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not constitute the issuance of building permits and that Purchaser <br />must obtain all required building permits for work to be done to <br />the house. <br />3. Security for Exterior Work. City and Joint Tenants <br />will open an escrow with Bay Bank of Commerce in San Leandro, CA, <br />into which Joint Tenants will deposit the sum of Nineteen Thousand <br />Nine Hundred Seventy-six Dollars ($19,976). Said $19,976 may be <br />used by Joint Tenants for payment of the following items of <br />exterior work, as shown on Exhibit B: concrete work (Item #3), <br />concrete porches and steps (Item #4), fences (Item #5), <br />landscaping (Item #6), garage (Item #7), siding repair (Item #10), <br />and exterior painting (Item #12). Funds equal to the line item <br />amount shown on the bid, attached as Exhibit B, for item numbers <br />3, 4, 5, 6, 7, 10 and 12, may be withdrawn by the Joint Tenants <br />from the escrow account upon the full or partial completion of the <br />item and acceptance by the City, which acceptance will be in <br />writing and filed with Bay Bank of Commerce. <br />In the event all or some of said items of work have not <br />been completed within 12 months of the date of close of escrow on <br />the sale of said property, City has the right to withdraw such <br />funds in order to perform said items of work itself or by its <br />contractors and Joint Tenants hereby give City and its agents the <br />right to go on the subject property for the purpose of performing <br />such work. Said $19,976 shall be deposited in an interest -bearing <br />account and all interest thereon shall be paid to Joint Tenants. <br />Costs of this separate escrow will be borne by City. <br />5-27-87 -3- <br />