Common use of Escrow and Completion of Sale Clause in Contracts

Escrow and Completion of Sale. Within five (5) days after City has exercised the Option, or as soon thereafter as reasonably practicable, an escrow shall be opened with an escrow company mutually acceptable to City and Owner for the conveyance of the Property to the City. The City shall deposit the Option Price in escrow not later than one (1) business day prior to the anticipated close of escrow date. The City’s obligation to close escrow shall be subject to the City’s approval of a then-current preliminary title report and, at City’s option, environmental and other site testing. Any exceptions shown on such preliminary title report created on or after the Owner’s acquisition of the Property shall be removed by Owner at its sole expense prior to the close of escrow pursuant to this Section 4 unless such exception(s) is(are) accepted by City in its reasonable discretion; provided, however, that City shall accept the following exceptions to title: (i) current taxes not yet delinquent, (ii) matters affecting title existing on the date of Owner’s acquisition of the Property, (iii) liens and encumbrances in favor of the Agency or the City, and (iv) matters shown as printed exceptions in the standard form CLTA owner’s policy of title insurance. In the event the Property or any portion thereof is encumbered by a mortgage or deed of trust, the City shall be permitted to unilaterally instruct the escrow agent to satisfy the indebtedness secured thereby out of the proceeds payable to the Owner through the foregoing escrow, or the City may satisfy all or a portion of the Option Price through the City’s assumption of the promissory note or notes held by the holders of the deeds of trust encumbering the Site, if such holder or holders consent thereto. City shall pay all of the escrow fees, documentary transfer taxes, recording fees, the cost of any owner’s policy of title insurance desired by the City, and any other costs and expenses of the escrow. City shall have thirty (30) days after exercise of the Option to enter upon the Property to conduct any tests, inspections, investigations, or studies of the condition of the Property. Owner shall permit the City access to the Site for such purposes. The City shall indemnify, defend, and hold harmless Owner and its officers, directors, shareholders, partners, employees, agents, and representatives from and against all claims, liabilities, or damages, and including expert witness fees and reasonable attorney’s fees and costs, caused by City’s activities with respect to or arising out of such testing, inspection, or investigatory activity on the Site. Escrow shall close promptly after acceptance by City of the condition of title and the physical and environmental condition of the Property.

Escrow and Completion of Sale. Within five thirty (530) days after City has exercised the Option, or as soon thereafter as reasonably practicable, an escrow shall be opened with an escrow company mutually acceptable to City and Owner Homeowner, which acceptance may not be unreasonably withheld, for the conveyance of the Property Affordable Unit to the City. The City shall deposit the Option Price in escrow not later than one (1) business day prior to the anticipated close of escrow datedate ("Close of Escrow") cash or cashier's check in an amount equal to the Option Price. The City’s 's obligation to close escrow shall be subject to the City’s 's approval of a then-then current preliminary title report and, at City’s 's option, environmental and other site testing. Any exceptions shown on such preliminary title report created on or after the Owner’s Homeowner's acquisition of the Property Affordable Unit shall be removed by Owner Homeowner at its sole expense prior to the close of escrow pursuant to this Section 4 unless such exception(s) is(areis (are) accepted by City in its reasonable sole and absolute discretion; provided, however, that City shall accept the following exceptions to title: (i) current taxes not yet delinquent, (ii) matters affecting title existing on the date of Owner’s acquisition of the Property, (iii) liens and encumbrances in favor of the Agency or the City, and (iviii) matters shown as printed exceptions in the standard form CLTA owner’s ICLT Homeowner's policy of title insurance. In After exercising the event the Property or any portion thereof is encumbered by a mortgage or deed of trustOption, the City shall be permitted to unilaterally instruct the escrow agent to satisfy the indebtedness secured thereby out of the proceeds payable to the Owner through the foregoing escrow, or the City may satisfy all or a portion of the Option Price through the City’s assumption of the promissory note or notes held by the holders of the deeds of trust encumbering the Site, if such holder or holders consent thereto. City shall pay all of the escrow fees, documentary transfer taxes, recording fees, the cost of any owner’s policy of title insurance desired by the City, and any other costs and expenses of the escrow. City shall have thirty (30) days after exercise of the Option right to enter upon the Property Affordable Unit to conduct any tests, inspections, investigations, or studies of the condition of the PropertyAffordable Unit. Owner Homeowner shall permit the City access to the Site Affordable Unit for such purposes. The City shall indemnify, defend, and hold harmless Owner and its officers, directors, shareholders, partners, employees, agents, and representatives from and against all claims, liabilities, or damages, and including expert witness fees and reasonable attorney’s fees and costs, caused by City’s activities with respect to or arising out Close of such testing, inspection, or investigatory activity on the Site. Escrow shall close take place promptly after acceptance by City of the condition of title and the physical and environmental condition of the PropertyAffordable Unit. Until the Close of Escrow, the terms of the Covenant and the documents executed and recorded pursuant thereto shall remain in full force and effect.

