Laserfiche WebLink
Property has an appraised value of at least the amount that EGM <br />requests for acquisition reimbursement. <br />f.Acquisition reimbursement will be delivered to EGM <br />contemporaneously with the recording of the fully executed Deed of <br />Trust, the Restrictive Covenant, and subordination/priority <br />agreements (if any) against the Property. All fees associated with <br />recording documents are the responsibility of EGM. <br />g.Unless otherwise determined by the City, acquisition reimbursement <br />will not be delivered to EGM unless a title company acceptable to City <br />is irrevocably committed to issue a lender's title insurance policy in <br />the amount of the reimbursement requested, with policy form and <br />exceptions acceptable to the City in its sole discretion. <br />2.Acquisition Funding by Escrow Deposit. <br />a.To receive acquisition funding by the City depositing funds into the <br />escrow account for EGM's purchase of the Property (the "Loan <br />Escrow Deposit"), EGM must first submit to the County and City in <br />writing the amount requested and backup documentation. The EGM <br />request must also be accompanied by documentation regarding the <br />total funding that EGM has committed for acquisition, improvement, <br />and operation of the Property and Project. EGM must also submit the <br />Invoice in the form of Attachment 3 to the City-County ILA. <br />b.The Loan Escrow Deposit will not be made unless the County and City, <br />•after review of EGM's submittals, both determine in writing to approve <br />EGM's acquisition funding request. These approvals are at the sole <br />discretion of the County and City. <br />c.The City will not make the Loan Escrow Deposit after December 31, <br />2024, and the City may terminate this Agreement if the Closing does <br />not occur by December 31, 2024, unless the City's Director of <br />Community Development determines in writing to extend those dates. <br />d.Unless the City determines otherwise in writing, the Loan Escrow <br />Deposit will not be made unless the City receives a copy of an appraisal <br />showing that the Property has an appraised value of at least the <br />amount of the Loan Escrow Deposit. <br />e.The escrow agent and title company must be reasonably acceptable to <br />the City. <br />f.The amount of the Loan Escrow Deposit will not exceed the amount <br />required under escrow agent's closing statement(s) to be deposited by <br />buyer into escrow to close the sale transaction. <br />g.The City will not disburse any portion of the Loan before closing. For <br />example, the City wHI not disburse any portion of the Loan for use as <br />earnest money. <br />h.Unless otherwise determined by the City and County, the City will, <br />through its escrow instructions, not allow Loan Escrow Deposit funds <br />5