Agmt 2000 City of Oakland Port Commissioners (2)

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TDC:aaa 11r21/00 required to make a deposit in an Escrow Account or otherwise to make any payment to the City for noise insulation of a residential unit or Additional Residential Unit under this Agreement if the Easement that is delivered to the Port for the residential unit or Additional Residential Unit satisfies the requirements of the immediately preceding clause (i) and Section 2(c)(1)(B). b) Library Easement: Within thirty (30) days after the Port under Section 4(e) makes its initial deposit of money into the Escrow.Account for insulation of the library (if any insulation is required in accordance with Section 4), the City shall deposit into the same Escrow Account an executed and recordable Grant of Easement and Release ( "Easement") in favor of the Port covering the library property. The Easement shall be in the form attached hereto as Exhibit 3. The Easement shall name the property owner as Grantor, and the Grantor shall attach to the Easement as °A" the legal description of the property. If the City fails within said thirty (30) day period to deposit into the Escrow Account • an Easement that complies with all of the forgoing requirements, the Port may then withdraw all funds from the Escrow Account and shall not be required to redeposit said funds or any other funds in the Escrow Account. The Easement deposited in the escrow shall be recorded within 10 days after the City deposits it in the Escrow Account and in any event prior to any withdrawal from the Escrow Account by the City; provided, that if the Port is ,unable to secure a reasonably acceptable policy of title insurance from a qualified title insurance company that its interest under the Easement is a valid interest conveyed by the property owner and is not subordinate to any instrument or document securing any financial indebtedness which creates a lien or encumbrance on all or any portion of the property, then the Port shall so notify the City in writing and the Easement shall not be recorded and the City shall not be entitled to withdraw any money from the Escrow Account unless and until such policy of title insurance can be secured by the Port City of San Leandro and Port of Oakland Settlement Agreement Page 22