Fillable Form Re 688b - Set-Aside Letter - 2000 printable pdf download

tate of

alifornia

ureau of

eal

State

uBdiviSionS

-A

Side

etter

[Regulation 2812.3]

RE 688B (New 2/00)

TO — “ESCROW HOLDER”

NAME OF ESCROW-HOLDER

ADDRESS, CITY, STATE, ZIP CODE

ON BEHALF OF — “ASSOCIATION”

NAME OF OWNERS ASSOCIATION

ADDRESS, CITY, STATE, ZIP CODE

SUBDIVISION — “SUBDIVISION”

NAME OF SUBDIVISION

COUNTY

TYPE OF SUBDIVISION

CALBRE FILE NUMBER

BORROWERS — “SUBDIVIDER”

NAME OF SUBDIVIDER

ADDRESS, CITY, STATE, ZIP CODE

For value received, we hereby agree that the amount of _______________________________________ ___________

_______________________ Dollars ($___________) (“Funds”) is irrevocably committed and set aside by us in a separate

account (No. ____________ ), under our control to secure the prompt and faithful performance of the Subdivider’s obliga-

tion to the Association under the Assessment Security Agreement provisions of the Assessment Security Agreement and

Instructions to Escrow Depository (herein “the Contract”) dated _________________________ attached hereto and made

a part hereof. This set aside letter is issued for the purpose of compliance by the Subdivider with the provisions of Section

2812.3 of Chapter 6, Title 10, California Code of Regulations.

We acknowledge that the Subdivider has granted the Association a security interest in the Funds to secure the obligation

described above. Issuer further acknowledges and agrees that the Funds cannot be used or offset to satisfy the Subdivider’s

obligations to the Issuer, if any.

This set-aside letter, together with the Agreement and the executed Escrow Instructions attached and marked Exhibit

“B,” shall be delivered to the Escrow Holder for the benefit of the Association.

This set-aside letter shall not be released or exonerated unless and until the first of the following has occurred: (i) the As-

sociation has issued a certified copy of a resolution by the governing body of the Association stating that this set-aside letter

is released and exonerated; (ii) the Limitation Period, as defined below, has expired without any suit or action having been

filed; (iii) a judgment of liability on this set-aside letter that exhausts the amount of the Funds is satisfied; or (iv) entry of a

final judgment or order by a court of competent jurisdiction determining that this set-aside letter is released and exonerated.

We shall pay to Escrow Holder an amount up to but not in excess of the funds then available for disbursement pursuant

to this letter, if Escrow Holder makes a request for such funds accompanied by a statement, purportedly signed by one of the

officers of the Escrow Holder, as follows:

“I certify that I am an officer of the Escrow Holder and that remittance to the Escrow Holder in the amount

of $_______________________________________ is hereby requested on the Set Aside Letter issued ,

_____________________ (date) by _______________________________________________ (Issuer).

This request is made in compliance with escrow instructions to Escrow Holder heretofore duly executed

and delivered to Escrow Holder Escrow, pursuant to the provisions of Section 2812.3 of Chapter 6, Title 10,

California Code of Regulations, by Subdivider ___________________________________________ ____

_________________________________________________________________ and Association ______

_____________________________________________________________________________.”

Form Re 688b - Set-Aside Letter - 2000

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