RPVCCA_CC_SR_2013_08_06_D_Payment_of_Parkland_Dedication_Fee_Parcel_No_69928CITY OF RANCHO PALOS VERDES
MEMORANDUM
FROM:
HONORABLE MAYOR & CITY COUNFCIL MEMBERS
JOEL ROJAS, COMMUNITY DEVELO DIRECTOR
AUGUST 6, 2013
TO:
DATE:
SUBJECT: PAYMENT OF PARKLAND DEDICATION FEE FOR
VESTING FINAL PARCEL MAP NO. 6 28
REVIEWED: CAROLYN LEHR, CITY MANAGER
Project Manager: Eduardo Schonborn, AICP, Senior Planne
RECOMMENDATION
Accept, via Minute Order, the parkland dedication (Quimby) fee for Final Vesting Parcel
Map No. 69929, pursuant to the City's parkland dedication fee formula in the amount of
$57 ,276.18.
BACKGROUND
In 2010, the applicant (Mr. Dana Ireland), received City Council approval of a General
Plan Amendment, Coastal Specific Plan Amendment, Zone Change, Vesting Parcel
Map, Variance, Grading Permit, Height Variations, and Coastal Permit, thereby allowing
the subdivision of a 1.42-acre parcel into 4 residential lots and development of four
single-family residences on Nantasket Drive between Seacove and Beachview Drives.
As part of the conditions of approval, the applicant is required to pay a parkland
dedication (Quimby) fee prior to recordation of the final map. The applicant is now
paying the required fee.
CODE CONSIDERATION AND ANALYSIS
Pursuant to Section 16.20.100 of the City's Municipal Code, as a condition of approval
of a tentative tract or parcel map, the subdivider shall dedicate land; pay a fee in lieu of
said land dedication; or a combination of both at the option of the City, for park and
recreational purposes. As part of the subdivision's analysis in 2009, it was determined
that payment of the parkland dedication fee was warranted in this case because
dedication of parkland, equivalent to 0.056-acre, would not be of a size that would
create a usable active or passive park.
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MEMORANDUM: Parkland Dedication Fee, Vesting Final Parcel Map
August 6, 2013
Page 2
Pursuant to the City's Municipal Code, when a fee is to be paid in lieu of land
dedication, the amount of such fee shall be based upon the "fair market value" of the
amount of land which would otherwise be required to be dedicated by the City's code.
The Code states that the "fair market value" of the land at the time of filing the tentative
tract or parcel map shall be determined by the City Council using any one of the
following methods: 1) tax assessor valuation if assessed within one year of the time of
map filing; 2) sale price of land if sold within five years of the map filing plus the annual
CPI; 3) the sale of comparable properties within one year of the map filing; or, 4) a land
appraisal if none of the above options are applicable.
Mr. Ireland purchased the subject property in August 2005, and filed the tentative map
in October 2005. The property owner has submitted a copy .of the final settlement
statement of the transaction indicating that he purchased the property in 2005 for
$1.45M. Using this sale price information, Staff calculated the per-acre value of the
1.42-acre property as $1,022,789 per acre. Based upon this value, the calculation for
the Quimby park fee for this project is as follows:
Sale price of the subject property (per acre)
Multiplied by: Parkland Dedication requirement1
Multiplied by: Number of dwelling units:
Equals:
$1,022,789 I acre
0.0140 acre per dwelling unit
4 dwelling unit
$57,276.18
Thus, Staff recommends that the total amount of $57,276.18 be paid in lieu of land
dedication since Staff believes that the dedication of 0.056 acres (i.e., 2,439.36 square
feet) of land for a park in this subdivision is not feasible. Staff has consulted with the
applicant regarding the fee and he indicated that he will pay it prior to final map
recordation.
CONCLUSION
Based upon the discussion above, Staff recommends that the City Council accept the
parkland dedication (Quimby) fee of $57,276.18.
ALTERNATIVES
The following alternative is available for consideration by the City Council:
1 Pursuant to the Development Code, the City's Parkland Dedication "requirement" is 0.0140 for
subdivisions having a density of less than 6.1 dwelling units/acre.
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MEMORANDUM: Parkland Dedication Fee, Vesting Final Parcel Map
August 6, 2013
Page 3
1. Identify any issues or concerns with the proposed fee calculation, provide Staff
and/or applicant direction to use an alternate method for determining the
parkland dedication fee, and continue the item to a future agenda.
