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Item 19 - Real Property Acquisition for Warner Avenue Street Improvements
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01/17/2023 Regular & Special SA
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Item 19 - Real Property Acquisition for Warner Avenue Street Improvements
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4/2/2024 11:44:20 AM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
19
Date
1/17/2023
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EXHIBIT "B" (Fidelity National Title) <br />GENERAL ESCROW PROVISIONS <br />1. DEPOSIT OF FUNDS <br />The law dealing with the disbursement of fields requires that all funds be available for withdrawal as a matter of right by the title entity's escrow <br />and/or sub escrow account prior to disbursement of any funds. Only wire -transferred funds can be given immediate availability upon deposit. <br />Cashier's checks, teller's checks and Certified checks may be available one business day after deposit. All other funds such as personal, corporate or <br />partnership checks and drafts are subject to mandatory holding periods which may cause material delays in disbursement of funds in this escrow. In <br />order to avoid delays, all fundings should be wire transferred. Outgoing wire transfers will not be authorized until confirmation of the respective <br />incoming wire transfer or of availability of deposited checks. <br />Deposit of funds into general escrow trust account unless instructed otherwise. You may instruct Escrow Holder to deposit your funds into an <br />interest bearing account by signing and returning the "Escrow Instructions - Interest Bearing Account", which has been provided to you. If you do <br />not so instruct us, then all funds received in this escrow shall be deposited with other escrow funds in one or more general escrow trust accounts, <br />which include both non -interest bearing demand accounts and other depository accounts of Escrow Holder, in any state or national bank or savings <br />and loan association insured by the Federal Deposit Insurance Corporation (the "depository institutions") and may be transferred to any other such <br />escrow trust accounts of Escrow holder or one of its affiliates, either within or outside the State of California. A general escrow trust account is <br />restricted and protected against claims by third panties and creditors of Escrow Holder and its affiliates. <br />Receipt of benefits by Escrow Holder and affiliates. The parties to this escrow acknowledge that the maintenance of such general escrow trust <br />accounts with some depository institutions may result in Escrow Holder or its affiliates being provided with an array of bank services, <br />accommodations or other benefits by the depository institution. Some or all of these benefits may be considered interest due you under California <br />Insurance Code Section 12413.5. Escrow Holder or its affiliates also may elect to enter into other business transactions with or obtain loans for <br />investment or other purposes from the depository institution. All such services, accommodations, and other benefits shall accrue to Escrow Holder <br />or its affiliates and Escrow Holder shall have no obligation to account to the parties to this escrow for the value of such services, accommodations, <br />interest or other benefits. <br />Said funds will not earn interest unless the instructions otherwise specifically state that funds shall be deposited in an interest -bearing account, All <br />disbursements shall be made by check of Fidelity National Title Company. The principals to this escrow are hereby notified that the funds <br />deposited herein are insured only to the fit -nit provided by the Federal Deposit Insurance Corporation. Any instruction for bank wire will provide <br />reasonable time or notice for Escrow Holder's compliance with such instruction. Escrow Holder's sole duty and responsibility shall be to place said <br />wire transfer instructions with its wiring bank upon confirmation of (t) satisfaction of conditions precedent or (2) document recordation at close of <br />escrow. Escrow Holder will NOT be held responsible for lost interest due to wire delays caused by any bank or the Federal Reserve System, and <br />recommends that all parties make themselves aware of banking regulations with regard to placement of wires. <br />In the event there is insufficient time to place a wire upon any such confirmation or the wires have closed for the day, the parties agree to provide <br />written instructions for an alternative method of disbursement. WITHOUT AN ALTERNATIVE DISBURSEMENT INSTRUCTION, FUNDS <br />WILL BE HELD IN TRUST IN A NON -INTEREST BEARING ACCOUNT UNTIL THE NEXT OPPORTUNITY FOR WIRE PLACEMENT. <br />2. PRORATIONS AND ADJUSTMENTS <br />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 <br />writing. You are to use information contained on last available tax statement, rental statement as provided by the Seller, beneficiary's statement and <br />fire insurance policy delivered into escrow for the prorations provided for herein. <br />3. SUPPLEMENTAL TAXES <br />The within described property may be subject to supplemental real property taxes due to the change of ownership taking place through this or a <br />previous escrow transaction. Any supplemental real property taxes arising as a result of the transfer of the property to Buyer shall be the sole <br />responsibility of Buyer and any supplemental real property taxes arising prior to the closing date shall be the sole responsibility of the Seller. TAX <br />BILLS OR REFUNDS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER. <br />4. UTILITIES/POSSESSION <br />Transfer of utilities and possession of the premises are to be settled by the parties directly and outside escrow. <br />5. PREPARATION AND RECORDATION OF INSTRUMENTS <br />Escrow Holder is authorized to prepare, obtain, record and deliver the necessary instruments to carry out the terms and conditions of this escrow <br />and to order the policy of title insurance to be issued at close of escrow as called for in these instructions. Close of escrow shall mean the date <br />instruments are recorded. <br />6. AUTHORIZATION TO FURNISH COPIES <br />You are authorized to furnish copies of these instructions, supplements, amendments, notices of cancellation and closing statements, to the Real <br />Estate Broker(s) and Lender(s) named in this escrow. <br />General Provisions Printed: 1/1/0001 12:00 AM by JK <br />F'1000076 (DS1 Rev. 05/19117) Page 1 <br />
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