing statements to the <br />respective parties. <br />201.3 Authority of Escrow Agent. With respect to the Closing for each Phase, <br />the Escrow Agent is authorized to, and shall: <br />DOCSOC11400673v 141200272-0001 <br />I3