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Time-Share Purchase Money Security-Instructions RE 600F - California

Time-Share Purchase Money Security-Instructions Form. This is a California form and can be used in Subdivisions Bureau Of Real Estate Statewide .
 Fillable pdf Last Modified 7/17/2013
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State of California Time-Share PurchaSe money SecuriTy/inSTrucTionS [ยง11243/11244] RE 600F (New 5/05) NAME OF DEVELOPER Bureau of real eState SuBdiviSionS DEVELOPER ADDRESS, CITY, STATE, ZIP CODE NAME OF DEPOSITORY DEPOSITORY Bureau of Real Estate 320 W. 4th Street, Suite 350, Los Angeles, CA 90013-1105 PART ONE -- PURCHASE MONEY SECURITY DECLARATION ADDRESS, CITY, STATE, ZIP CODE 1. This Purchase Money Security Declaration ("Declaration") is made this __________ day of ______________________, _____, by the Developer identified above. 2. Recitals. A. Developer is engaged in the sale or lease or offering for sale or lease of lots, units or parcels in the time-share plan described in Exhibit "A" attached hereto and made a part hereof, and such additional time-share plan as the Developer may hereafter designate in amendments to Exhibit "A" ("time-share plan"). In the course of the sale or lease of the time-share plan, Developer must comply with the provisions of Section 11243 or 11244 of the California Business and Professions Code ("the Code"); and B. Developer has elected to comply with the provisions of Sections 11243 and 11244 of the Code by establishing the Security described below for the benefit and protection of each and every purchaser or lessee of any time-share interests within the time-share plan ("the purchaser"). 3. Secured Obligation. In the course of every purchase or lease, which is subject to the provisions of Sections 11243 or 11244 of the Code, of a time-share interest, Developer shall take one of the following actions: A. Developer shall forthwith deposit the entire sum of money paid or advanced by the purchaser into an escrow depository theretofore accepted by the Commissioner, which escrow has agreed to hold and disburse said monies in compliance with Section 11243 or Section 11244 of the Code, as applicable; or B. Developer shall complete all property improvements in compliance with Section 11243(b) of the Code or provide acceptable property completion security in compliance with Section 11230(a) of the Code, and deliver the legal title or other interest contracted for, whether it be title of record or other interest, to the purchaser within the time specified in the contract to sell or lease or any extension thereof and obtain a proper release from any blanket encumbrance affecting said purchaser's time-share interests; or C. If said monies have not been deposited in escrow as provided in (A) above or said legal title or other interest contracted for has not been delivered as provided in (B) above, Developer shall forthwith return the monies so paid or advanced. 4. Security. To secure the performance of the obligation described in Part One, Paragraph 3, above, the Developer has procured the issuance of the: A. Surety bond in the sum of ____________________________________________________ Dollars ($__________), to the State of California, as obligee, The term "Security" as used in this Declaration refers to the surety bond identified above, together with any funds drawn thereunder held by the Depository. 5. Enforcement and Release of the Security. If the Developer fails to perform the Developer's obligation under Part One, Paragraph 3 of this Declaration, each and every purchaser damaged by such failure shall have the right, whether through enforcement of the Security, demand upon funds drawn thereunder held by the Depository, or otherwise, to receive such sums as may be required to satisfy the obligation of the Developer to such purchaser under Part One, Paragraph 3 of this Declaration, and the Developer shall, without regard to any other disputes or negotiations then existing, immediately American LegalNet, Inc. www.FormsWorkFlow.com RE 600F Page 2 of 3 take any and all actions and execute any and all documents as may be required to cause such sums to be paid to such purchaser. Any amount received by such purchaser directly from the Developer or from proceeds of the Security shall be credited against any claim by such purchaser arising out of the Developer's failure to perform the Developer's obligations under this Declaration. 6. Provisions for Arbitration of Conflicts. In the event there is a dispute between the Developer and any purchaser with respect to this Declaration or the enforcement, exoneration, or release of the Security, the issue or issues shall, at the request of either Developer or the purchaser, 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, however the costs of arbitration shall ultimately be borne as determined by the arbitrator. The Developer and the purchaser shall 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. 7. Attorney's Fees. In any action or proceeding arising out of this Declaration, the prevailing party or parties shall be entitled to reasonable attorney's fees. 8. Assignment. Developer may assign its rights under this Declaration to the Issuer of the Security. Such assignment does not make the assignee liable for any of Developer's obligations pursuant to this Declaration, unless such obligations have been specifically assumed by the assignee in writing. 9. Binding Upon Successors. This Declaration and the rights and duties of parties in interest thereof shall be binding upon and shall inure to the benefit of the successors in interest, and assigns of the respective parties. 10. Laws of California. This Declaration shall be construed and governed by the laws of the State of California. PART TWO -- INSTRUCTIONS TO DEPOSITORY This constitutes instructions by the Developer to the Depository, which instructions are irrevocable except as modified by the addition of time-share plan by amendments to Exhibit "A." Depository hereby acknowledges receipt of the surety bond described in Part One, Paragraph 4 of the foregoing Declaration. The term "Security" as used in these instructions refers to the cash deposit, surety bond, letter of credit, or set-aside letter, together with any funds drawn thereunder held by the Depository pursuant to these instructions. The term "Claimant" as used in these instructions refers to each and every person who has filed a ver
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