Execution and Delivery of NSP Loan Documents. As to each Home, no later than three (3) business days prior to the scheduled Acquisition Closing Date for the Home, Participant shall deposit into the Acquisition Escrow the following documents: (a) the City Note, executed by Participant; (b) the City Deed of Trust, executed and acknowledged by Participant; (d) the Memorandum, executed and acknowledged by Participant, and (d) all other documents and funds required to be delivered by Participant to acquire the Home and cause the Acquisition Closing. Participant shall notify the City Party of the scheduled Acquisition Closing Date at least ten (10) business days in advance. No later than one (1) business day prior to the scheduled Acquisition Closing Date and provided the Funding Conditions are satisfied, the City Party shall deposit into the Acquisition Escrow the portion of the NSP Loan that the City Party has agreed to provide for the Purchase Expenses for the Home and the Memorandum, executed, attested, and acknowledged by the City Party. The parties shall instruct the Acquisition Escrow agent at the Acquisition Closing to: (a) record the grant deed conveying the Home to Participant followed by the Memorandum and the City Deed of Trust; (b) upon recordation, deliver to the City Party the original recorded Memorandum and City Deed of Trust; (c) deliver to the City Party the signed original City Note; (d) apply the amounts deposited into the Acquisition Escrow by the City Party toward the Purchase Expenses (and return the excess to the City Party if the full amount is not used); and (e) deliver to the City Party a conformed copy of the grant deed conveying fee title to the Home to Participant.
