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"Veteran" means a person who is serving or has served, in the armed forces of the <br />United States, regardless of nature of service (peacetime/wartime) who was not discharged <br />dishonorably. <br />200. CONVEYANCE OF THE SITES <br />201. Purchase and Sale of Sites. The Agency currently holds fee title to all of the <br />Sites. Subject to all of the terms and conditions of this Agreement, Agency shall sell the Sites to <br />Developer, and Developer shall purchase the Sites from Agency, for the all-inclusive cash <br />purchase price of One Dollar ($1.00) (the "Purchase Price"). Payment of the Purchase Price <br />represents the agreed upon reuse value of the Sites, at the use and with the covenants and <br />conditions and development costs authorized by this Agreement. <br />201.1 Developer Responsibilities/Obligations: <br />Developer shall be responsible for all necessary planning and zoning <br />changes; preparation of plans; landscaping, including on-site and off-site improvements; <br />construction of all Improvements; and maintaining construction defect insurance policy(ies) for a <br />period of ten (10) years after conveyance of each Site to each qualified affordable household; <br />and marketing, pre-qualification and sale of each Site to a qualified affordable household. <br />201.2 Timing. The Conveyance of the Sites shall comply with all of the <br />provisions of this Article including, without limitation, the Escrow provisions set forth in Section <br />202 hereof, the title provisions set forth in Sections 203 and 204 hereof, and the Conditions <br />Precedent set forth in Section 205 hereof. <br />202. Escrow. <br />(a) The Agency agrees to open escrow for the sale of the Sites to the Developer with <br />First American Title Insurance Company, or such other escrow company mutually agreed upon <br />by the parties (the "Escrow Agent") within thirty (30) days of the effective date of this <br />Agreement. This Agreement and Escrow Agent's Standard Form Escrow Instructions constitute <br />the joint escrow instructions of the Agency and the Developer and a duplicate original of this <br />Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. <br />(b) The Agency's Executive Director and the Developer shall provide such additional <br />escrow instructions as shall be necessary and consistent with this Agreement. The Escrow Agent <br />hereby is empowered to act under this Agreement, and upon indicating its acceptance of this <br />Section in writing, delivered to the Agency and within five (5) days after delivery of this <br />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 each of the Sites, <br />and upon close of escrow, the Escrow Agent shall record such deeds in accordance with these <br />escrow instructions, provided that the title to the Sites can be vested in the Developer in <br />accordance with the terms and provisions of this Agreement. The Escrow Agent shall buy, affix, <br />and cancel any transfer stamps required by law and pay any transfer tax required by law. Any <br />600457905v2 ~/ ®7~ <br />