Fillable Form Re 688 - Set-Aside Letter - 2016 printable pdf download

tate of

alifornia

ureau of

eal

State

-A

Side

etter

2792.10)

egulation

RE 688 (Rev. 8/16)

ubdiviSionS

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

obligation to the Association under the Security Agreement provisions of the 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 2792.10 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 Security Agreement and Instructions to Escrow Depository, 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

Association 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, pursuant to the provisions of Section 2792.10 of Chapter 6, Title 10, California Code of

Regulations, by Subdivider ______________________________________________________________

________________________________________________________________________ and Association

____________________________________________________________________________________.”

Form Re 688 - Set-Aside Letter - 2016

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