Reso 1998-009 - Laserfiche WebLink

Home

3.07 Costs of Escrow and Closing. Developer shall pay all title insurance premiums, and one-half ('/z) of the conveyance and transfer taxes, recording fees, and escrow fees. Agency shall pay one- half ('/z) of the conveyance and transfer taxes, recording fees, and escrow fee. 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. 3.09 Purpose of Deposit. The Parties understand and agree that the failure of the Developer to commence construction of the Improvements within the times provided for in this Part will result in losses or damages to the Agency by reason of lost property tax increment revenue, lost sales tax revenue and the failure to obtain the redevelopment of the Property and that the losses and damages from such failure would be extremely difficult to calculate or estimate; it is for that reason that the Parties have agreed to the provisions of this Article Three of Part On as indi ted by their initials below. AGENCY: C DEVELOPER\k L—J, .,.. 3.10' --Draw of Deposit. The Agency shall have the right to draw the Deposit if the Developer breaches the Agreement as set forth in Section 6.04 of this Part prior to close of escrow. 3.11 Release of Deposit. A. The Deposit shall be applied to the Purchase Price upon close of escrow if all conditions precedent are satisfied or waived. B. The Deposit shall be immediately returned to Developer in the event this Agreement is terminated because any of the conditions precedent set forth in Article Two of this Part One are not satisfied or waived within the time frame set forth therein. Disposition and Development Page 9 of 30 Agreement - Vanuatu Properties Draft December 4, 1997