65A - RFQ - 3RD AND BROADWAY DEV

Home Browse Search

garage and building a mixed use residential /retail /office/hotel project, and not for speculation in undeveloped land. 3.2 Deposit. Within five (5) days of the opening of the Escrow as set forth in Section 3.3 of this Agreement, Developer shall deposit Thousand Dollars ($ into an interest bearing escrow account with the Escrow Agent (the "Deposit "). The Deposit shall be fully refundable for 90 days following the Effective Date of this Agreement as set forth in the introductory paragraph herein, during which period Developer shall have the opportunity to detennine the suitability of the Property for Developer's intended use in its sole and absolute discretion (the "Feasibility Period "). In the event that Developer detennines prior to the expiration of the Feasibility Period that it does not desire to proceed with the Project, Developer may terminate this Agreement pursuant to Section 5.6 of this Agreement and the Deposit and all interest accrued shall be refunded to Developer in its entirety. If Developer does not terminate this Agreement prior to the end of the Feasibility Period, except as expressly set forth in Section 5.5, the Deposit shall become non - refundable in the event of termination of this Agreement by Developer as provided in Section 5.6 or based on Developer's default as provided in Section 5.7, the Deposit shall be retained by City as liquidated damages as more specifically described in Section 5.7 of this Agreement. DEVELOPER WILL PAY ALL FEES AND COSTS. 3.3 Escrow. The City agrees to open an escrow account with Title Company, located at , Santa Ana, CA , or any other escrow company approved by the City and the Developer, as escrow agent ( "Escrow Agent ") within the time established in the Schedule of Performance, attached hereto as Attachment No. 4. 3.3.1 This Agreement constitutes the joint escrow instructions of the City and Developer, and a duplicate original of this Agreement shall be delivered to the Escrow Agency upon the opening of escrow. The City and the Developer shall provide such additional escrow instructions as shall be necessary and consistent with this Agreement. The Escrow Agency hereby is empowered to act under this Agreement and, upon indicating its acceptance of the provisions of this Section 3.3 in writing, delivered to the City and to the Developer within five (5) days after the opening of the escrow, shall carry out its duties as Escrow Agency hereunder. 3.3.2 The City shall timely and properly execute, acknowledge and deliver to the Escrow Agent a grant deed (the "Grant Deed "), in the form attached hereto as Attachment No. 6, conveying to the Developer fee title to the City Property, subject to certain conditions as set forth therein, in accordance with the requirements of Section 3.5 of this Agreement. 3.3.3 [Intentionally Left Blank] 3.3.4 The Developer shall pay into escrow to the Escrow Agent the following fees, charges, and costs promptly after the Escrow Agent has notified the Developer of the amount of such fees, charges, and costs, but not later than five (5) business days after opening an escrow: 3.3.4.1 The escrow and recording fees; 55394.0000M29008220.1. 65A-9