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2. City's Obligations. <br /> <br /> a. City shall have and retain the obligation to <br />undertake the landscaping and street modifications required <br />by PUD-85-7 when Del Valle Parkway is constructed. <br /> <br /> b. Upon completion of Del Valle Parkway landscape and <br />street modifications, City will initiate proceedings to <br />consider vacation of that portion of East Stanley Boulevard <br />shown as part of Del Valle Manor on PUD-85-7. <br /> <br /> c. Upon receipt of the cash payment in the amount set <br />forth in Paragraph 1, City shall record a document <br />acknowledging that obligations of the Deferred Street <br />Improvement Agreement have been completely fulfilled by <br />Owner. The document shall be in substantially the form <br />attached hereto as Exhibit D. The City Manager is authorized <br />and directed to execute said document. <br /> <br />3. Payment Through Escrow. <br /> <br /> a. Owner hereby directs Northwestern Title Company to <br />pay the City the sum of money set forth in Paragraph 1 from <br />the proceeds from the close of the thirty-fourth escrow from <br />Del Valle Manor. <br /> <br /> b. Owner agrees that all escrows from sales of <br />townhouses shall be handled through Northwestern title unless <br />alternate arrangements protective of the City interests are <br />approved by the City Attorney. <br /> <br /> - 3 - <br /> <br /> <br />