1385.06 DUTIES OF ESCROW AGENT.

   (a)    When an escrow has been established in connection with the sale of a multi- family structure, the escrow agent shall not transfer title or distribute funds until there has been deposited in escrow an acknowledgment from the purchaser of the receipt of a copy of the Certificate of Occupancy indicating compliance with this chapter.

   (b)    When the seller or the purchaser in the case of sale, the lessor or the tenant in the case of rental or lease or the owner in the case of possession of a multi-family structure has deposited into an escrow account funds to cover the costs of correcting violations under this chapter, such funds shall not be released except as follows:

      (1)    Upon receipt of written verification from the Building Commissioner or his agent that all violations have been corrected; or

      (2)    Upon presentation of a bill or agreement approved by the Building Commissioner and signed by a contractor, the seller and the purchaser in the case of sale; the contractor, the lessor and the tenant in the case of lease or rental; or the contractor and the owner in the case of possession of a multi-family structure for violation corrections to be performed or which have been performed by the contractor; or

      (3)    Upon presentation of any agreement signed by the seller, the purchaser and the City in the case of sale; the lessor, the tenant and the City in the case of rental or lease; or the owner and the City in the case of possession of a multi-family structure authorizing release of the funds by the City to employ contractors to correct violations.

         (Ord. 99-078. Passed 4-20-99.)