Deed - 1152 Marina Blvd - File 1314, 1996

Home

ADDENDUM N1 GENERAL PROVISIONS 1. DEPOSIT OF FUNDS AM funds reoslved In this escrow shall be deposited wfth other escrow funds In a general escrow account or accounts of Escrow Holder, with any, state or national bank, whhorA any Ilabnhy for Interest, and may be transferred b any otter such gef-wal escrow account or accounts. AM disbursements than be made by check of Escrow Holder. Any o immiltmerA made In writing to Escrow Folder by a bank, trust company, Insurance company, or savings and ban association to deliver Its check or funds knto this escrow may, In 6o tots discretion of Escrow Folder, be treated as the equivalent of a deposit In this escrow of the amount thereof. Close of escrow Is subject to compliance with Insurance Code Section 12413 and 12413.5 regarding collected funds prior to close, 2. PRORA71ONS AND ADJUSTMENTS M proratlons and/or adjustments called for In this escrow are to be made on the basis of a thirty (50) dny month unless otherwise Instructed In wrfing. The phrase "close of escrow (C.O.E.) as used In this escrow means the dale on which documents we recorded and relates only to proration and/or adjustments unless otherwise specified. 3. RECORDATION OF INSTRUMENTS Recordation of any Instruments delivered through this escrow, N necessary or proper for the Issuance of the policy of title Insurance called tor, Is authorized. Recordatkrt d documents shall be construed as close of escrow, unless otherwise specified herein. 4. AUTHORIZATION TO FURNISH COPIES You are authorized to furnish copies of these Instructions, supplements, amendments, or notices of cancellations, and closing statements In this escrow, to the red satiate broker(&) and the lender(&) named In this escrow. 8. TAXES Prorate taxes out real property based on the latest available tax figures. Escrow holder shall not be concerned with, or liable for payment, adjustment or praalbn of, Supplemental Taxes aa&essed pursuant to Chapter 498. Slahutas of 1M3 ox Chapter 0.5. Revenue and Taxallon Code, Section 75 of seq., Stale of California, unless specifically reflected on the Tax Assessor's rolls. All assessments not shorn on the tax roils are to be adjusted outside of escrow. 6 RIGHT OF CANCELLATION Any principal knstructing you to cancel this escrow shall file notice of cancellation In your office, in writing and so slate the reason to cancellation. Upon receipt of such request, you then prepare cancellation Instruction for signatures of the principals and shall lorward same to the principals. Upon receipt of the mutually agreeable cancellation Instnxilons signed by all principals and after payment of your cancellation charges, you are authorized to comply with such Instruction and cancel your escrow. N mitten objection Is Filed, you are authorized to hold an money and Instruments In this escrow and take no further action until otherwise directed, elder by the principals' mutual written Instructions, or find order of a court of competent jurisdiction. 7. ACTION IN INTERPLEADER OR OTHER COURT PROCEEDINGS The principals hereto expressly agree that you, as escrow holder, have de absolute right at your election to File an action In Interpeader requiring toe principals to answer and litigate their several claims and rights among themselves and you are authorized to deposit with the clerk of the court all documents and funds held In escrow, In the event such action Is riled, the principals jointly sorts soverally, agree to pay your cancellation charges and costs, expenses and reasonable attorneys lees which you are required to expend or Incur In such Inter -pleader action, the amount thereof to be fixed and judgment therefor to be rendered by the court Upon the filing of such action, you shill thereupon be fully released and discharged from all obligations to further perform arry duties or obligations otherwise Imposed by the terms of this escrow. N you are required to respond to any legal summons or proceedings or M any action of Interpleader or declaratory relief is brought by you, we jointly and severally agree to pay ell costs, expenses, and reasonable attorney's fees expended or Incurred by you, and a Ilan Is hereby created In your company's favor to cover said hems. We agree to save you harmless as escrow holder hereunder from all loss and expense. Including reasonable attorney's lees and court costs sustained by reason of any action legal a otherwise, which may arise out of this escrow, before or after closing, notwithstanding anything In these Instructions to the contrary. 