My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
SA 2017-001
Clerk
>
Resolutions
>
SUCCESOR AGENCY (formerly known as Community Redevelopment Agency)
>
2017
>
SA 2017-001
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/8/2018 12:31:01 PM
Creation date
1/3/2018 9:30:24 AM
Metadata
Fields
Template:
City Clerk
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
34
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
EXHIBIT A TO EXHIBIT 4 <br />available and either party hereto shall be entitled to an adjustment to correct the same. Any corrected or <br />adjustment proration shall be paid promptly in cash to the party entitled thereto. <br />(b) In the event Seller does not qualify for an exemption from California <br />withholding tax under Section 18662 of the California Revenue and Taxation Code (the "Tax Code") <br />as evidenced by the delivery to Escrow Holder for release to Buyer at Closing of the California <br />Exemption Certificate duly executed by Seller, (i) Title Company shall withhold three and one-third <br />percent (3-1/3%) of the Purchase Price on behalf of Buyer at Closing for payment to the California <br />Franchise Tax Board in accordance with the Tax Code, (ii) Seller shall deliver three (3) duly executed <br />copies of California Form 593 to Title Company at or immediately after Closing, (iii) two (2) copies <br />of California Form 593 shall be delivered by Title Company to Buyer, and (iv) on or before the 20th <br />day of the month following the month title to the Real Property is transferred to Buyer (as evidenced <br />by the recording of the Grant Deed), Title Company shall remit such funds withheld from the Purchase <br />Price, together with one (1) copy of California Form 593 to the California Franchise Tax Board on <br />behalf of Buyer. Buyer and Seller hereby appoint Title Company as a reporting entity under the Tax <br />Code, authorized to withhold and remit the withholding tax contemplated under the Tax Code, together <br />with such other documents required by the Tax Code (including, without limitation, California Form <br />593), to the California Franchise Tax Board. <br />12. Closing Procedure. When the Title Company is unconditionally prepared (subject to <br />payment of the premium therefor) to issue the Buyer's Title Policy and all required documents and funds <br />have been deposited with Escrow Holder, Escrow Holder shall immediately close Escrow in the <br />manner and order provided below. <br />(a) Recording. Escrow Holder shall cause the Deed to be recorded pursuant to <br />applicable law in the county in which the Real Property is located and obtain conformed copies thereof <br />for distribution to Buyer and Seller. <br />(b) Disburse Funds. Escrow Holder shall debit or credit (as provided herein) all <br />Buyer's Costs and Debited Amounts, Seller's Costs and Debited Amounts and General Expenses, <br />prorate matters and withhold funds as provided herein. The Purchase Price, less any applicable debits <br />or credits (including any liens as to which such liens and the amount to satisfy such liens shall have <br />been confirmed in writing by Seller to Escrow Holder) shall be distributed by check payable to Seller <br />unless Escrow Holder is instructed otherwise in writing signed by Seller (and, in such event, in <br />accordance with such instructions). Seller authorizes Escrow Holder to request demands for payment <br />and to make such payments from the Purchase Price (or such other funds, if any, as are advanced by <br />Seller) to defray the cost of removing deeds of trust, liens and other encumbrances (but not for <br />obligations of Buyer). Escrow Holder shall disburse on behalf of Buyer such moneys as are deposited <br />by Buyer (in addition to the Purchase Price and Buyer's share of closing costs) as the commission for <br />Buyer's real estate broker, if any (unless Buyer's real estate broker shall deliver a written statement to <br />Escrow Holder which indicates that Buyer has arranged to pay Buyer's Real Estate Broker outside <br />escrow and that payment of such remuneration is a matter with respect to which Escrow Holder and <br />Seller need not be concerned). <br />(c) Documents to Seller. Escrow Holder shall deliver to Seller a conformed copy <br />of the Deed, and documents, if any, recorded on behalf of any lender, as duly recorded among the <br />official land records of the County of Orange, and a copy of each other document (or copies thereof) <br />deposited into Escrow by Buyer pursuanthereto. <br />13 <br />
The URL can be used to link to this page
Your browser does not support the video tag.