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8N Consent 2008 0902
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8N Consent 2008 0902
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Last modified
8/29/2008 9:33:58 AM
Creation date
8/29/2008 9:33:56 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/2/2008
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PERM
Document Relationships
_CC Agenda 2008 0902
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0902
RDA Reso 2008-023
(Reference)
Path:
\City Clerk\City Council\Resolutions\2008
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NOTICE <br />DEPOSIT OF FUNDS AND DISBURSEMENT DISCLOSURE <br />Unless you elect otherwise (as described below), all funds received by PLACER TITLE COMPANY <br />(the "Company") in escrow will be deposited with other escrow funds in one or more non-interest bearing escrow accounts <br />of the Company in a financial institution selected by the Company. The depositor acknowledges that the deposit of funds <br />in anon-interest bearing demand account by Escrow Holder may result in said company receiving a range of economic benefits <br />from the bank in the form of services, credits, considerations, or other things of value. The depositor hereby specifically <br />waives any claim to such economic benefits payable to Escrow Holder resulting from non-interest bearing deposits. Unless <br />you direct the Company to open aninterest-bearing account (as described below), the Company shall have no obligation to <br />account to you in any manner for the value of, or to compensate any party for, any benefit received by the Company and/or its <br />affiliated company. Any such benefits shall be deemed additional compensation of the Company for its services in connection <br />with the escrow. <br />If you elect, funds deposited by you prior to the close of escrow may be placed in an individual interest-bearing account <br />arrangement that the Company has established with one of its financial institutions. You do not have an opportunity to earn <br />interest on the funds deposited by a lender. If you elect to earn interest through this special account arrangement, the <br />Company will charge you an additional fee of $50.00 for the establishment and maintenance of the account. This fee <br />compensates the Company for the costs associated with opening and managing the interest-bearing account, preparing <br />correspondence/documentation, transferring funds, maintaining appropriate records for audit/reconciliafion purposes, and <br />filing any required tax withholding statements. It is important that you consider this cost in your decision since the cost <br />may exceed the interest you earn. <br />Funds deposited in an interest-bearing account will be withdrawn from such account and deposited in the Company's general <br />escrow trust account approximately two business days prior to the scheduled close of escrow or other disbursement of such <br />funds. If you wish to have your funds placed in an interest bearing account (with an accompanying charge of $50.00), <br />please mark below, sign and return this form to your escrow officer. In addition, you must complete and return IRS Form <br />W-9. If you do not not want to have your funds deposited in an interest-bearing account, you do not need to sign or return this <br />notice and the Company will understand you to have elected to have your funds deposited in anon-interest bearing account. <br />If you change your mind and later wish to have your funds placed in an interest-bearing account, please contact your escrow <br />officer. <br />The funds you deposit are insured only to the limit provided by the Federal Deposit Insurance Corporation. <br />^ PLEASE CONSIDER THIS MY/OUR INSTRUCTION TO PLACE MY/OUR DEPOSIT(S) IN <br />A SEGREGATED, INTEREST-BEARING ACCOUNT. I/WE UNDERSTAND THAT AN ADDITIONAL <br />FEE OF $50.00 WILL BE CHARGED FOR THIS SERVICE. UWE HAVE READ AND UNDERSTAND <br />ALL OF THE ABOVE INFORMATION. <br />Signature Social Security Number Date <br />Signature <br />Social Security Number Date <br />DEP03IT.NOTICL (J/2006) <br />
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