RDA Agmt 2000 Brooks_Michael etc

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3.05 Close of Escrow. The above - mentioned escrow shall close on or before April 1, 2000, provided that as of the Closing Date, there shall have been no material adverse change in the physical or tide conditions of the Property from the conditions theretofore approved by Developer. In the event that Developer is prepared to close this transaction pursuant to the terms of this Agreement and if Agency has not fully performed its obligations hereunder and deposited all documents, including the Grant Deed, with Escrow Agent necessary for Closing to timely occur, then Developer, in addition to all other rights and remedies it may have, may, from time to time, notify Agency that Developer extends the Closing Date to such date or dates as Developer may elect to provide Agency with the additional time necessary for Agency to fully perform its obligations hereunder, and Developer may defer deposit of the balance of the Purchase Price pending Agency's performance. Agency's failure to fully perform by such extended Closing Date(s) shall constitute a default by Agency under this Agreement 3.06 Condition of Title. Upon close of escrow the Agency shall convey the Property to Developer, 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 as otherwise approved by Developer in writing. 3.07 Costs of Escrow and Closing. Developer shall pay all tide insurance premiums, and one -half (Y:) of the conveyance and transfer taxes, recording fees, and escrow fees. Developer acknowledges that the Agency is not responsible for any broker fees from the sale of the property and hereby agrees to indemnify the Agency against any claim for brokers fees. 3.08 Payment of Deposit. No later than seven (7) business days following the execution of this Agreement, Developer shall deposit earnest money in the sum of Five Thousand Dollars ($5,000.00) (the 'Deposit') in an interest bearing account with Placer Title Company, 801 Davis Street San Leandro, CA 94577. Disposition and Development Page 4 of 23 y Agreement 10