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<br />I : <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />"CONVEYANCE OF TITLE TO THE SALES PARCEL <br /> <br />,,'Opening of Escrow. Agency shall <br />open escrow for conveyance of <br />the Sales Parcel. <br /> <br />Deposit of Deeø in Escrow. <br />Agency shall deposit the deed <br />to the Sales Parcel in escrow. <br /> <br />Conveyance of Title. Agency <br />shall convey title to Partici- <br />pant and Participant shall <br />accept conveyance of the Sales <br />Parcel. Participant must <br />have obtained building permits <br />and financing documentation <br />available for concurrent <br />recordation with Ágency deed <br />to Sales Parcel. <br /> <br />Commencement of New Construction. <br />Participant shall commence <br />construction of the improvements. <br /> <br />Completion of New Construction. <br />Participant shall complete <br />construction of the Phase I <br />improvements. <br /> <br />Within 5 days after <br />Agency has completed <br />clearance of the Sales <br />Parcel, in accord with <br />Section ILL. <br /> <br />Not later than 5 days <br />prior to the date for <br />conveyance of the Sales <br />Parcel. <br /> <br />On or before May 1, <br />1981, or within 30 days <br />after opening of escrow <br />whichever is later. <br /> <br />Within 60 days after <br />conveyance of the title <br />to the Sales Parcel. <br /> <br />Within 540 days after <br />commencement of con- <br />struction. " <br /> <br />3. <br /> <br />The first sentence of Section II.B. of the <br /> <br />Participation Agreement is hereby amended to read as <br /> <br />follows: <br /> <br />"Agency agrees to open escrow for the Sales Parcel <br /> <br />with an escrow agent ('Escrow Agent'), which shall be Safe co <br /> <br />Title Insurance Co., 825 North Broadway, Santa Ana, <br /> <br />California, within the time provided therefor in Attachment <br /> <br />NO.5, entitled 'Schedule of Performance.'" <br /> <br />4. <br /> <br />Section V.A. of the Participation Agreement <br /> <br />- is hereby amended by adding a paragraph thereto, which <br /> <br />paragraph reads as follows: <br /> <br />,. <br />"Notwithstanding arw other provision of this <br /> <br /> <br />Section, in the event that title to the Sales Parcel is not <br /> <br />conveyed to Participant on or before the date set for such <br /> <br />conveyance in Attachment No.5, entitled 'Schedule of <br /> <br />Performance' due to failure or delay by Participant in the <br /> <br />performance of any term or provision of this Agreement, then <br /> <br />16/ <br /> <br />3. <br /> <br />4A <br />