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[Regulation 2792.9]
RE 688A (Rev. 5/98)
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
2792.9 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 2792.9 of Chapter 6, Title 10,
California Code of Regulations, by Subdivider ___________________________________________ ____
_________________________________________________________________ and Association ______
_____________________________________________________________________________.”