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LE, HUYN T AND NGUYEN, MY
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Last modified
10/25/2022 4:02:48 PM
Creation date
10/25/2022 4:01:49 PM
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Contracts
Company Name
LE, HUYN T AND NGUYEN, MY
Contract #
A-2022-203
Agency
Public Works
Council Approval Date
10/18/2022
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7. RIGHT OF CANCELLATION <br />Any principal instructing you to cancel this escrow shall file notice of cancellation in your office in writing. You shall, within two (2) working days <br />thereafter, deliver, one copy of such notice to each of the other principals at the addresses stated in this escrow. UNLESS <br />WRITTEN OBJECTION TO CANCELLATION IS FILED 1N YOUR OFFICE BY A PRINCIPAL WITHIN TEN (10) DAYS AFTER DATE OF <br />SUCH DELIVERY, YOU ARE AUTHORIZED TO COMPLY WITH SUCI-[ NOTICE AND DEMAND PAYMENT OF YOUR <br />CANCELLATION CHARGES. If written objection is filed, you are authorized to hold all money and instruments in this escrow and take no <br />further action until otherwise directed, either by the principals' mutual written instructions, or by final order of a court of competent jurisdiction. <br />S. PERSONAL PROPERTY <br />No examination or insurance as to the amount or payment of personal property taxes is required unless specifically requested. <br />By signing these General Provisions, the parties to the escrow hereby acknowledge that they are indemnifying the Escrow Holder against any and <br />all matters relating to any "Bulk Sales" requirements, and instruct Escrow Agent to proceed with the closing of escrow without any consideration of <br />matter of any nature whatsoever regarding "Bulk Sales" being handled through escrow. <br />9. RIGHT OF RESIGNATION <br />Escrow Holder has the right to resign upon written notice delivered to the principals herein. If such right is exercised, all funds and documents shall <br />be returned to the party who deposited them and Escrow Holder shall have no liability hereunder. <br />10. AUTHORIZATION TO EXECUTE ASSIGNMENT OF HAZARD INSURANCE POLICIES <br />Either Buyer, Seller and/or Lender may hand you the insurance agent's name mud insurance policy information, and you are to execute, on behalf of <br />the principals hereto, form assignments of interest in any insurance policy (other than title insurance) called for in this escrow, forward assignment <br />and policy to the insurance agent, requesting that the insurer consent to such transfer and/or attach a loss payable clause and/or such other <br />endorsements as may be required, and forward such policy(s) to the principals entitled thereto. It is not your responsibility to verify the information <br />handed you or the assignability of said insurance. Your sole duty is to forward said request to insurance agent at close of escrow. <br />Further, there shall be no responsibility upon the part of Escrow Holder to renew hazard insurance policy(s) upon expiration or otherwise keep it in <br />force either during or subsequent to the close of escrow. Cancellation of any existing hazard insurance policies is to be handled directly by the <br />principals, and outside of escrow. <br />11. ACTION IN INTERPLEADER <br />The principals hereto expressly agree that you, as Escrow Holder, have the absolute right at your election to file an action in interpleader requiring <br />the principals to answer and litigate their several claims and rights among themselves and you are authorized to deposit with the clerk of the court <br />all documents and fiords held in this escrow. In the event such action is filed, the principals jointly and severally agree to pay your cancellation <br />charges and costs, expenses and reasonable attorney's fees which you are required to expend or incur in such interpleader action, the amount <br />thereof to be fixed and judgment therefore to be rendered by the court. Upon the filing of such action, you shall thereupon be (idly released mid <br />discharged from all obligations imposed by the terms of this escrow or otherwise. <br />12. TERMINATION OF AGENCY OBLIGATION <br />If there is no action taken on this escrow within six (6) months after the "time limit date" as set forth in the escrow instructions or written extension <br />thereof, your agency obligation shall terminate at your option and all documents, monies or other items held by you shall be returned to the parties <br />depositing same. In the event of cancellation of this escrow, whether it be at the request of any of the principals or otherwise, the fees and charges <br />due Fidelity National Title Company, including expenditures incurred and/or authorized shall be home equally by the parties hereto (unless <br />otherwise agreed to specifically), <br />13, CONFLICTING INSTRUCTIONS <br />Upon receipt of any conflicting instructions, you are to take no action in connection with this escrow until non -conflicting instructions are received <br />from all of the principals to this escrow (subject to sections 7, 9, 11 and 12 above). <br />14. DELIVERY/RECEIPT <br />Delivery to principals as used in these instructions unless otherwise stated herein is to be by hand in person to the principal, regular mail, email or <br />fuc to any of the contact information provided in these instructions. If delivered by regular mail receipt is determined to be 72 hours after such <br />mailing. All documents, balances and statements due to the undersigned may be deliveredto the contact information shown herein. All notices, <br />change of instructions, communications and documents are to be delivered in writing to the office of Fidelity National Title Company as set forth <br />herein. <br />15. STATE/FEDERAL CODE NOTIFICATIONS <br />According to Federal Law, the Seller, when applicable, will be required to complete a sales activity report that will be utilized to generate a 1099 <br />statement to the Internal Revenue Service. <br />General Previsions Printed: l/l/0001 12:00 AM by JK <br />EI000076 (DSI Rev. 05/19/17) Page 2 <br />
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