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t! <br />4W <br />Upon the satisfaction of all conditions set forth on Exhibit B hereto, each Party to the Memorandum <br />of Understanding agrees to and shall execute a certificate acknowledging performance and satisfaction of <br />conditions thereunder, and waiving any objections to the closing on the acquisition of the Land by the <br />County under the County Agement for Sale and Purchase and the acquisition of land by the Developer <br />under the Developer Agreement for Sale and Purchase, and the implementation of the other Escrow <br />Documents held under this Document Escrow Agreement. Pollowing receipt ofall such certifications, the <br />County will proceed with the sale of the Bonds or otherwise initiate financing as contemplated in the <br />Memorandum of Understanding the City will proceed with funding the Grant Amount (as defined in the <br />Interlocal Agreement), and the Developer will proceed to close on the land as contemplated by the <br />Developer Agreement for Sale and Purchase. each to occur in conjunction with the closing on the Bonds, <br />and the Agent shall thereupon be authorized and directed to deliver the Escrow Documents in conjunction <br />with the closing on the Bonds. <br />Upon notification from the County to Agent that the County has authorized the sale and subsequent <br />dei ivcry of the Bonds or otherwise has available all funds necessary to close and upon Agent's confirmation <br />that bank wire transfer( s) to the Seller under both the County Agreement for Sale and Purchase and the <br />Developer ,Agreement for Sale and Purchase have been instituted and received, Agent shall cause the <br />dclivery of the Escrow Documents and cause their recordation in the public records. <br />If Agent has not been notified on or before May 31. 20D1 to disburse and deliver the Escrow <br />Documents. Agent shall thereafter promptly rctum each documentheld to the Patty respectively providing <br />such document to the Agent. However. upon written instructions signed by all Parties and delivered to the <br />Agent. the Agent shall have the option and authority to continue to hold the Escrow Documents pending <br />disbursement or written instructions signed by all Parties to return the documents. <br />SECTION 3. DUTIES AND RESPONSIBILITIES OF AGENT. <br />(o) The Agent's actions under this Document Escrow Agreement shall be deemed ministerial <br />and so long as the Agent reasonably perform.% as provided heren except as prohibited bylaw with regard <br />to the County and the City, the Parties agree to hold harmless and indemnify the Agent with respect to any <br />loss or darru3ge experienced by the Agent, including reasonable anomeys fees. as a result of its good faith <br />performance hereunder. <br />113 i Upon disbursement as provided herein or as otherwise ameed to by the Patties hereto at <br />.:losing and the delivery ofthe Escrow Documentsas provided herein. or alternatively, upon die rentor of <br />the Escrow Documents to the respective Parties as provided herein. this Document Escrow Agreement <br />shall tetmmate. <br />mar <br />