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Last modified
1/3/2012 1:56:53 PM
Creation date
3/7/2008 6:26:05 AM
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Contracts
Company Name
TAING FAMILY TRUST
Contract #
A-2008-051
Agency
PUBLIC WORKS
Council Approval Date
3/3/2008
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<br />,. <br /> <br />e <br /> <br />e <br /> <br />EXHIBIT "B" <br />GENERAL ESCROW PROVISIONS <br /> <br />All disbursements shall be made by Escrow's check. All funds received in this escrow shall be <br />deposited in one or more of Escrow Agent's general escrow accounts with any bank doing <br />business in the State of California and may be transferred to any other general escrow account or <br />accounts. The expression "close of escrow" means the date on which the transferring <br />instrument( s) referred to herein are filed for recordation with the Office of the Orange County <br />Recorder. All prorations shall be made on the basis of a 30-day month / 360-day year. <br />Recordation of any instruments delivered through this escrow, if necessary or proper in the <br />issuance of a policy of title insurance, is hereby authorized by the Parties to this transaction. <br /> <br />There shall be no prorations of any existing insurance policies in this escrow. <br /> <br />Escrow Agent is to furnish a copy of these instructions, including any amendments thereto, <br />closing statements, and/or any other documents deposited in this escrow, to the lender or lenders, <br />the real estate broker or brokers, and/or the attorney or attorneys involved in this transaction upon <br />request of such lenders, brokers or attorneys. <br /> <br />Should Escrow Agent, before or after close of escrow, receive or become aware of any <br />conflicting demands or claims with respect to this escrow; or to the rights of any of the parties <br />hereto; or about any money or property deposited herein, then Escrow Agent shall have the right <br />to discontinue any or all further acts on its part until such conflict is resolved to its satisfaction, <br />and Escrow Agent shall have the right to commence or defend any action or proceeding for the <br />resolution of such conflict. The Parties to this escrow jointly and severally agree to pay all costs, <br />damages, judgments and expenses, including reasonable attorney's fees, suffered or incurred by <br />Escrow Agent in connection with, or arising out of, this escrow including, but without limiting <br />the generality of the foregoing, a suit in interpleader initiated by Escrow Agent. In the event <br />Escrow Agent should file a suit in interpleader, Escrow Agent shall be fully released and <br />discharged from all obligations imposed upon it by this escrow. <br /> <br />If for any reason funds are retained or remain in escrow, Escrow Agent shall be entitled to deduct <br />therefrom a reasonable monthly charge of not less than $10.00 per month as an administrative <br />fee. <br /> <br />Time is of the essence with regard to the execution of these general escrow instructions. If <br />Escrow Agent is unable to comply with these instructions within the time specified herein, and if <br />additional time as is required to make an examination of the official records, Escrow Agent shall <br />return all documents, money, or property to the party entitled thereto upon satisfactory written <br />demand and authorization. Any amendment or supplement to these instructions must be in <br />writing, signed by all Parties to this transaction. <br /> <br />These escrow instructions, and any amendments thereto, may be executed in one or more <br />counterparts, each of which independently shall have the same effect as if it were the original, <br />and all of which taken together shall constitute one and the same instruction. <br /> <br />Page 9 of 10 <br /> <br />Sellers's Initials v.-l' <br /> <br />-5', <br /> <br />
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