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Subsidy Security Agreement And Instructions To Escrow Depository RE 643E - California

Subsidy Security Agreement And Instructions To Escrow Depository Form. This is a California form and can be used in Subdivisions Bureau Of Real Estate Statewide .
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State of California SubSidy Security Agreement And inStructionS to eScrow depoSitory -- Reg. 2792.10 RE 643E (Rev. 5/98) NAME OF OWNERS ASSOCIATION Bureau of real eState SuBdiviSionS ASSOCIATION ADDRESS, CITY, STATE, ZIP CODE NAME OF SUBDIVIDER SUBDIVIDER ADDRESS, CITY, STATE, ZIP CODE NAME OF SUBDIVISION SUBDIVISION TYPE OF SUBDIVISION BRE FILE NUMBER COUNTY NAME OF ESCROW-HOLDER ESCROW HOLDER ADDRESS, CITY, STATE, ZIP CODE ESCROW ACCOUNT NUMBER PART ONE -- SUBSIDY SECURITY AGREEMENT 1. This Subsidy Security Agreement ("Agreement") is made this ____________ day of ______________________, _____, by and between the Subdivider and the Association identified above. 2. Recitals. A. Property to Which Agreement Applies. Subdivider is the owner of certain real property described as: ________ __________________________________________________________________________________ _________ ___________________________________________________________________________________ ________ __________________________________________________________________________________ Records of _________________________________ County, California (herein "the Subdivision"). B. Public Report. Subdivider has applied for a California Bureau of Real Estate Public Report ("Public Report") covering the Subdivision. Prior to obtaining the Public Report, the Subdivider is required pursuant to the provisions of Section 2792.10 of Chapter 6, Title 10, California Code of Regulations to make and retain in full force and effect arrangements to secure the prompt and faithful performance of Subdivider's obligation to Association under Part One Paragraph 3 of this Agreement. 3. Secured Obligation. On _____________________, ______, the Subdivider and Association have entered into a written Subsidy Agreement, copy of which is attached to this Agreement as an Exhibit, wherein Subdivider has undertaken to provide goods and/or services to the Association or to pay a portion of one or more purchaser's share of the Association's financial obligations. Subdivider shall promptly and faithfully perform Subdivider's obligation to the Association under the Subsidy Agreement. 4. Security. To secure the performance of the obligation described in Part One, Paragraph 3, above, the Subdivider has procured the issuance of the: surety bond in the sum of ____________________________________________________ Dollars ($__________), to the Association, as obligee, American LegalNet, Inc. www.FormsWorkFlow.com RE 643E Page 2 of 5 letter of credit in the sum of __________________________________________________ Dollars ($__________), 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 Subdivider of Subdivider's obligations under Part One, Paragraph 3 of this Agreement, or until disbursed in accordance with the terms of the setaside letter. The Subdivider 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 Subdivider fails to perform the Subdivider'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 Subdivider under Part One, Paragraph 3 of this Agreement, and the Subdivider 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 Subdivider or from proceeds of the Security shall be credited against any claim by the Association arising out of the Subdivider's failure to perform the Subdivider's obligations under this Agreement. Upon full and final performance by Subdivider of Subdivider'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 Subdivider 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 Subdivider 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, Subdivider 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 Subdivider may assign its rights under this Agreement to a succes
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