8. TERMINATION OF AGENCY OBLIGATION AND PAYMENT OF FEES AND CHARGES N here Is no action taken on this escrow within six (6) months after the "lime limit dale' as set forth in the escrow Instructions or wrhlen extension thereof, your agency obligation shall terminate at your option and all documents, monies or other Items held by you shell be returned to the parties depositing same. In the event of cancellation of this escrow, whether M be at the request of any of the principals or otherwise, the fees and charges due Escrow Holder, Including expenditures Incurred and/or authorized shall be borne equally by parties hereto (unless otherwise agreed to specincatly). 0. CONFLICTiNG INSTRUCTIONS Uppn receipt of any, conflicting Instructions other than cancellation instructions, you ere no longer obilgaled to lake any further action In connection with this escrow until further consistent Instructions are received from the principals to this escrow except as provided In paragraph 8 of these General Provisions. 10. ABANDONED OR UNCLAIMED FUNDS Any funds abandoned or remaining unclaimed after good faith efforts have berm made by Escrow Holder to return acme to the perty(iss) entitled thereto, than be assessed a holding lee of $20.00 monthly — may be withdrawn from any funds on deposit to the extent the law allows. After three years the amount thereafter remaining unclaimed may escheat to the State of Callfomia. 11. BLANKET MASTER POLICY HAZARD FIRE INSURANCE In the event subject property Is covered by a blanket master policy hazard Fire Insurance, you are to order a Certificate thereof for the buyer and order loss payabl, endorsement for Beneficiaries of Trust Deeds being recorded herein. Buyer Is aware that said Insurance is Included In the monthly maintenance lee and DOES NOT Include personal property. Should buyer desire tire Insurance on personal property, they are to obtain same outside of escrow. 12. USURY You are not to be concrned with any question of usury In any ban or encumbrance involved In the processing of this escrow and you are hereby released of any responsibllty or liability therefor. 13. Time Is declared to be of the essence of these instructions. 14. LIMITATION OF LIABILITY RE: CLERICAL OR MATHEMATICAL ERRORS In the evert that Escrow Holder shall miscalculate or en In determining applicable prorations, lender demands, or the amount of required funds from either party lot the close of escrow. such error or miscalculation shall not relieve any party from any liability such party would oherwise have had. M no such enor or miscalculation had been made. To the extent that Escrow Holder shall advance its own funds to mitigate the effects of arty ml&cnlcutntion or error, Escrow Holder shall have rlghl to Immediate reimbursement of such amounts advanced, together with Interest at the rate of 10% per annum on the amount advanced, and any attorney's toes or oolkm-Oon fees Incurred. 15. ARBITRATION Either Escrow Holder or any party to these escrow Instructions may demand arbitration pursuant to the title Insurance arbitration rules of die American Arbitration Association. Arbitrable matters may Include, but are riot Ilmhed to, any controversy or claim between Escrow Holder and any party to the escrow arising o l of or relating to these Instructions, any service of Escrow Holder In connection with Its performance of Its escrow duties. Arbitration pursuant to these Instructions and under the rules In effect on the dale the demand for arbitration Is made shrill be binding upon the parties. Any award shrill Include attorney's lees. Judgment upon toe award rendered by the arbitrator(R) may be entered In any court having jurisdiction thereof. The law of the Stale of California shall be the applicable law. A copy of the rules of the American Arbitration Association may be obtained Irom the Escrow Holder upon request. 16. Any funds held by Escrow holder after close of escrow, or after connicting demands have been made to Escrow Holder regarding the funds, of any funds abandoned or remaining unclaimed shall be assessed a holding fee of S30 per month. 17. Escrow Holder Is not a party to the unda"no Real Estate Contract- Escrow Holder accepts no responsibility to discharge conditions and obligations of the real estate oontracl. Escrow Folder will only satisfy conditions and obligations set forth In the escrow Inslnuctions prepared by Escrow Holder at the direction of the principals. 16. Escrow Holder Is hereby authorized and Instructed that, in the event Buyer or Seller utilizes 'Facslmne' transmitted signed documents or Instructions to Escrow 1lofdw (except for documents which are to be recorded which must bear original signatures), you are to rely on same Irrr all escrow Instruction rurpns*s and the rinsln0 of .... ..,... - If ,' , i. . . I.- . i e ..