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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 provisions of Section 3.06. In escrow, Developer shall receive credit for $10,000 deposit received by Agency in December 2004 in accordance with the LOI. 2.04 Close of Escrow. The above-mentioned escrow shall close no later than thirty (30) days following opening of escrow, provided that as of the Closing Date, there shall have been no material adverse change in the physical or title conditions of the Property from the conditions theretofore approved by Developer. The Executive Director may extend the date for closing of escrow at his or her discretion for a period that may not exceed thirty (30) days. 2.05 Condition of Title. Upon close of escrow the Agency shall convey the Property to Developer free and clear of all liens, subject to the following: (i) the conditions and effect of the Redevelopment Plan, as such plan then exists or is thereafter from time to time amended; (ii) applicable building and zoning laws and regulations; (iii) the provisions of this Agreement; (iv) any lien for taxes accrued subsequent to recordation of the Deed; (v) assessments, conditions, covenants, restrictions or easements of record, 2.06 Costs of Escrow and Closing. Closing costs, including title insurance premiums, conveyance and transfer taxes, recording and escrow fees, shall be shared equally by both parties, with 50% of the closing costs attributed to Developer and 50% of the closing costs attributed to Agency. Article Three: CONSTRUCTION OF IMPROVEMENTS AND OTHER REQUIREMENTS 3.01 Construction Plans. No later than ninety (90) days following close of Escrow, Developer shall submit to the Agency its Construction Plans for the Improvements. As used herein "Construction Plans" mean all construction documentation upon which the Developer, and Developer's several contractors, shall rely in building the Improvements (including landscaping, parking, and common and public areas) and shall include, but not necessarily be limited to, final architectural drawings, landscaping plans and specifications, final elevations, building plans and specifications (also known as "working drawings") and a time schedule for construction.