Escrow and Completion of Sale. Within five thirty (530) days after City has exercised the Option, or as soon thereafter as reasonably practicable, an escrow shall be opened with an escrow company mutually acceptable to City and Owner Homeowner, which acceptance may not be unreasonably withheld, for the conveyance of the Property Affordable Unit to the City. The City shall deposit the Option Price in escrow not later than one (1) business day prior to the anticipated close of escrow datedate ("Close of Escrow") cash or cashier's check in an amount equal to the Option Price. The City’s 's obligation to close escrow shall be subject to the City’s 's approval of a then-then current preliminary title report and, at City’s 's option, environmental and other site testing. Any exceptions shown on such preliminary title report created on or after the Owner’s Homeowner's acquisition of the Property Affordable Unit shall be removed by Owner Homeowner at its sole expense prior to the close of escrow pursuant to this Section 4 unless such exception(s) is(areis (are) accepted by City in its reasonable sole and absolute discretion; provided, however, that City shall accept the following exceptions to title: (i) current taxes not yet delinquent, (ii) matters affecting title existing on the date of Owner’s acquisition of the Property, (iii) liens and encumbrances in favor of the Agency or the City, and (iviii) matters shown as printed exceptions in the standard form CLTA owner’s Homeowner's policy of title insurance. In After exercising the event the Property or any portion thereof is encumbered by a mortgage or deed of trustOption, the City shall be permitted to unilaterally instruct the escrow agent to satisfy the indebtedness secured thereby out of the proceeds payable to the Owner through the foregoing escrow, or the City may satisfy all or a portion of the Option Price through the City’s assumption of the promissory note or notes held by the holders of the deeds of trust encumbering the Site, if such holder or holders consent thereto. City shall pay all of the escrow fees, documentary transfer taxes, recording fees, the cost of any owner’s policy of title insurance desired by the City, and any other costs and expenses of the escrow. City shall have thirty (30) days after exercise of the Option right to enter upon the Property Affordable Unit to conduct any tests, inspections, investigations, or studies of the condition of the PropertyAffordable Unit. Owner Homeowner shall permit the City access to the Site Affordable Unit for such purposes. The City shall indemnify, defend, and hold harmless Owner and its officers, directors, shareholders, partners, employees, agents, and representatives from and against all claims, liabilities, or damages, and including expert witness fees and reasonable attorney’s fees and costs, caused by City’s activities with respect to or arising out Close of such testing, inspection, or investigatory activity on the Site. Escrow shall close take place promptly after acceptance by City of the condition of title and the physical and environmental condition of the PropertyAffordable Unit. Until the Close of Escrow, the terms of the Covenant and the documents executed and recorded pursuant thereto shall remain in full force and effect.

Escrow and Completion of Sale. Within five (5) days after City Agency has exercised the Option, or as soon thereafter as reasonably practicable, an escrow shall be opened with an escrow company mutually acceptable to City Agency and Owner Developer for the conveyance of the Property Phase Site to the CityAgency. The City Agency shall deposit the Option Price in escrow not later than one (1) business day prior to the anticipated close of escrow date. The CityAgency’s obligation to close escrow shall be subject to the CityAgency’s approval of a then-current preliminary title report and, at CityAgency’s option, environmental and other site testing. Any exceptions shown on such preliminary title report created on or after the OwnerDeveloper’s acquisition of the Property Phase Site shall be removed by Owner Developer at its sole expense prior to the close of escrow pursuant to this Section 4 unless such exception(s) is(are) accepted by City Agency in its reasonable discretion; provided, however, that City Agency shall accept the following exceptions to title: (i) current taxes not yet delinquent, (ii) matters affecting title existing on the date of OwnerDeveloper’s acquisition of the PropertyPhase Site, (iii) liens and encumbrances in favor of the Agency or the CityCity of Garden Grove, and (iv) matters shown as printed exceptions in the standard form CLTA ALTA owner’s policy of title insurance. In the event the Property or any portion thereof is encumbered by a mortgage or deed of trust, the City The parties shall each be permitted to unilaterally instruct the escrow agent to satisfy the indebtedness secured thereby out of the proceeds payable to the Owner through the foregoing escrow, or the City may satisfy all or a portion of the Option Price through the City’s assumption of the promissory note or notes held by the holders of the deeds of trust encumbering the Site, if such holder or holders consent thereto. City shall pay all responsible for one-half of the escrow fees, documentary transfer taxes, recording fees, the cost of any owner’s policy of title insurance desired by the City, fees and any other costs and expenses of the escrow, and the Developer shall be responsible for the cost of a ALTA owner’s policy of title insurance to be provided to the Agency. City Agency shall have thirty (30) days after exercise of the Option to enter upon the Property Phase Site to conduct any tests, inspections, investigations, or studies of the condition of the PropertyPhase Site. Owner Developer shall permit the City Agency access to the Phase Site for such purposes. The City Agency shall indemnify, defend, and hold harmless Owner Developer and its officers, directors, shareholders, partners, employees, agents, and representatives from and against all claims, liabilities, or damages, and including expert witness fees and reasonable attorney’s fees and costs, caused by CityAgency’s activities with respect to or arising out of such testing, inspection, or investigatory activity on the Phase Site. Escrow shall close promptly after acceptance by City Agency of the condition of title and the physical and environmental condition of the PropertyPhase Site. Until the Closing, the terms of the DDA and the documents executed and recorded pursuant thereto shall remain in full force and effect.