HomeMy WebLinkAboutAttachment No. 4 Escrow InstructionsAttachment No. 4
ESCROW INSTRUCTIONS
(Plaza Manor Loan Repayment)
December , 2013
TO: First American Title Company
1250 Corona Pointe Court, Suite 201
Corona, CA 92879
Attn:
Order No. NHSC-4349486 (50)
1. Opening of Escrow. The Community Development Commission -Housing Authority of the
City of National City ("CDC -HA") has been advised that Summercrest Apartments, L.P., a
Delaware limited partnership ("Summercrest") has opened the above -referenced escrow
("Escrow") with First American Title Company ("Escrow Agent") and hereby authorize and
instruct Escrow Agent as set forth herein. In the event any date, deadline or due date set forth in
these Escrow Instructions falls on a day that is not a "business day," then such deadline or due date
shall automatically be extended to the next business day. Any capitalized term that is not defined
in these Escrow Instructions shall have the meaning set forth in the Grant Agreement, as defined
below. In the event of a conflict between any term or provision of the Grant Agreement and any
term or provision of these Escrow Instructions, the term or provision of these Escrow Instructions
shall control.
2. Deposit of Documents. Enclosed herewith are the following documents:
(a) Assignment and Assumption of Declaration of Covenants and Restrictions (Tenant
Restrictions and Deed of Trust ("Assumption Agreement"), to be executed by the Purchaser and
Plaza Manor Preservation, L.P., a California limited partnership.
(b) Amendment to Deed of Trust (Plaza Manor) executed by the CDC -HA and to be
executed by the Purchaser.
(c) Subordination Agreement executed by the CDC -HA and to be executed by
Citibank, N.A., a national banking association.
3. Conditions to Closing. Escrow Agent may close the Escrow as set forth in Section 4 of
these 4 Escrow Instructions, when, and only when all conditions to Closing set forth in this Section
3 are satisfied:
(a) All parties required to sign the Assumption Agreement, Amendment to Deed of
Trust and Subordination Agreement have submitted original signature pages (notarized where
necessary) to Escrow Agent.
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Attachment No. 4
(b) Escrow Agent has received, and is prepared to deliver to the CDC -HA $ ,
as payment -in -full of the "Note," as defined in the deed of trust, which is being amended by the
Amendment to Deed of Trust.
(c) Escrow Agent is prepared and obligated to issue or cause to be issued in the CDC -
HA favor, a California Land Title Association lender's policy in the amount of $100,000.00,
insuring that title to the property as defined in that certain Project Deed of Trust, dated December
21, 2001, and recorded in the Office of the Recorder of San Diego County on June 19, 2002, as
Instrument No. 2002-0518423 ("Deed of Trust"), is vested in the Summercrest and that the Deed
of Trust is an encumbrance against such property that is subject and subordinate only to: (i) the
deed of trust and instruments securing a loan to Summercrest from Citibank, N.A., a national
banking association, as more particularly set forth in the Subordination Agreement; and (ii) items
1, 3-16 and 18-19a shown as exceptions to coverage on that certain Preliminary Report, issued by
you, Order Number NHSC-4349486 (50), dated July 31, 2013.
4. Procedure for Closing. Once all of the conditions set forth in Section 3, above, have been
satisfied, Escrow Agent shall close the Escrow as set forth in this Section 4, by:
(a) Recording the Assumption Agreement, Amendment to Deed of Trust and
Subordination Agreement in the Office of the Recorder of San Diego County.
(b) Issuing the California Land Title Association lender's policy described in Section
3(c), above, to the CDC -HA.
(c) Disbursing $
to the CDC -HA.
5. Escrow Fees and Costs Paid by Summercrest. All Escrow fees and costs charged by the
Escrow Agent for escrow services shall be paid by Summercrest.
6. Delivery of Funds, Instruments and Documents. All funds that are to be disbursed or
delivered to the CDC -HA shall be delivered as provided in wiring instructions from the CDC -HA.
All notices, instruments and documents that are to be delivered by Escrow Agent to the CDC -HA
shall be personally delivered or mailed to the CDC -HA at:
Community Development Commission -
Housing Authority of the City of National City
140 East 12th Street, Suite B
National City, CA 91950
Attn: Executive Director
7. Sole Instructions; Amendment. These Escrow Instructions constitute the complete and
only escrow instructions of the CDC -HA and shall revoke and supersede any prior oral or written
instructions Escrow Agent may have received from the CDC -HA. The CDC -HA may revoke,
cancel, waive, amend, supplement or permit deviations from, any term or condition of these
Escrow Instructions in writing or by email. Any purported oral revocation, cancellation, waiver,
amendment, supplement or deviation of these Escrow Instructions, shall be ineffective and invalid.
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Attachment No. 4
CDC -HA:
Community Development Commission -Housing Authority of the City of National City
By:
Brad Raulston, Executive Director
Approved as to Form:
By:
Claudia Gacitua Silva
General Counsel
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