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25C - AGMT - BRISTOL STREET CORRIDOR
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25C - AGMT - BRISTOL STREET CORRIDOR
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Last modified
1/3/2012 4:22:57 PM
Creation date
2/24/2009 3:29:50 PM
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City Clerk
Doc Type
Agenda Packet
Item #
25C
Date
3/2/2009
Destruction Year
2014
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EXHIBIT "C" <br />GENERAL ESCROW PROVISIONS <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 your general escrow accounts with any bank doing business in the <br />State of California and may be transferred to any other general escrow account or accounts. <br />The expression "close of escrow" means the perfection of title as of the date on which the <br />transferring instruments referred to herein are recorded in the Office of the Orange County <br />Recorder. All prorations made during escrow are to be made on the basis of a 360-day year <br />and a 30-day month. Recordation of any instruments delivered through this escrow, if <br />necessary or proper in the issuance of a policy of title insurance called for, is hereby authorized. <br />There shall be no prorations of any existing insurance policies in this escrow. <br />Escrow Agent is to furnish a copy of these instructions, amendments thereto, closing <br />statements and/or any other documents deposited in this escrow to the lender or lenders, the <br />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 />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 the rights of any of the parties <br />hereto, or any money or property deposited herein and affected hereby, Escrow Agent shall <br />have the right to discontinue any or all further acts on its part until such conflict is resolved to its <br />satisfaction, and Escrow Agent shall have the further right to interplead the escrow to any <br />Superior Court of competent jurisdiction, and to commence or defend any action or proceedings <br />for the determination of such conflict. The Parties hereto jointly and severally agree to pay all <br />costs, damages, judgments and expenses, including reasonable attorney's fees, suffered or <br />incurred by Escrow Agent in connection with, or arising out of this escrow, including, but without <br />limiting the generality of the foregoing, a suit in interpleader brought by Escrow Agent. In the <br />event Escrow Agent files a suit in interpleader, it shall ipso facto be fully released and <br />discharged from all obligations imposed upon it in this escrow. <br />If for any reason funds are retained or remain in escrow, you are to deduct therefrom a <br />reasonable 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 <br />time specified herein and such additional time as is required to make an examination of the <br />official records, you will return all documents, money or property to the party entitled thereto <br />upon satisfactory written demand and authorization. Any amendment of and/or supplement to <br />any instructions must be in writing. The seller agrees to sell and the buyer agrees to buy the <br />property herein described upon the terms hereof. <br />These escrow instructions, and amendments hereto, 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 />Nair 9 ~,f y <br />c~ ~. <br />~, .. - <br />Seller's Initials ~_a' ~~~~ <br />25C-13 <br />
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