RES 91152 - Laserfiche WebLink

3.1 The District shall open an escrow with Northwestern Title Company, ("Escrow Company") within ten (10) days after the execution of this Agreement. The--escrow shall be opened upon deposit with the Escrow Company of one (1) fully executed counterpart of this Agreement. This Agreement shall constitute escrow instructions to the Escrow Company, as well as the Agreement for the exchange of the real property; provided, however, the parties shall execute such supplementary instructions as may be necessary to carry out the terms of this Agreement or any related agreement or as may be reasonably requested by the Escrow Company prior to the closing date. 3.T On or before the closing date, instruments in respect of the exchange shall be deposited in escrow by the City and the District as follows: (a) The City shall deposit a Grant Deed, duly authorized and executed by the City, in recordable form sufficient to convey to the District marketable title to the real property described in Exhibit C and the easements set forth in Paragraph 2.1. (b) The District shall deposit Grant Deeds, duly authorized and executed by the District, in recordable form sufficient to convey to the City marketable title to the real property described in Exhibits A and B reserving the easements as set forth in Paragraphs 2.2 and 2.3. 3.3 After the foregoing have been deposited by the City and the District, and the Title Company is prepared to issue its policy of Tittle Insurance in accordance with Section 5.2, the Escrow Company shall: (a) Record the City's Grant Deed to the real property described in Exhibit C and instruct the County Recorder to deliver that Deed to the District. (b) Record the District's Grant Deeds to the real property described in Exhibits A and B and instruct ~:e County Recorder to deliver the Deed to the City. 3.4 The City and the District shall each pay one-half of all expenses of escrow and closing, including all fees for the recording of the deeds, the premiums for the policies of title insurance, and escrow fees. 3.5 The following shall be prorated as to the respective properties between the City and the District on the basis of a thirty-day (30) month as of the date on which escrow closes: real property taxes (if any), special assessment (if any), and/or interest thereon. 3.6 The parties shall advise the Escrow Company prior to the close of escrow of the manner in which title shall vest. 3