Item 25 - Real Property Acquisition for Warner Avenue Street Improvements

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EXHIBIT "8" (Fidelity National Title) GENERAL ESCROW PROVISIONS I . DEPOSIT OF FUNDS T he law dea ling with the di sburseme nt of fund s requires that a ll fun ds be available for withdrawal as a matter o f right by the title entity's escrow and/or sub escrow account prior to disbursement of any funds. Only wi re -transferred funds can be given imm ediate availability upon deposi t. Cashier's checks, teller's checks and Certified checks may be available one business day afte r d e posit. All oth er funds such as personal, corporate or partnership checks and drafts are subject to mandatOI)' ho ldin g periods which may ca use material delays in disbursement of funds in this escrow . In order to avoid de la ys, all fundings should be wi re transferred. Ou tgoing w ire transfers wi ll not be authorized until confirmation of the respecti ve incoming wire tran sfer or o f avai lability of deposited checks. Deposit of funds into general escrow trust account unless instructed otherwise. You may instruct Escrow Holder to deposit your funds into an interest bearing account by s ignin g and re turnin g the "Escrow In structi o ns -In terest Bea r ing Account", which has been pr ovi d ed to you. If you do not so instruct us, then all fun ds received in this e scrow shall be deposited with ot her escrow fu nds in one or more general escrow tru st accounts. which include both non-interest bearing demand accounts and other depository accounts of E s~:row Ho lder, in a ny state or national bank or savi ngs and loan associati on insured by the Federal Deposit In sur ance Corporati on (the "depository instituti o ns") and m ay be transferred to any other such escrow trust accounts o f Escrow Holder or one of its a ffili ates. either w ithin or o utside the S tate of Californi a. A general escrow trust account is restricted and protected against c laims by third parties and creditors of Escrow Ho ld e r and it s affili a tes. Receipt of benefits by Escrow Holder and affiliates. The parties to this escrow acknowledge that th e maintenance of s uch general escrow tru st acco unts wi th some depository institutions may res ult in Escrow Holder or its affiliates being provided with an a rray of bank services. acco mmodat io ns or other ben efits by th e depository institution. Some or all of these benefits may be considered interest due you under California In s urance Code Section 12413 .5. Escrow Holder or its aftiliates also may elect to enter into other business transactions with or obtain loans for investment or other purposes fr om th e depository in stitution . All s uch servic es, accommodations. and other benefits shall accrue to Escrow Holder or it s afliliates and Escrow Ho lder shall have no obligation to account to the part ies to thi s escrow for th e value of s uch services, acco mmodations, interest o r o ther benefits. Said funds will not earn intere st unless the in stru ctions otherwise s pe cifically state that fund s s hall be deposited in an interest-bearing account. All disbursements shall be made by check of Fidelity National Title Company. The principals to this escrow are hereby not ified that the funds deposited h erei n are insu red only to th e limi t provided by th e Federal Depos it Ins urance Corporation . Any in stru ction for bank wire wi ll provide reasonabl e time or notice fo r Escrow Holder's compliance with s uch ins tru ct ion. Escrow Holder's sole duty and responsibility shall be to p lace said wire tra nsfer in structions with its wiring bank upon confi rm atio n of (I ) satisfaction of conditions precedent or (2) document recordation a t c lose of escrow. Escrow Holder will NOT be held re sponsible for lost interest d ue to wire delays caused by a ny bank or the Federal Reserve System . and recommends that a ll parties make themselves aware of banking regul ations w ith regard to placement of wires. In the event there is insufficient time t o p lace a wire upon any s uch confirma tion o r the wires h ave c losed for the day, the parties agre e to provide written instructions for a n a lterna ti ve meth od of d isbu rsement. WITHOUT AN ALTERNATIVE DISBURSEMENT INSTRUCT ION, FUNDS WILL BE HELD IN TRUST IN A NON-INTEREST BEARI NG ACCOUNT UNTIL THE NEXT OPPORTUNITY FOR WIRE PLACEMENT. 2. PRORATIONS AND ADJUSTMENTS A ll prorations and/or adj ustme nts called lo r in thi s escrow are to be made on the basis of a thi rty (30) day month unless otherwise instructed in writi ng. You are to use information con tained on last avai lable tax sta tement, ren tal statement as provided by the Seller. beneficiary's statement and fire insurance po licy delivered into escrow for th e prorations provided for herein. 3. SUPPLEMENTAL TAXES The within described property may be subject to supplemental real property t axes due to the change o f ownership t ak ing pl ace thro ugh this or a previous e scrow transaction. Any supplemental real property taxes a ri si ng a s a result of the tran sfer of the property to Buyer shall be the sole re s ponsibility of Buyer and any supp lemental real property taxes arising prior to the closing date shall be the sole respons ibility of the S eller. TAX BILLS OR REFUNDS ISSUED AFTER C LOS E OF ESCROW S HALL BE HANDLED DIRECTL Y BETWEEN BUYER AND SELLER. 4 . UTILITIES/POSSESSION Transfer of utiliti es and possession of the premises are to be settled by the parties direct ly and outside escrow. 5 . PREPARATION AND RECORDATION OF INSTRUMENTS Escrow Holder is auth o rized to prepare, obtain , record and deliver th e necessary in struments to carry out the te rms and conditio ns of thi s escrow and to order the policy o f titl e ins urance to be issued at c lose of escrow as call ed for in these inst ructions. C lose of escrow sha ll mean the date instruments a re recorded. 6. AUTHORIZAT ION TO FURNISH C OPIES You a re authorized to furnish co pies of the se in s truc ti ons. s uppl e ment s. amendments. notices of cancellation and closing statements. to the Real Estate Broker(s) anti Le nde r(s) named in thi s escrow . General Provisions Printed · 1/1 /000 1 12 :00 AM by JK EI000076 (DS J Rev . 05/1911 7) Page I