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Section 202. Escrow <br />A. The Agency agrees to open an escrow for the sale of the Property to the Developer with <br />First American Title Insurance Company or some other escrow company mutually agreed <br />upon by the parties (the "Escrow Agent"), within the times set forth in the Schedule of <br />Performance attached hereto as Attachment No. 3 and incorporated herein, as may be <br />amended by mutual agreement of the Developer and the Agency's Executive Director. This <br />Agreement and Escrow Agent's Standard Form Escrow Instructions constitute the joint <br />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 escrow <br />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 the Deed. as defined in Section 406 of <br />this Agreement, and upon close of escrow, the Escrow Agent shall record the said Deed in <br />accordance with these escrow instructions, provided that the title to such Property can be <br />vested in the Developer in accordance with the terms and provisions of this Agreement. The <br />Escrow Agent shall buy, affix, and cancel any transfer stamps required by law and pay any <br />transfer tax required by law. Any insurance policies relating to such property shall not be <br />transferred to Developer by Agency. <br />D. The Agency and the Developer shall deliver to the Escrow Agent all documents necessary <br />for the conveyance of title to the Property in conformity with, within the times, and in the <br />manner provided in this Agreement. <br />E. The Developer shall pay in escrow to the Escrow Agent the following fees, charges and <br />costs promptly after the Escrow Agent has notified the Developer of the amount of such <br />fees, charges and costs but not earlier than ten (10) days prior to the scheduled date for close <br />of escrow: <br />The escrow fee; <br />2. The premium for any title insurance policy as set forth in Section 206 of this <br />Agreement; <br />4. Cost of drawing the deeds; <br />5. Recording fees; <br />6. Notary fees. <br />3 <br />3-9 <br />