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North American Title Company <br />October 5, 1999 <br />Page 2 <br />a. Promissory Note in the amount of $2,250,000.00 to <br />by the Borrower in favor of the City; <br />the City; <br />b. Deed of Trust by the Borrower for the benefit of <br />c. Subordination Agreement by the Borrower and Eden <br />Housing, Inc. ( "Eden ") to subordinate Eden's Option to the City's <br />new Deed of Trust. <br />d. Subordination Agreement by the Borrower and Web <br />Service Co. to subordinate Laundry Lease to the City's new Deed <br />of Trust. <br />B. Conditions Precedent to Recording. You are to record the <br />documents to close this escrow upon satisfaction of the following <br />conditions precedent: <br />1. You have obtained the execution of the documents listed <br />above by the signatories named in each document, and verified <br />that the correct legal description is attached to the appropriate <br />documents. <br />2. You are committed to issue to the City a Lender's ALTA <br />Loan Policy in the amount of $2,250,000.00 insuring the City of <br />Pleasanton, that the City's Deed of Trust is a valid lien on the <br />Borrower's interest in the property, subject only to the standard <br />printed exceptions, exceptions numbered 1 through 10 and 13 of <br />your Preliminary Report (with exceptions numbered 9 and 10 <br />modified by CHFA's Loan Modification Agreement recorded as part <br />of this escrow). <br />C. Closing Actions. When the conditions precedent set forth in <br />Sections A and B have been and remain satisfied, you shall <br />proceed to close escrow by doing the following: <br />1. Record the City's Deed of Trust in the Alameda County <br />Recorder's Office when you record CHFA's Loan Modification <br />Agreement. You are authorized to record the Subordination <br />Agreements in such order as you deem appropriate to comply with <br />CHFA's and the City's escrow instructions for title insurance. <br />2. Deliver to the Borrower the net proceeds of the City's <br />Loan held by you after payment of (a) the amounts required by <br />CHFA for the CHFA loan modification and (b) all escrow and title <br />fees. <br />3. Within ten (10) days after the closing, deliver the <br />following items to Steve Bocean on behalf of the City at 123 Main <br />Street, Pleasanton, CA 94566, (925) 484 -8028: <br />90/50'd llU19 91:2T 666T -S9 -170 <br />