Common use of Closing of Escrow Clause in Contracts

Closing of Escrow. 5.4.1 Pursuant to Section 6045 of the Internal Revenue and Taxation Code, Escrow Holder shall be designated the “closing agent” hereunder and shall be solely responsible for complying with the tax reform act of 1986 with regard to reporting all settlement information to the Internal Revenue Service. 5.4.2 Escrow Holder shall hold the Closing on the Closing Date if: (i) it has received in a timely manner all the funds and materials required to be delivered into Escrow by Buyer and Seller; and (ii) it has received assurances satisfactory to it that, effective as of the Closing, the Title Company will issue to Buyer, its standard coverage CLTA title insurance policy in the amount of the Purchase Price, insuring Buyer as the owner of the Property, subject only to the Permitted Exceptions (the “Owner’s Policy”). 5.4.3 To Close the Escrow, Escrow Holder shall: (a) Cause the Deed to be recorded and thereafter mailed to Buyer, and deliver the Owner’s Policy, ▇▇▇▇ of Sale, Assignment and Assumption Agreement (executed by Seller) and Non-Foreign Affidavit and Certificate to Buyer; and (b) Deliver to Seller the Buyer’s Reaffirmation Certificate, the Assignment and Assumption Agreement (executed by Buyer), and by wire transfer of federal funds, funds in the amount of the Purchase Price, plus or less any net debit or credit to Seller by reason of the prorations and allocations of closing costs provided for in this Agreement.

Closing of Escrow. 5.4.1 Pursuant to Section 6045 of the Internal Revenue and Taxation Code, Escrow Holder shall be designated the “"closing agent” " hereunder and shall be solely responsible for complying with the tax reform act of 1986 with regard to reporting all settlement information to the Internal Revenue Service. 5.4.2 Escrow Holder shall hold the Closing on the Closing Date if: (i) it has received in a timely manner all the funds and materials required to be delivered into Escrow by Buyer and Seller; and (ii) it has received assurances satisfactory to it that, effective as of the Closing, the Title Company will issue to Buyer, its standard coverage CLTA title insurance policy in the amount of the Purchase Price, insuring Buyer as the owner of the Property, subject only to the Permitted Exceptions (the “Owner’s Policy”"OWNER'S POLICY"). 5.4.3 To Close the Escrow, Escrow Holder shall: (a) Cause the Deed to be recorded and thereafter mailed to Buyer, and deliver the Owner’s 's Policy, ▇▇▇▇ of Sale, Assignment and Assumption Agreement (executed by Seller) and Non-Foreign Affidavit and Certificate to Buyer; and (b) Deliver to Seller the Buyer’s 's Reaffirmation Certificate, the Assignment and Assumption Agreement (executed by Buyer), and by wire transfer of federal funds, funds in the amount of the Purchase Price, plus or less any net debit or credit to Seller by reason of the prorations and allocations of closing costs provided for in this Agreement.

Closing of Escrow. 5.4.1 Pursuant to Section 6045 of the Internal Revenue and Taxation Code, Escrow Holder shall be designated the “closing agent” hereunder and shall be solely responsible for complying with the tax reform act of 1986 with regard to reporting all settlement information to the Internal Revenue Service. 5.4.2 Escrow Holder shall hold the Closing on the Closing Date if: (i) it has received in a timely manner all the funds and materials required to be delivered into Escrow by Buyer and Seller; and (ii) it has received assurances satisfactory to it that, effective as of the Closing, the Title Company will issue to Buyer, its standard coverage CLTA title insurance policy in the amount of the Purchase Price, insuring Buyer as the owner of the Property, subject only to the Permitted Exceptions (the “Owner’s Policy”). 5.4.3 To Close the Escrow, Escrow Holder shall: (a) Cause the Deed to be recorded and thereafter mailed to Buyer, and deliver the Owner’s Policy, ▇▇▇▇ of Sale, Assignment and Assumption Agreement (executed by Seller) and Non-Foreign Affidavit and Certificate (and any additional documents delivered pursuant to Section 5.1.1) to Buyer; and (b) Deliver to Seller the Buyer’s Reaffirmation Certificate, the Assignment and Assumption Agreement (executed by Buyer), and by wire transfer of federal funds, funds in the amount of the Purchase Price, plus or less any net debit or credit to Seller by reason of the prorations and allocations of closing costs provided for in this Agreement.

Closing of Escrow. 5.4.1 Pursuant to Section 6045 of the Internal Revenue and Taxation Code, Escrow Holder shall be designated the “closing agent” hereunder and shall be solely responsible for complying with the tax reform act of 1986 with regard to reporting all settlement information to the Internal Revenue Service. 5.4.2 Escrow Holder shall hold the Closing on the Closing Date if: (i) it has received in a timely manner all the funds and materials required to be delivered into Escrow by Buyer and Seller; and (ii) it has received assurances satisfactory to it that, effective as of the Closing, the Title Company will issue to Buyer, Buyer its standard coverage CLTA title insurance policy in the amount of the Purchase Price, insuring Buyer as the owner of the Property, subject only to the Permitted Exceptions other than any encumbrance created by an act or omission of Buyer (the “"Owner’s 's Policy”"). 5.4.3 5.4.2 To Close the Escrow, Escrow Holder shall: (a) Cause the Deed to be recorded and thereafter mailed to Buyer, and deliver the Owner’s 's Policy, ▇▇▇▇ Bill of Sale, Assignment and Assignme▇▇ ▇nd Assumption Agreement (executed by Seller) and Agreement, Non-Foreign Affidavit and Withholding Certificate to Buyer; and; (b) Deliver to Seller the Buyer’s Reaffirmation CertificateBill of Sale, the Assignment Assi▇▇▇▇nt and Assumption Agreement (executed by Buyer), and by wire transfer of federal funds, funds in the amount of the Purchase Price, plus or less any net debit or credit to Seller by reason of the prorations and allocations of closing costs provided for in this Agreement; (c) Cause the Title Company to issue the Owner=s Policy to Buyer; and (d) Mail the Tenant Notices to all tenants of the Property.