Attachment
• Final Settlement Statement
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· R0-14366 As of 8/19/.2005 5:10:05-;' (. P~l .!:::::====================='===::! F==w=====================
West Coast Escrow \
608 Deep Valley Dr. Rolling Hills Estates CA 90274
Phone: (310) 544-1347
Fax: (310) 544-7457
Escrow Officer: Linda N McMullen R0-14366-MC
Buyer's I Borrower's Final Settlement Statement
Property: Closed Date:
Buyer:
Rancho Palos Verdes, CA 90275
Dana E. Ireland Escrow Nuniber:
Purchase Price
Purchase Price
Deposits
Deposit by Buyer
Deposit by Buyer
New Loan
Principal from LENDER
Origination Fee %'to MORTGAGE COMPANY OF SANTA BARBARA
Pro rations
County Taxes (Unpaid) 6,965.76/6 mos 7/1/2005 to 8/19/2005
Escrow Charges
Escrow Fee
Courtesy Discount
Title Charges
Lender's Coverage to LA WYERS TITLE COMP ANY
Sub-Escrow Fee
Recording Fees
Recording Deed ofTrnst
Recording Grant Deed
Additional Settlement Fees
Hazard Ins Premium to CALIFORNIA CAPITAL INSURANCE COMP ANY
Proceeds or Balance Due
Cash From/To Bonower
Balance Due
Totals:
I
Save this Statement for Income Tax purpqses.
;
8/19/2005
R0-14366-MC
Debits
$1,450,000.00
$15,000.00
$2,712.50
$899.00
$85.00
$45.00
$14.00
$370.00
$53,348.04
$1,522,473.54
Credits
$42,000.00
$728,116.00
$750,000.00
$1,857.54
$500.00
$0.00
$1,522,4 73 .54
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WEST COAST
( .
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608 Deep Valley Dr.
Rolling Hills Estates, CA 9027 4
ESCROW Phone (310) 544-1347 Fax (310) 544.7457
Linda. McMullen@westcoastescrow.com
VACANT LAND ADDITIONAL ESCROW INSTRUCTIONS
ESCROW OFFICER: LINDA N MCMULLEN ESCROW NO.: R0·14366·MC
DATE: MAY 18, 2005
We the undersigned hand you a signed copy of Purchase Agreement and Joint Escrow Instructions, dated
May 17, 2005. Your duties as Escrow Holder are as set forth ln Paragraph 33 of the Agreement.
FOR CLARIFICATION PURPOSES, THE FOLLOWING SHALL APPLY:
CASH DOWN PAYMENT: $1,450,000.00
(of which the sum of $42,000.00 will be deposited into escrow)
TOT AL PURCHASE PRICE: $1,450,000.00
Subject property is located in the City of Rancho Palos Verdes, County of Los Angeles, State of California, and
is described as follows:
Lots 17 to 21 inclusive of Tract No. 30339, in the City of Rancho Palos Verdes, County of Los Angeles, State of
California, as per map recorded in Book 746, Pages 85 through 88, inclusive, of Maps, in the office of the County
Recorder of said County, as more particularly described in "Exhibit A" attached hereto and made a part hereof.
PROPERTY ADDRESS: 6600 Beachview Drive, Rancho Palos Verdes, CA APN#7573-014-013
CLOSE OF ESCROW WILL BE ON: July 15, 2005
TITLE IS TO BE VESTED IN: Pana E. Ireland
DANAE. IRELAND TO CHECK ONE OF THE FOLLOWING:
( ) a single woman (never married) ( ) an unmarried woman (divorced)
( ) wife (married to co·buyer) ( ) a widow (spouse deceased)
( ) a married woman as her sole and separate property (lnterspousal Deed required)
( ) domestic partner
( ) domestic partner as sole and separate property (Qultciaim Deed required}
( ) none of the above, TITLE TO BE VESTED AS FOLLOWS: {please type or print)
Escrow holder is instructed to correct the Grant Deed being delivered in the above numbered escrow to
reflect the vesting designated by Buyer, over the signed, notarized signatures of Seller herein.
A ALL CASH OFFER: No loan Is needed to purchase the Property.
