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 ALTA extended coverage (Form 1970) 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 to Buyer the Owner's Policy, Bill of Sale, Assign▇▇▇▇ and Assumption Agreement (executed by Seller), Non-Foreign Affidavit to, original Leases, original Contracts, Notice, Seller's Reaffirmation Certificate and all other documents delivered to Escrow Holder pursuant to Sections 5.1.1(h) and (i). (b) Deliver to Seller the 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, and less the Deposit, to the extent previously released to Seller.

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 an ALTA extended coverage owner's policy of title insurance (Form 19701970b) title insurance policy including such endorsements as Buyer may request, 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"). In no event may the Owner's Policy contain a creditor's rights exception. Buyer shall satisfy itself as to the necessary coverage and endorsements that the Owner's Policy shall contain prior to the Decision Date, and, unless the Title Company refuses to issue the Owner's Policy in the form the Title Company shall have approved prior to the 50 Decision Date, Buyer shall not be excused from its obligation hereunder by reason of the coverage and endorsements in the Owner's Policy. 5.4.3 To Close the Escrow, Escrow Holder shall: (a) Cause the Deed to be recorded in the Official Records of San Diego County, California and thereafter mailed to Buyer, and deliver to Buyer the Owner's Policy, Bill of Sale, Assign▇▇▇▇ of Sale, Assignment and Assumption Agreement (executed by Seller), Non-Foreign Affidavit to, original Leases, original Contracts, NoticeAgreement, Seller's Reaffirmation Certificate Certificate, and Non-Foreign Affidavit, and any funds remaining in the Escrow after all other documents delivered title and escrow charges have been paid and after Seller has received the Purchase Price, as adjusted by reason of the prorations and allocations of closing costs provided for in this Agreement, to Escrow Holder pursuant to Sections 5.1.1(h) and (i).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, and less the Deposit, to the extent previously released to Seller.

Closing of Escrow. 5.4.1 Pursuant Provided you have received the funds and documents that are to Section 6045 of the Internal Revenue and Taxation Code, Escrow Holder shall be designated the "closing agent" delivered to you hereunder and shall be solely responsible are able to procure the policy of title insurance provided for complying with in Paragraph 7, you are authorized and instructed to close 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 by simultaneously doing 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 ALTA extended coverage (Form 1970) 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 shallfollowing: (a) Cause Inserting into the appropriate spaces in the Grant Deed (to be recorded and thereafter mailed to Buyer, and deliver to Buyer the Owner's Policy, Bill of Sale, Assign▇▇▇▇ and Assumption Agreement (executed by Seller), Non-Foreign Affidavit to, original Leases, original Contracts, Notice, Seller's Reaffirmation Certificate and all other documents extent not already inserted when the Grant Deed is delivered to Escrow Holder you) the name of Buyer or any nominee named by Buyer pursuant to Sections 5.1.1(h) and (i).Paragraph 5; (b) Deliver Recording the Grant Deed and causing the same to be delivered to the grantee(s) thereunder; (c) Delivering to Seller the Reaffirmation Certificateyour check (or wire- transferring funds as directed by Seller, the Assignment and Assumption Agreement if so requested by Seller, with any necessary information required in connection therewith being furnished to you by Seller) in an amount equal to (executed by Buyeri) and by wire transfer of federal funds, funds in the amount of the Purchase Price, plus (ii) the amount of any other credits to the escrow account of Seller which are provided for herein or otherwise made by you hereunder, less only (iii) the amount of any charges to the escrow account of Seller which are expressly provided for herein. You are hereby instructed to issue and deliver separate checks to Mac Donald Construction and the Trust. The net debit or credit proceeds of Escrow shall be allocated between Mac Donald Construction and the Trust in proportion to Seller their respective percentage interests in the Subject Property. However, all funds needed to pay the balance (principal and interest) owed to IBG Palm Associates under its note secured by reason deed of trust covering the Subject Property shall be charged solely against that portion of the prorations proceeds due Mac Donald Construction and allocations the Trust shall bear none of closing costs the cost of such note; (d) Returning to Buyer funds equal to the amount of any unapplied credit remaining in Buyer's escrow account hereunder; and (e) Delivering to Buyer the original of the policy of title insurance provided for in this Agreement, and less herein (after the Deposit, to the extent previously released to Sellersame shall have been issued).