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10/1/08 <br />201. Purchase and Sale of Sites. Subject to all of the terms and conditions of <br />this Agreement, Agency shall sell the Sites to Developer, and Developer shall purchase <br />the Sites from Agency, for the appraised value of the land which is: <br />1006 N. Logan = $182,000.00 <br />1012 N. Logan = $168,000.00 <br />1016 N. Logan = $185,000.00 <br />The total purchase price of the three Properties together is Five Hundred Thirty Five <br />Thousand Dollars ($535,000.00) (the "Purchase Price"). Payment of the Purchase Price <br />represents the fair reuse value of the Sites, at the use and with the covenants and <br />conditions and development costs authorized by this Agreement. <br />202. Escrow. Within fifteen (15) days after approval of this Disposition and <br />Development Agreement by the Board of the Redevelopment Agency, the parties shall <br />open escrow ("Escrow") with First American Title Insurance Company (the "Escrow <br />Agent"). <br />202.1 Costs of Escrow. Agency shall pay the premium for the Title <br />Policy as set forth in Section 204 hereof, the Agency shall pay for the documentary <br />transfer taxes, if any, due with respect to the conveyance of the Sites, and Agency agrees <br />to pay all other usual fees, charges, and costs which arise from Escrow. <br />202.2 Escrow Instructions. This Agreement constitutes the joint escrow <br />instructions of Developer and Agency, and the Escrow Agent to whom these instructions <br />are delivered is hereby empowered to act under this Agreement. The parties hereto agree <br />to do all acts reasonably necessary to close this Escrow in the shortest possible time. <br />Insurance policies for fire or casualty are not to be transferred, and Agency will cancel its <br />own policies after the Closing. All funds received in the Escrow shall be deposited with <br />other escrow funds in a general escrow account(s) and maybe transferred to any other <br />such escrow trust account in any State or National Bank doing business in the State of <br />California. All disbursements shall be made by check from such account. However, if <br />Escrow does not close within two (2) business days from deposit of the Purchase Price, <br />the funds shall be deposited into an interest bearing account with such interest accruing to <br />the benefit of the Developer. <br />The parties agree to execute such other and further document as may be <br />reasonably necessary, helpful or appropriate to effectuate the provisions of this <br />Agreement. The Closing shall take place when both the Agency's Conditions Precedent <br />and the Developer's Conditions Precedent as set forth in Section 205 have been satisfied. <br />Escrow Agent is instructed to release Agency's escrow closing and Developer's escrow <br />closing statements to the respective parties. <br />shall: <br />202.3 Authority of Escrow Agent. Escrow Agent is authorized to, and <br />7 <br />