Va Form 26-1849 - Escrow Agreement For Postponed Exterior Onsite Improvements
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4OMB Approved No. 2900-0320
Respondent Burden: 30 Minutes
ESCROW AGREEMENT
FOR POSTPONED EXTERIOR ONSITE IMPROVEMENTS
(This agreement is authorized by law (38 U.S.C. 210). While you are not required to execute this
agreement, your cooperation is needed to enable the veteran-purchaser(s) to obtain immediate
occupancy of the home(s).)
This agreement made this
day of
,
, by and between
, (hereinafter called "Seller") party of the first part,
, (hereinafter called "Lender") party of the second part, and
, (hereinafter called "Escrow Agent") party of the third part;
WITNESSETH:
Whereas the above named Seller has constructed, is constructing, or selling certain residential housing unit(s) in
, County of
, State of
identified as (Name of Project, if applicable)
, and has obtained a Certificate(s) of
Reasonable Value from the Department of Veterans Affairs on the housing units in the project in the respective amount(s) as follows:
Address
Lot No.
Name of Veteran-Purchaser
R.V. Est. By VA
Sales Price
and
Whereas said Certificates of Reasonable Value were obtained to enable the Seller to sell said properties to veterans eligible to purchase
same with the proceeds of the loan(s) to be made under Title 38, United States Code, and the Regulations issued by the Secretary of
Veterans Affairs thereunder; and
Whereas said Title and Regulations require that the amount of the loan to be obtained by the veteran (exclusive of the amount of the
funding fee, if any, included in the loan) for the purchase of such property or for the cost of construction, repairs or alterations, may not
exceed the reasonable value as determined by the Department of Veterans Affairs; and
Whereas the designated appraiser(s) have established the aforesaid Reasonable Value estimates predicated on the completion of certain
offsite and exterior onsite improvements as described in the plans, specifications, and other data on file with the Department of Veterans
Affairs; and
Whereas, Seller, due to conditions beyond its control, at this time is unable to complete certain of said improvements as set forth below,
but intends to complete said improvements in accordance with the plans and specifications on file with the Department of Veterans
Affairs; and
Whereas the said Lender on account of the necessary postponement of the aforesaid onsite improvements will not complete actual
disbursement of the loan(s) to the above mentioned eligible veteran(s) until after completion of the said improvement(s) and will thereby
be unable to obtain certificates(s) of guaranty with respect thereto, with the consequence that the purchaser(s) will be unable to obtain
immediate occupancy of the home(s).
NOW, THEREFORE, for and in consideration of the premises hereinabove set forth and in order to make possible the immediate
delivery of possession of said property(s) to the veteran-purchaser(s) hereinabove named and at the same time assure the satisfactory
completion of said postponed improvement(s), and in order to permit the Department of Veterans Affairs to issue guaranty based on the
entire amount of the loan(s) to be disbursed by the said Lender on behalf of the said veteran-purchaser(s), the parties hereto agree as
follows:
1. The Seller convenants and agrees to complete the improvement(s) enumerated below on or before the
day
of
,
, or such subsequent date as may hereafter be approved, in writing, by the Department of Veterans
Affairs, the said work to be completed by the Seller and in accordance with the requirements of the Certificate of Reasonable Value,
the plans and specifications, VA Minimum Property Standards and the requirements of the local governmental authorities having
jurisdiction. If the VA requirements and the local requirements are not in conformity, the higher requirements of the two shall govern.
2. The Seller agrees to pay for all labor and material necessary to complete the work and improvements.
3. The Seller additionally agrees to be personally liable to the veteran-purchasers for the satisfactory completion of the work free and
clear of all liens, and that this undertaking is additional to and not in lieu of the Seller's express convenant with the Lender.
4. A. Cash Escrow
The Seller herewith deposits with the Escrow Agent, and the Escrow Agent acknowledges receipt of the sum of
($)
which said sum shall be held by the Escrow Agent and disbursed as follows:
(1) In the event the Seller completes the work and improvements in full accordance with the plans and specifications referred to
above and upon Seller presenting to the Escrow Agent satisfactory evidence to assure that no mechanics' liens are outstanding or can
attach on account of such work and/or improvements, the Escrow Agent shall thereupon pay to the Seller the sum deposited, or such
lesser sum as the Loan Guaranty Officer may have approved, without interest, provided the Escrow Agent is in receipt of advice from the
Loan Guaranty Officer of the Department of Veterans Affairs that the improvements have been satisfactorily completed.
(2) In the event the Seller fails to complete all or any part of the improvements specified herein in full accordance with the said
plans and specifications on or before the date specified in Paragraph 1 hereof, the Lender, with the approval of the Loan Guaranty Officer
of the Department of Veterans Affairs, shall have the right to enter into a contract with any third party for the completion of such part of
the work as the Seller has failed adequately to perform. In such event the Escrow Agent shall pay over, at the joint direction of the
Lender and the Loan Guaranty Officer, all or any part of the escrowed funds in such amounts and to such persons as may be specified in
such joint direction. The Seller hereby releases the Lender from any liability whatsoever to pay over or account for all or such part of the
funds deposited hereunder as may be expended at the joint direction of the Lender and the Loan Guaranty Officer as provided herein.
VA FORM
EXISTING STOCKS OF VA FORM 26-1849,
26-1849
MAY 2005
APR 1999, WILL BE USED.
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