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Time-Share Assessment-Subsidy Security Agreement RE 643D - California

Time-Share Assessment-Subsidy Security Agreement Form. This is a California form and can be used in Subdivisions Bureau Of Real Estate Statewide .
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State of California Time-Share aSSeSSmenT/SubSidy SecuriTy agreemenT (B&P ยง11241) RE 643D (Rev. 6/05) NAME OF OWNERS ASSOCIATION Bureau of real eState SuBdiviSionS ASSOCIATION ADDRESS, CITY, STATE, ZIP CODE NAME OF DEVELOPER DEVELOPER ADDRESS, CITY, STATE, ZIP CODE NAME OF TIME-SHARE PLAN TIME-SHARE PLAN BRE FILE NUMBER COUNTY NAME OF ESCROW-HOLDER ESCROW HOLDER ADDRESS, CITY, STATE, ZIP CODE ESCROW ACCOUNT NUMBER PART ONE -- ASSESSMENT/SUBSIDY SECURITY AGREEMENT 1. This Assessment/Subsidy Security Agreement ("Agreement") is made this ______ day of ____________________, _____, by and between the Developer and the Association identified above. 2. Recitals A. Property to Which Agreement Applies. Developer is the owner of certain real property described as: __________ ________________________________________________________________________________ ___________ _________________________________________________________________________________ __________ ________________________________________________________________________________ Records of __ _______________________________ County, State of ___________________________ (herein "the Time-Share Plan"). B. Public Report. Developer has applied for a California Bureau of Real Estate Public Report ("Public Report") covering the Time-Share Plan. Prior to obtaining the Public Report, the Developer is required pursuant to the provisions of Section 11241 of the B&P Code to make and retain in full force and effect arrangements to secure the prompt and faithful performance of Developer's obligation to Association under Part One Paragraph 3 of this Agreement. 3. Secured Obligation (check one) Developer shall promptly and faithfully perform Developer's obligation to the Association under the Subsidy Agreement pursuant to Section 11241(a)(2). On _____________________, ______, the Developer and Association have entered into a written Subsidy Agreement, copy of which is attached to this Agreement as an Exhibit. The Developer will pay full maintenance fees for each interest owned by the Developer pursuant to Section 11241(a) (1). American LegalNet, Inc. www.FormsWorkFlow.com RE 643D Page 2 of 5 4. Security. To secure the performance of the obligation described in Part One, Paragraph 3, above, the Developer has procured the issuance of the: Surety bond in the sum of ____________________________________________________ Dollars ($__________), to the Association, as obligee, Letter of credit in the sum of __________________________________________________ Dollars ($__________), to the Escrow Holder identified above, for the benefit of the Association, Set-aside letter in the sum of _________________________________________________ Dollars ($___________) to the Escrow Holder, for the benefit of the Association, A copy of which instrument is attached to this Agreement as an Exhibit, or Cash deposit in the sum of ____________________________________________________________ Dollars ($___________) has been deposited with Escrow Holder for the benefit of the Association. The term "Security" as used in this Agreement refers to the cash deposit, surety bond, letter of credit, or set-aside letter identified above, together with any funds drawn thereunder held by the Escrow Holder. 5. Set-Aside Letter. If the Security is a set-aside letter, funds in the sum specified above ("Funds") will be retained in a separate account controlled and administered by the Issuer until full and final performance by Developer of Developer's obligations under Part One, Paragraph 3 of this Agreement, or until disbursed in accordance with the terms of the setaside letter. The Developer hereby grants the Association a security interest in the Funds to secure the performance of the obligation described in Part One, Paragraph 3, above. 6. Enforcement and Release of the Security. If the Developer fails to perform the Developer's obligation under Part One, Paragraph 3 of this Agreement, the Association shall have the right, whether through enforcement of the Security, demand upon funds drawn thereunder held by the Escrow Holder, or otherwise, to receive such sums as may be required to satisfy the obligation of the Developer under Part One, Paragraph 3 of this Agreement, and the Developer shall, without regard to any other disputes or negotiations then existing, immediately take any and all actions and execute any and all documents as may be required to cause such sums to be paid to the Association. Any amount received by the Association directly from the Developer or from proceeds of the Security shall be credited against any claim by the Association arising out of the Developer's failure to perform the Developer's obligations under this Agreement. Upon full and final performance by Developer of Developer's obligations under this Agreement, the Association shall, without regard to any other disputes or negotiations then existing, immediately take any and all actions and execute any and all documents reasonably necessary to cause the Security to be released and exonerated. 7. Provisions for Arbitration of Conflicts. In the event there is a dispute between the Developer and the Association with respect to this Agreement, or the enforcement, exoneration, or release of the Security, the issue or issues shall, at the request of either Developer or Association, be submitted to arbitration, in accordance with the Commercial Arbitration Rules of the American Arbitration Association ("AAA") before an arbitrator selected from the panels of the arbitrators of said AAA. In the event of referral to arbitration, Developer will remit the fee to initiate the arbitration. The parties agree, however, that the costs of arbitration shall ultimately be borne as determined by the arbitrator. The parties further agree to abide by the determination of the arbitrator with respect to the enforcement, exoneration or release of the Security and with respect to payment of the costs of arbitration. 8. Attorney's Fees. In any action or proceeding arising out this Agreement, the prevailing party or parties shall be entitled to reasonable attorney's fees. 9. Obligations of Parties; Assignment. This Agreement and the rights and obligations of each of the parties are personal to such parties and may not be transferred or assigned without the prior written consent of the other, except that Developer may assign its rights under this Agreement to a successor in interest as part of a transfer of the Time-Share Plan in its ent
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