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Furthermore, the Agreement provided that escrow was to close
within 180 days of the time it opened.
The Agreement provided that if CDC needed more time to
obtain government approval for the planned development, then
escrow could be extended for an additional 120 days upon CDC’s
payment of an “Extension Payment” of $200,000. The Extension
Payment was also to be released immediately to petitioners. This
payment was nonrefundable and would be applied to the purchase
price.
Section 6(c)(ii) of the Agreement provided: “If close of
Escrow fails to occur due to Seller’s default hereunder, or for
any reason other than a default by Buyer, Buyer shall be
entitled, in addition to any legal or equitable remedies, to the
immediate refund of the Deposit[3] and Extension Payment, if
applicable.”
Pursuant to section 6(f)(ii) of the Agreement, petitioners
were required to deposit into escrow, no later than the business
day immediately before the close of escrow, the deed conveying
title to Phase II to CDC in fee simple.
The Agreement further provided that taxes, utility charges,
and other expenses were to be prorated between the parties on a
per diem basis as of the close of escrow.
3 Deposit refers to both the Initial Deposit and the
Additional Deposit.
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Last modified: May 25, 2011