Agenda Packet_2022-11-01 - Laserfiche WebLink

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EXHIBIT "B" (Fidelity National Title) GENERAL ESCROW PROVISIONS 1. DEPOSIT OF FUNDS The latiti dealing a ith the disbursement of funds requires that all funds he available Iklr tivithdraWal as a matter of" right by the title Ciitit\'s escrow and/or sub escr(m account prior to disbursement of am funds. Onh «ire -transferred funds can be given immediate availability upon deposit. Cashier's checks. teller's checks and Certified checks may be available one business day alter deposit. All other funds such as personal. corporate or partnership check, and drafts are subject to mandatory holding periods which ma', cause material delays in disbursement of funds in this c cro%a In order to avoid defays. all ftuldings should be wire transferred. Outgoing tivire transfers will not be authorized until confirmation of the respective incoming aiE'e IEanslcr or of o%ailabilit% of'itcposited Chcei s Deposit of fund, into general escrow trust account unless instructed otherwise. You may instruct Escrow Holder to deposit dour fund; inlo an interes€ bearing account b% signing and returning the "Escroww Ingruc[ioils - Interest Bearinc Account", v%hich lira, been provided 10 1 Ou. 11 you do not so instruct us. then all funds received in this escrow shall be deposited with other escrow funds in one or inore general escrow trust accounts, which include both non -interest hearing demand accounts and other depository accounts of Escrow Holder. in am state or national bank or sax ings and loan association insured by the Federal Deposit Insurance Corporation (the "depository institutions") and may be transferred to any other such escro,% trust accounts of Escrow Holder or one of its affiliates. either Nti ithin or outside the Slate of Caliturnia. A general escrow trust account is restricted and protected against claims by third parties and creditors of 1'.scrov Holder and its ,Wliliates. Receipt of benefits by IEscrov Holder and affiliates. The parties to this escrow acknowledge that the nlaintenanCC of such gCnerul esC'ow trust accounts with some depusitory institutions inay result in Escrow Holder or its affiliates being provided titi ith an array of hank serti ices, accontntodations or other benefits by the depository institution. Some or all of these benefits may be considered interest due'\ou under t_';dilornia InStlra11Ce Code Section 12413.5. Escrow Holder or its affiliates also may elect to enter into other business transactions with or obtain loan; for investment or other purposes from the depository institution. All such services. accommodations. and other benefits shall accrue to Eieroti% Holder or its affiliates and Escrovti Holder shall have no obligation to account Ill the parties to this escrow for the value of"such services. accommodations, inleresi or other hcnetils. Said funds will not earn interest unless the instructions other 6sc specilically state that funds shall be deposited in an interest -hearing account. All disbursements shrill be matte by check of I idclit� National Title Company. the principals to this escrow are hereby notified that the fiends deposited herein ,ire insured only to the limit provided by the Federal Deposit hlsurance Corporation. Any instruction for bank wire will pro~ ide reasmiobte time or notice for Escrow Holder's compliance with such instruction. Fscrow Holder's sole duty and responsibility shall be to place said wire Imnsfer instruction> A%ilh its wiring bank upon confirmation of (1) satisfaction of conditions precedent or (2) document recordation at Close of escrow Escrow I lolder %will NOT be held responsible for lost interest due to wire delays caused by any hank or the Federal Reserve Svst{m_ and recommends that all parties make themselves aware of banking regulations with regard to placement ofw ires. In the cvonl there is insufficient time to place a wire upon arry such confirmation or the wires have closed for the day. the parties agree to provide Smitten instructions for an alternative method Of disbursement. WITHOUT AN ALTERNATIVE DISBURSEMENT INSTRUCTION, hINDS WILL. RE HELD IN TRUST IN A NON -INTEREST BEARING ACCOUNT UNTIL. THE NEXT OPPORTUNITY FOR WIRE PLACEMEN 1 2. PRORATION'S AND ADJUSTMENTS All prorations and/or adjustments called for in this escrow are to be made on the basis of a thirty (30) day month unless otherwise instructed in v\ riting You are Iu use information contained on last available tax statcr€ent_ rental slatement as provided by the Seller. beneficiary's statement and lire insurance pulic} delivered into escroti for the prorations prodded li,r herein. 3. SUPPLEMEN fAL TA\ES ['he ~within described properly mmy he subject to stlpplenlCntal real property taxes Slue to the change of ownership taking place through chi, or a previous escroA transaction. Any supplemental real property taxes arising as a rx:sult of the transler of the property to 131.i�eE' shall be the sole responsibility of liu+'er and tine supplemental real property taxes arising prior to the closing date shall he the sole responsibility of the Seller. I AX BILLS OR REFL NDS ISMTI) AFTER CLOSE OF ESCROW SHAI I. BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER 4. L"I"I LITIESIPOSSESSION fransfcr of utilinc, and poswessiort of the premises are to lit settled b) the parties directly and Outside escrow. 5. PREPARATION AND RECORDATION OF INSTRUMENTS Escrovti Holder is authorized to prepare, obtain, record and deliver the necessary instruments to carry out the terms and conditions of this escrow and to order the policy of title insurance to he issued at close of escrow as called for in these instructions. Close of escrow shall n}can the date instruments are recorded. 6. AUTHORIZATION TO FURNISH COPIES You arc authorized to furnish copies of these instructions" supplements. amendments" notices of cancellation and closing statements, to the Real Estate Brokers) and Lender(s) named in this escrow. City Council 7 — 12 11/1/2022