Va Form 26-1849 - Escrow Agreement For Postponed Exterior Onsite Improvements Page 2
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4(3) In the event the Lender, pursuant to the provisions of paragraph (2) hereof, proceeds to complete any of the uncompleted
improvements, the Seller hereby irrevocably authorizes and empowers the Lender, its agents, employees, contractors and laborers to
enter into and upon said premises for the purpose of carrying such work and improvements to completion and further authorizes and
empowers the Lender to take charge of the property affected and all lands belonging to the Seller appurtenant thereto and which are a
part of the total project as described and proposed in the loan application, loan report, plans and specifications, or other papers on file
with the Department of Veterans Affairs and all equipment, material and appliances of the Seller located thereon and in the name of the
Seller as an attorney-in-fact, to call upon and require all persons under contract with the Seller to do the work and supply the materials
necessary for the completion of the work and improvements to perform under their contracts. Subject to the prior approval of the
Department of Veterans Affairs, the Lender in so doing is empowered to make such changes, alterations, additions, or modifications as
it deems to be necessary or expedient. Any unexpended balance of the sum deposited herewith after completion of any work or
improvements undertaken pursuant to paragraphs (2) and (3) hereof and the approval thereof by the Department of Veterans Affairs shall
be paid by the Escrow Agent to the Seller without interest, at the joint direction of the Lender and the Department of Veterans Affairs.
(4) In the event the sum herewith deposited proves insufficient for any reason to effectuate completion of said work and
improvements by the Lender, the said Lender shall make demands upon the Seller to deposit the additional sum needed to effect its
completion and the Seller hereby agrees to supply to the Lender any and all sums needed over and above the amount of this deposit to
complete said work and improvements.
B. Commercial Letter of Credit
In Lieu of cash escrow, the Seller herewith furnishes the Escrow Agent, and said Agent acknowledges the receipt thereof, an
)
irrevocable Letter of Credit (No.
drawn upon the
, a commercial banking institution, for the account of
identified as
Seller herein, which said Letter of Credit is payable to said Agent in the amount of $
and the terms of
which are by reference thereto hereby incorporated herein and made a part hereof and which letter shall be drawn on by the Agent in
accordance with its terms, and which said Letter of Credit shall hereinafter be referred to as the "Fund".
The Escrow Agent further acknowledges that the Escrow Agent has examined the said Letter of Credit and as a result of such
examination has determined that the said Letter of Credit is a valid and binding obligation of the said issuing bank in accordance with
the terms of said Letter of Credit; and
Escrow Agent further acknowledges the receipt of opinions of the General Counsel of the issuing bank and the General Counsel of
Escrow Agent, which are attached hereto and made a part hereof, which opinions state that the Letter of Credit has been examined, that
the issuance of said Letter of Credit is within the authority of the issuing bank, and that the Letter of Credit is a valid and binding
obligation of the issuing bank.
(1) Escrow Agent agrees that upon completion by Seller of a part or all of the construction in accordance with the plans and
specifications referred to above and upon Seller presenting to "Escrow Agent" satisfactory evidence to assure that no mechanics'
liens are outstanding or can attach on account of such work and improvements, Escrow Agent shall, upon receipt of written approval of
or part thereof without interest
such completed work from the Loan Guaranty Officer, return said "Fund" of $
to Seller.
(2) In the event Seller fails to complete or cause to be completed the improvements specified herein, and fails to deliver to Escrow
Agent the written approval of said work by the Department of Veterans Affairs, Escrow Agent shall, upon receiving written approval
from the Loan Guaranty Officer, proceed to complete the said work and pay the cost thereof, including all costs and charges of Escrow
Agent, from monies derived from the "Fund" deposited with it pursuant to paragraph 4B of this agreement and for this purpose Seller
hereby irrevocably authorizes and empowers Escrow Agent to do and perform for it, the Seller, and in its name, place and stead, all
matters and things which Escrow Agent shall in its judgment deem necessary and proper to be done to effectuate the completion of the
said work and to apply monies derived from said "Fund" to the payment of debts contracted or incurred for work done or for materials
furnished therefor, or either, in and about said work and for all expenses, costs and charges in connection therewith, and for Escrow
Agent so doing, this warrant of attorney shall be its full and sufficient authority and the orders so given and signed by Escrow Agent as
attorney-in-fact shall be good and sufficient vouchers for all payments made by virtue thereof. Further, in such event Seller hereby
irrevocably authorizes and empowers Escrow Agent to enter into and upon the said premises and take charge thereof, together with all
materials and appliances thereunto belonging, and thereupon in the name of the Seller, as its attorney-in-fact, to call upon and require
the several contractors to proceed to complete the said work and to do whatsoever, in Escrow Agent's judgment, it
shall deem necessary be done to secure the completion of the said work in accordance with the plans and specifications referred to
above subject to the prior approval of the Department of Veterans Affairs.
(3) Escrow Agent agrees that in the event the work is completed by Escrow Agent in accordance with the provisions hereof and
written approval of said work is given by the Department of Veterans Affairs, any unexpended balance of the sum of money deposited
with the Escrow Agent, pursuant to paragraph 4B of this agreement, shall thereupon be returned by Escrow Agent to Seller without
interest.
(4) Seller agrees that in the event the sum herewith deposited proves insufficient for any reason to effectuate completion of said
work and improvements by Escrow Agent, the Escrow Agent may make demands upon Seller to deposit any additional sum needed to
effect its completion and Seller hereby agrees to supply Escrow Agent any and all sums needed over and above the amount of this
deposit to complete said work and improvements.
(5) Seller agrees that it is personally liable to purchasers of such dwellings for the satisfactory completion of the improvements free
and clear of all liens and that this undertaking is additional to and not in lieu of the Seller's express covenant with the agent.
5. It is the intention of the parties that this Agreement is made for the benefit of the Lender and of the veteran (owner) subject to
approval of the Department of Veterans Affairs either of which shall have the right to enforce the provisions hereof, and that the Escrow
Agent in the execution thereof shall act solely on the request and instructions of the Lender and the Department of Veterans Affairs as
specified herein with respect to all sums deposited hereunder; and for so doing the Seller hereby expressly releases and relieves the
Escrow Agent of any and all liability or claim of any nature.
6. The Escrow Agent shall have a prior lien on the funds deposited herewith for any costs, including court costs and reasonable
attorney's fees, which may be incurred by it consequent upon its being made a party to any legal or equitable proceeding which is
brought by any of the parties hereto, the Department of Veterans Affairs, or any veteran(s) named above concerning the disposition of
the funds held hereunder.
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