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WORLD OIL MARKETING COMPANY (PURCHASE/SALE AGMT)
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WORLD OIL MARKETING COMPANY (PURCHASE/SALE AGMT)
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Last modified
5/18/2017 12:04:12 PM
Creation date
5/18/2017 11:47:03 AM
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Contracts
Company Name
WORLD OIL MARKETING COMPANY
Contract #
A-2017-115
Agency
PUBLIC WORKS
Council Approval Date
5/2/2017
Destruction Year
0
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EXHIBIT "B" (First American) <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. The <br />expression "close of escrow" means the date on which instruments referred to herein are filed for <br />record. All adjustments are to be made on the basis of a 30 -day month. Recordation of any <br />instruments delivered through this escrow, if necessary or proper in the issuance of a policy of <br />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 <br />any other documents deposited in this escrow to the lender or lenders, the real estate broker or <br />brokers and /or the attorney or attorneys involved in this transaction upon request of such lenders, <br />brokers or attorneys. <br />Should you before or after close of escrow receive or become aware of any conflicting demands <br />or claims with respect to this escrow or the rights of any of the parties hereto, or any money or <br />property deposited herein affected hereby, you shall have the right to discontinue any or all further <br />acts on your part until such conflict is resolved to your satisfaction, and you shall have the further <br />right to commence or defend any action or proceedings for the determination of such conflict. The <br />parties hereto jointly and severally agree to pay all costs, damages, judgments and expenses, <br />including reasonable attorney's fees, suffered or incurred by you in connection with, or arising out <br />of this escrow, including, but without limiting the generality of the foregoing, a suit in interpleader <br />brought by you. In the event you file a suit in interpleader, you shall ipso facto be fully released <br />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 <br />time specified herein and such additional time as is required to make an examination of the official <br />records, you will return all documents, money or property to the party entitled thereto upon <br />satisfactory written demand and authorization. Any amendment of and /or supplement to any <br />instructions must be in writing. The seller agrees to sell and the buyer agrees to buy the property <br />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 />EXHIBIT "B" <br />-1- <br />4833 - 3742 - 9053.3 <br />
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