Laserfiche WebLink
2. COMP13NSATION AND MIITHOD OF PAYMENT <br />A, Nexus shall, within sixty (60) days of execution of tins Agreement, open an escrow <br />account at First American Title Insurance Company, 2 First American Way, Santa Ana, California, <br />or an equivalent escrow company approved in advance by Geneva Commons and Sandpointe, for <br />deposit of !finds to be used to pay for the Nexus Improvements (referred to heroin as the "Nexus <br />Escrow'). <br />B. Sandpointe shall deposit $1,000.00 into the Nexus Escrow on the Escrow <br />Submission Date no later than the date the of the first payment made pursuant to paragraph 2.D. of <br />this Agreement. <br />C. Prior to the deadline specified in paragraph 2,D, of this Agreement, Nexus and <br />Geneva Commons shall meet and confer in good faith to agree upon the estimated cost of the <br />Nexus Improvements, If, at any time, either Geneva Commons or Nexus determines that such <br />agreement is not possible, then the objecting party shall submit its dispute in writing, together with <br />any evidence upon whichit relies to the Executive Director of the City's Public Works Agency and <br />tho otter party . Within fifteen (15) days of its receipt of said notice, the non - objecting party shall <br />then have fifteen (15) days to submit any response it has to the City and the objecting party. The <br />Executive Director of the City's Public Works Agency or designee shall then, within thirty (30) <br />days of receipt of the response, if any, or the expiration of said deadline, inform both Geneva <br />Commons and Nexus in writing of the final determination of the estimated total cost, which all <br />parties agree shall be conclusive and binding upon both Nexus and Geneva Commons. Thereafter, <br />Nexus and Geneva Commons shall deposit their respective shares of the estimated cost of the <br />Nexus Improvements as set forth in paragraph I.B. of this Agreement, less $1,000,00, into the <br />Nexus Rwrow no later than the date specified in paragraph 2.1). of this Agreement. <br />D. Nexus shall pay into the Nexus Escrow no later than (i) the date the first building <br />permit is issued by the City for the Nexus Project, or (ii) a date ninety (90) days after the issuance <br />of entitlements to Nexus, provided no litigation or referendum petition challenging Nexus has been <br />filed and served on the City, whichever comes later. Geneva Commons shall pay into the Nexus <br />Escrow no later than (i) the date the first building permit is issued by the City for the Geneva <br />Commons Project, or (ii) a date ninety (90) days after the issuance of entitlements to Geneva <br />Commons, provided no litigation or referendum petition challenging Geneva Commons has been <br />filed and served on the City, whichever comes later. <br />BXBIBIT D <br />Ordinance No. NS -2680 <br />Page 32 of 51 <br />75A -93 <br />