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80A - JOINT PH - RESO AND DDA WITH HABITAT FOR HUMANITY
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03/21/2011
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80A - JOINT PH - RESO AND DDA WITH HABITAT FOR HUMANITY
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1/3/2012 3:49:52 PM
Creation date
3/16/2011 5:57:51 PM
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City Clerk
Doc Type
Agenda Packet
Item #
80A
Date
3/21/2011
Destruction Year
2016
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Agency and the Developer and a duplicate original of this Agreement shall be delivered to the <br />Escrow Agent upon the opening of each escrow. <br />(b) The Agency's Executive Director and the Developer shall provide <br />such additional escrow instructions as shall be necessary and consistent with this Agreement. <br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its <br />acceptance of this Section in writing, delivered to the Agency and within five (5) days after <br />delivery of Agreement, shall carry out its duties as Escrow Agent hereunder. <br />(c) After delivery to the Escrow Agent by the Agency of a deed for <br />each of the Sites in a Phase, and upon close of escrow of that Phase, the Escrow Agent shall <br />record such deeds in accordance with these escrow instructions, provided that the title to the <br />Sites can be vested in the Developer in accordance with the terms and provisions of this <br />Agreement. The Escrow Agent shall buy, affix, and cancel any transfer stamps required by law <br />and pay any transfer tax required by law. Any insurance policies relating to such property shall <br />not be transferred to Developer by Agency. <br />(d) The Agency and the Developer shall deliver to the Escrow Agent <br />all documents necessary for the conveyance of title to the Sites in each Phase in conformity with, <br />within the times, and in the manner provided in Agreement. <br />202.2 Costs of Conveyance. With regard to the conveyance of title to the Sites <br />in each Phase to Developer: <br />(1) The Developer shall pay the following fees, charges and costs: <br />(a) Developer's share of the premium for any title insurance <br />policies as set forth in Section 205 of this Agreement; <br />(b) One-half (1/2) of escrow fees and recording fees; <br />(c) One-half (1/2) of notary fees. <br />(2) The Agency shall pay all other fees, charges and costs, including <br />without limitation: <br />(a) Costs necessary to place title in the condition required by <br />the provisions of this Agreement ; <br />(b) Ad valorem taxes, if any, upon the property conveyed for <br />any time prior to conveyance of title; <br />(c) Any federal, state, county or city documentary stamps and <br />transfer taxes; <br />(d) The Agency's share of the premium for the Title Policy as <br />set forth in Section 205 of this Agreement; <br />9 EXHIBIT 4 <br />8OA-24
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