RDA Agmt 2004 1040 Davis Partnership LLC

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business in California. The Agency shall cooperate with Developer in providing information to prospective lenders and equity investors. (c) Upon receipt by the Agency of the proposed Financing Plan, the Agency shall promptly review same and shall approve it within fifteen (15) days after submission if it conforms to the provisions of this Part. The Agency shall act through its Executive Director unless the Executive Director, in his or her discretion, refers the matter of approval to the Agency Board. The Agency's review of the Financing Plan shall be limited to determining if the contemplated financing will reasonably be available and will provide sufficient funds for the purposes required to be indicated in the plan. If it is not thereafter approved by the Agency, the Agency shall set forth in writing and notify Developer of the reasons therefore. Developer shall thereafter resubmit a revised Financing Plan to the Agency for its approval within thirty (30) days of the Agency's notification of disapproval. The Agency will either approve or disapprove said revised plan within fifteen (15) days of resubmittal by Developer. (d) Any material change, modification, revision or alteration of the approved Financing Plan must be first submitted to and approved by the Agency for conformity to the provisions of this Agreement. If not so approved, the approved plan shall continue to control. The Agency's review of such material change, modification, revision or alteration of the approved Financing Plan shall be limited to determining if the contemplated financing will reasonably be available and will provide sufficient funds for the purposes required to be included in the plan. For the purpose of this Section 1.04, a material change shall include, but is not limited to, a change in lender or equity provider, or a substantial increase or decrease in the amount of a loan or equity contribution. Article Two: DISPOSITION OF PROPERTY 2.01 Sale and Purchase. The Agency shall sell to Developer, and the Developer shall purchase from the Agency, the Property pursuant to the terms, covenants, and conditions of this Agreement. 2.02 Purchase Price. The Purchase Price for the Property, which the Developer shall acquire from the Agency, shall be One Hundred Eighty-One Thousand Five Hundred Dollars ($181,500.00). 2.03 Escrow. To accomplish the purchase and transfer, the Parties shall utilize First American Title Insurance Company, 6665 Owens Drive, Pleasanton CA, 94588 (the "Escrow Agent"). The Parties shall execute and deliver all written instructions to that Escrow Agent to accomplish the terms hereof, so long as such instructions are consistent with this Part. Escrow must be opened no later than 30 days following approval of this agreement. Developer shall deposit the Purchase Price with the Escrow Agent prior to the date of conveyance of Property, provided that the Escrow Agent shall have notified the Developer in writing that the Grant Deed, attached hereto as Exhibit C, is properly executed and acknowledged by the Agency, has been delivered to the Escrow Agent and the title is in the condition to be conveyed in conformity with the Disposition and Development Page 3 Agreement - 1040 Davis Street May 14, 2004 FINAL