1980-116 CRA - Laserfiche WebLink

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. . . . 1 ( "CONVEYANCE OF TITLE TO THE SALES PARCEL "Opening of Escrow. Agency sh~ll open escrow for conveyance of the Sales Parcel. Deposit of Deed in Escrow. Agency shall deposit the deed to the "Sales Parcel in ~scrow. Conveyance of Title. Agency shall convey title to Partici- pant and Participant shall accept conveyance of the Sales Parcel. Participant must have obtained building permits and financing documentation available for concurrent recordation with Agency deed to Sales Parcel. Commencement of New Construction. part.icipant shall commence construction of the improvements. Completion of New Construction. Participant shall complete construction of the improve- ments. Within 5 days after Agency has completed clearance of the Sales Parcel, in accord with Section II.L. Not later than 5 days prior to the date for conveyance of the Sales Parcel. On or before April 1, (.;) 1981, or within 30 days after opening of escrow, whichever is later. ..1-.r) . . Within 30 days after conveyance of the title to the Sales Parcel. plIO Within 360 days after commencement of con- struction." 3. The first sentence of Section II.B. of the Participation Agreement is hereby amended to read as follows: "Agency agrees to open escrow for the Sales Parcel with an escrow agent ('Escrqw Agent'), which shall be Safe co Title Insurance Co., 825 North Broadway, Santa Ana, California, within the time provided therefor in Attachment No.5, entitled 'Schedule of Performance.'" 4. Section V.A. of the Participation Agreement ~s hereby amended by adding a paragraph thereto, which paragraph reads as follows: "~otwithstanding an~ other provision of this I Section, in the event that title to the Sales Parcel is not conveyed to Participant on or before the date set for such conveyance in Attachment No.5, entitled 'Schedule of Performance,' due to failure or delay by Participant in the performance of any term or provision of this Agreement, then 1~4 3. 4"