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Item 14 - Real Property Purchase Agreement - Warner Avenue Improvements, Phase 2
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01/19/2021 Regular
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Item 14 - Real Property Purchase Agreement - Warner Avenue Improvements, Phase 2
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4/10/2024 2:03:54 PM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
14
Date
1/19/2021
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EXHIBIT "B" (Commonwealth Land Title Company) <br />GENERAL ESCROW PROVISIONS <br />All disbursements shall be made by Escrow's check. All funds received in this escrow shall be deposited <br />in one or more of your general escrow accounts with any bank doing business in the State of California <br />and may be transferred to any other general escrow account or accounts. The expression "close of <br />escrow" means the date on which instruments referred to herein are filed for record. All adjustments are <br />to be made on the basis of a 30-day month. Recordation of any instruments delivered through this <br />escrow, if necessary or proper in the issuance of a policy of title insurance called for, is hereby authorized. <br />There shall be no proration of any existing insurance policies in this escrow. <br />You are to furnish a copy of these instructions, amendments thereto, closing statements and/or any other <br />documents deposited in this escrow to the lender or lenders, the real estate broker or brokers and/or the <br />attorney or attorneys involved in this transaction upon request of such lenders, brokers or attorneys. <br />Should you before or after close of escrow receive or become aware of any conflicting demands or claims <br />with respect to this escrow or the rights of any of the parties hereto, or any money or property deposited <br />herein affected hereby, you shall have the right to discontinue any or all further acts on your part until <br />such conflict is resolved to your satisfaction, and you shall have the further right to commence or defend <br />any action or proceedings for the determination of such conflict. The parties hereto jointly and severally <br />agree to pay all costs, damages, judgments and expenses, including reasonable attorneys fees, suffered <br />or incurred by you in connection with, or arising out of this escrow, including, but without limiting the <br />generality of the foregoing, a suit in interpleader brought by you. In the event you file a suit in interpleader, <br />you shall ipso facto be fully released and discharged from all obligations imposed upon you in this escrow. <br />If for any reason funds are retained or remain in escrow, you are to deduct therefrom a reasonable <br />monthly charge as custodian thereof of not less than $10.00 per month. <br />Time is declared to be the essence of these instructions. If you are unable to comply within the time <br />specified herein and such additional time as is required to make an examination of the official records, <br />you will return all documents, money or property to the party entitled thereto upon satisfactory written <br />demand and authorization. Any amendment of and/or supplement to any instructions must be in writing. <br />The seller agrees to sell and the buyer agrees to buy the property herein described upon the terms hereof. <br />These escrow instructions, and amendments hereto, may be executed in one or more counterparts, each <br />of which independently shall have the same effect as if it were the original, and all of which taken together <br />shall constitute one and the same instruction. <br />
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