25O - AGMT BRISTOL STREET - Laserfiche WebLink

Home Browse Search

EXHIBIT "B" GENERAL ESCROW PROVISIONS All disbursements shall be made by Escrow's check. All funds received in this escrow shall be deposited in one or more of Escrow Agent's general escrow accounts with any bank doing business in the State of California and may be transferred to any other general escrow account or accounts. The expression "close of escrow" means the date on which the transferring instrument(s) referred to herein are filed for recordation with the Office of the Orange County Recorder. All prorations shall be made on the basis of a 30-day month / 360-day year. Recordation of any instruments delivered through this escrow, if necessary or proper in the issuance of a policy of title insurance, is hereby authorized by the Parties to this transaction. There shall be no prorations of any existing insurance policies in this escrow. Escrow Agent is to furnish a copy of these instructions, including any amendments thereto, closing statements, and/or any other documents deposited in this escrow, to the lender or lenders, the real estate broker or brokers, and/or the attorney or attorneys involved in this transaction upon request of such lenders, brokers or attorneys. Should Escrow Agent, before or after close of escrow, receive or become aware of any conflicting demands or claims with respect to this escrow; or to the rights of any of the Parties hereto; or about any money or property deposited herein, then Escrow Agent shall have the right to discontinue any or all further acts on its part until such conflict is resolved to its satisfaction, and Escrow Agent shall have the right to commence or defend any action or proceeding for the resolution of such conflict. The Parties to this escrow jointly and severally agree to pay all costs, damages, judgments and expenses, including reasonable attorney's fees, suffered or incurred by Escrow Agent in connection with, or arising out of, this escrow including, but without limiting the generality of the foregoing, a suit in interpleader initiated by Escrow Agent. In the event Escrow Agent should file a suit in interpleader, Escrow Agent shall be fully released and discharged from all obligations imposed upon it by this escrow. If for any reason funds are retained or remain in escrow, Escrow Agent shall be entitled to deduct therefrom a reasonable monthly charge of not less than $10.00 per month as an administrative fee. Time is of the essence with regard to the execution of these general escrow instructions. If Escrow Agent is unable to comply with these instructions within the time specified herein, and if additional time as is required to make an examination of the official records, Escrow Agent shall return all documents, money, or property to the party entitled thereto upon satisfactory written demand and authorization. Any amendment or supplement to these instructions must be in writing, signed by all Parties to this transaction. These escrow instructions, and any amendments thereto, may be executed in one or more counterparts, each of which independently shall have the same effect as if it were the original, and all of which taken together shall constitute one and the same instruction. Page 8 of 8 Seller's Initials 250-11