RDA Agmt 2000 American Baptist Homes of the West Inc etc

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title prior to close of escrow, and Agency shall promptly provide evidence satisfactory to Developer and to the Title Company of Agency's ability to so remove such exceptions; or (ii) Agency elects not to cause such exceptions to be removed. If Agency gives Developer notice under clause (ii), then Developer shall have ten (10) days to either waive such objections, in which event this Agreement shall continue in full force and effect, or terminate this Agreement by notice delivered to Agency within ten (10) days, failing which Developer shall be deemed to have waived such objections. (d) Within fourteen (14) days after Developer has approved the Preliminary Report pursuant to this Section, or fourteen (14) days after Agency has given satisfactory evidence of its ability to remove objectionable exceptions, and in no event later than ten (10) days prior to close of escrow, escrow agent shall deliver or cause to be delivered to Developer a title commitment (the "Title Commitment") for an ALTA Owner's extended coverage policy of title insurance, (the-"Title Policy"), issued by the Title Company in the amount of the Purchase Price and showing the status of the title of the Property and all exceptions, as such title and exceptions will appear upon close of escrow, including encumbrances, liens, adverse claims, easements, restrictions, rights-of-way, covenants, reservations and all other conditions, if any, affecting the Property which would appear in the Title Policy, and committing the Title Company to issue such a Title Policy to Developer upon satisfaction of expressed conditions. Developer shall have ten (10) days from receipt of the Title Commitment in which to approve such conditions. Article Three: DISPOSITION OF PROPERTY 3.01 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. 3.02 Purchase Price and Agency Loan The Purchase Price for the Property shall be One Million Dollars ($1,000,000). Agency hereby agrees to Loan to Developer One Million Dollars ($1,000,000) for the purchase of the property, which shall bear interest at the rate of three percent (3%) per annum simple interest, through the Term of this Agreement. This Agreement shall terminate sixty (60) years from the date of the opening of escrow as defined in Section 3.04. The entire principal and accrued interest shall be deferred for the Term and shall be due and payable at the end of the Term. If Developer defaults in this Agreement pursuant to the provisions of Section 6.04 of this Agreement, the Loan shall become due and payable. At the opening of escrow, Developer shall execute and deposit into escrow the promissory note and deed of trust in substantially the same form set forth in Exhibits C and D, with such changes as may be reasonably requested by any lender of Developer. 3.03 O~enina Escrow. Upon notification to Agency by Developer of the necessary financing commitments pursuant to Section 1.03(a) of this Agreement, the Parties shall establish an escrow with Placer Title Company, 801 Davis Street, San Leandro, CA 94577. The Parties shall execute and deliver all written instructions to the Escrow Agent to accomplish the terms hereof, so long as such instructions are consistent with this Agreement. 7