OPA: Grimshaw House - City of Anaheim

Policy;
(G) within the discretion of the Escrow Agent, direct Developer and
Agency to execute and deliver any instrument, affidavit or
statement, and to perform any act reasonably necessary to comply
with the provisions of FIRPTA and any similar state act or
regulation promulgated thereunder. Agency agrees to execute a
Certificate of Non-Foreign Status by individual transferor, a
Certificate of Compliance with Real Estate Reporting Requirement
of the 1986 Tax Reform Act and/or a California Franchise Tax
Board Form 590 or similar form to assure Developer that there
exist no withholding requirements imposed by application of law
as may be required by the Escrow Agent, on forms supplied by the
Escrow Agent;
(H) prepare and file with all appropriate governmental or taxing
authorities a uniform settlement statement, closing statement, tax
withholding forms, including an IRS 1099-S form, and be
responsible for withholding taxes, if any such forms and/or
withholding are provided for or required by law; and
(I prepare and deliver to Developer and Agency for their review and
approval prior to the Closing a settlement statement.
304.4 Costs of Escrow. Developer and Agency shall each pay one half (½) of
the customary and usual Escrow fees, charges and costs which arise from the
Escrow (the “Escrow Costs”).
304.5 Review of Title. Within fifteen (15) days of the Effective Date, Agency
shall cause Title Company or another title company mutually acceptable to the
Parties to deliver to Developer a standard preliminary title report with respect to
the Site, together with legible copies of the documents underlying the exceptions
(the “Exceptions”) set forth in the preliminary title report (collectively, the
“Preliminary Title Report”).
Developer shall have twenty-five (25) days from Developer’s receipt of
the Preliminary Title Report to give Notice to Agency and the Escrow Agent of
Developer’s approval or disapproval of the Preliminary Title Report, including
without limitation any Exceptions. If Developer notifies Agency of Developer’s
disapproval of any items, Agency shall have the right, but not the obligation, to
remove any disapproved items after receiving Notice of Developer’s disapproval
or provide assurances reasonably satisfactory to Developer that such items will be
removed or remedied on or before the Closing. Agency shall exercise such right
by Notice to Developer within ten (10) days of receipt of Notice from Developer
of Developer’s disapproval. If Agency cannot or does not elect to remove any
disapproved items, Developer shall have ten (10) days after the expiration of
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