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Date: 1111712022
<br />RE: Escrow No. 4437-LG
<br />of Real Property Certain Sellers are exempt from withholding, Each Party mus seek independent tax advice from a
<br />professional. California Revenue and Taxation Code Section 18662 (as amended) requires prepayment of income tax by
<br />withholding 3-1/3% of the total sales price on real property for individuals and non -individual sellers of real propertyr
<br />whether resident or non-resident. Aklternativelyr a .Seller may elect to withhold on the gain on the sale and based on the
<br />applicable withholding rates effective at the dose of escrow. For more informationr Buyers and Sellers snould ;refer to
<br />Form 593-C and M3-E Booklet, Real Estate Withholding Certificate and Computation of Estimated Gain or Loss From the
<br />California Franchise Tax Board. Withholding is also required for real estate foreclosures and short sale transactions unless
<br />any exemptions certiFed on Form 593-C apply, or the sale qualifies under the automatic exclusions. For more information
<br />on real estate -ore- csuures and short sale transactions, refer to publication 1016r Real Estate Withholding Guidelines by
<br />the California F-an€nice Tax Board. Any further questions regarding Wh-nccldilg Requirements for Sale of California Real
<br />Estate may be answered by seeking independent professional tax advice or at http://www.ftb,ca.ctov/individualslws€J
<br />Cal iFornia_Real_Estate.shtmi. The parties acknowledge that Escrow Holder is under no duty to take action regarding
<br />withholding without further mutual written instructions of Buyer and 'Seller in Form satisfactory to Escrow Holder, together
<br />with the comp e=ion of Franchise Tax Board Fors, Section 18662 of California Revenue and Taxation Code (as amended)
<br />requires a BUYER of reaq property to withhold if the Seller's exemption is not met. If withholding is not made Buyer may,
<br />become subject to a penaky in the amount equal to the greater of 10% of the amount required to be withheld or five
<br />hundred dollars t5500.00j. For additional informationr contact: FRANCHISE TAX BOARD, W TH14OLD AT SOURCE UNIT,
<br />P.O. BOX 651, SACR-AMENTOr CAS 95612-0651r PF40NE: (916) 645,4900 OR Toll Free AT (886) n2-49O0. Seller and
<br />Buyer hereby agree to comply with Section 18662 of California Revenue and Taxation Code (as amended), and Seller
<br />shall cause to be deposited into escrow such forms that may be necessary for the parties hereto to be in compliance with
<br />said tax rode, as expanded. The parties agree to no'd Escrow Holder harmless and indemnify Escrow Holder for
<br />complying with any CAL-FIRPTA instruction orany tnird-party claimsthat may arise.
<br />20. License Disclosure: Licensed By The California Department of Fin an€ial protection & Innovation, L.,;96DE0-127309
<br />21. Buyer and Seller due dates: If the date by which Buyers or Seller's performances are due shall be other than your
<br />regu Iar business day, such performances shall be due on your next succeeding business day.
<br />22. Personal Property Title Search: Golden Coast Escrow, Inc_ shall conduct no lien or title search of personal property
<br />regarding the sale or transfer of any personal property through this escrow_ Should the party(ies) desire that you
<br />cvnducta lien ortitle search of personal property, the pasty(ies) requesting the same shall deliverseparate and specific
<br />written escrow instructions to you along with an agreement to pay your additional escrow fees_
<br />23. Not to be concerned with usury of loan: Golden coast Escrow, Inc. shall not be responsible in any way whatsoever nor
<br />are you to be concerned with any question & usury in any Ivan or encumbrance, whether new or of record, which may arise
<br />du ring the processing ofthis escrow.
<br />24. Provide Title: Golden coast Escrow, Inc. are instructed to provide title to the subject real property in the condition identified
<br />in the escrow instructions by the parties. Escrow holder is not responsible for the contents or accuracy of any
<br />beneficiary demands andior beneficiary s=ements delivered to you by the existing lien holders_ You are not required ao
<br />submit any such beneficiary statement andior beneficiary demand to the party(ies) for approval before the close of
<br />escrow unless expressly instructed to do so in writing. Should the party(ies) desire to pre -approve any such beneficiary
<br />statement andior beneficiary demand, the party(ies) requesting the same shall deliver separate and specific written
<br />escrow instructions to you.
<br />25. Loan terms or Loan Document content: Golden Coast Escrow, Inc. are not to be responsible in anyway whatsoever nor
<br />.o be concerned with the terms of any new loan or the content of any loan documents obtained by any party in connection
<br />with this escrow except to order such loan documents into the escrow file, transmit, the loan documents to Buyer for
<br />execution and transmit the executed loan documents to Lender. The parties understand and agree that you are not
<br />involved nor conoemed with the approval andlor processing of any loan or the contents and effect of loan documents
<br />prepared by a Lender.
<br />26. Third -Party Claims.-- The parties expressly indemnity and hold you harmless against third -party claims for any fees, costs
<br />or expenses where you have acted in good faith, with reasonable care and prudence andlor in compliance with these
<br />escrow instructions.
<br />27. Escrow Holder only: The parties agree that Golden coast Escrow, Inc. have the responsibilities of an escrow holder only
<br />and there are no other legal relationships established in the terms and conditions of the escrow instructions. In connection
<br />with this escrow: (1) you shall have no duty or responsibility of notifying any of the parties to this escrow of any sale,
<br />resale, loan, exchange or other transaction involving any of the subject real property or personal property; (2) you shall
<br />have no responsibility or duty to disclose any benefit, including, but not limited to financial gain, realized by any person, firm
<br />or corporation involving any of the subject real property or personal property, and (3) you shall have no responsibility or
<br />duty to disclose any profit realized by any person, firm or corporation including, but not limited to, any real estate broker,
<br />real estate sales agent andior a party to any other escrow, in connection therewith, although such other transaction may
<br />be handled by you in this escrow or in another escrow transaction. If, however, you a.re instructed in writing by any party,
<br />Lender or other entitled person to disclose any sale, resale, loan exchange or other transaction involving any of the
<br />subject real property or personal property or any profit realized by any person, firm or corporation .o any party to this
<br />Seller(s) Initials sAv Buyer(s) Initials
<br />Page 6
<br />City Council 16 — 18 12/6/2022
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