Escrow Holder Is Instructed to close this escrow without regard or concern regarding fire insurance coverage
for the subject property. Buyer will obtain their own insurance coverage outside of escrow. In the event
Escrow Holder should receive a bill for the Insurance premium, Buyer agrees to deposit sufficient funds Into
escrow for payment of same. If the subject property is covered by a Master Policy, Escrow Holder will obtain
an Insurance Certificate for the Buyer at close of escrow.
B. EQUITY LINE OF CREDIT: In the event there is an Equity Line of Credit being paid off through this
SELLER INITIALS: ______ BUYER INITIALS: _____ _
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escrow, in addition to the payoff amount, the title company may require a hold up to the remaining
unused equity line plus $5,000.00 until the title company has been provided with a free:ze confirmation
from the lender. Contact your lender and request that they forward information to the title company
indicating that the Line of Credit has been fro:zen and closed and that the borrower can no longer
obtain funds through the equity line.
C. RELEASE OF FUNDS PRIOR TO CLOSE OF ESCROW: Upon Escrow Holder's receipt of this Instruction
from all parties bearing orlglnal, NOTARIZED signatures, Escrow Holder is authorized and Instructed to
immediately (and without further instructions) release the sum of $42,000.00 of Buyer(s) funds on deposit
(cleared and paid by bank) to the Seller forthwith/or on June 7, 2005, and only upon Escrow Holders receipt
of properly executed Grant Deed from Seller(s) and acknowledgment from Buyer they have received the
preliminary report and approved same. Said funds are to apply towards the total purchase price at close of
escrow.
The undersigned understand that this escrow Is NOT closed, no documents have been recorded and no
Policy of Title Insurance issued.
All parties understand that Escrow Holder and Brokers make no warranty or representation of any kind,
expressed or implied, as to the ownership of or title to the property described herein, nor as to any
encumbrances or liens thereon, nor as to the conditions and/or the ultimate outcome of this escrow.
Escrow Holder Is released of all responsibility and/or liability for failure of any conditions of this escrow or
recovery of said funds. Buyer and Seller agree to look to each other in the event of a dispute.
STATE OF CALIFORNIA
COUNTY OF~~~~~~~~~~~~~~
On before me
---.,,.~~--:-------~----~-a Notary Public in and for said County and State, personally appeared
--------------------D personally known to me· OR· D proved to
me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf
of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Affix Notary Seal Here
D. CHANGE OF OWNERSHIP: Buyer will complete a "Preliminary Change of Ownership Report" which shall be
presented to the County Recorder at the same time of recordatlon as the Deed for the subject property.
Should Buyer decline to complete said "Preliminary Change of Ownership Report", or if rejected by the
County Recorder, Buyer (or Seller if required by lender) will be assessed with an additional $20.00 surcharge
by the County Recorder, which shall be charged to the Buyer's account (or to Seller's account if required by
lender). In this event, a Standard Change in Ownership statement (Revenue and Taxation Code, Section
480) will be mailed to the Buyer by the Office of the County Assessor. Failure on the part of the Buyer to
complete and return said Standard Change of Ownership mailed under authority of Section 480 within 45
days, will result In a penalty of 10% of the taxes due, after processing the reassessment caused by a change
in ownership or $100.00, whichever is greater, but not to exceed the sum of $2,500.00.
SELLER INITIALS: ___ ----BUYER INITIALS: _____ _
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E. TAX WITHHOLDING REQUIREMENTS: Buyer and Seller are .aware of the requirements of Internal
Revenue Code, Section 1445, Foreign Investment in Real Property Tax Act (FIRPTA), which provides that
every Buyer must, unless an exemption applies, deduct and withhold 10% of the gross sales price from
Seller's proceeds and send to the Internal Revenue Service, if the Seller is a "foreign person" under that
statute.
In addition, effective January 1, 2003 In accordance with Assembly Bill 2065 which revised Section 18662 of
the Revenue and Taxation Code, a Buyer may be required to withhold an amount equal to 3 1/3% of the sales
price in the case of a disposition of California real property interest by either: (1) A Seller who is an individual
or when the disbursement instructions authorize the proceeds to be sent to a financial intermediary of the
Seller, OR (2) a corporate Seller that has no permanent place of business In California.
The Buyer may become subject to penalty for failure to withhold an amount equal to the greater of 1 O percent
of the amount required to be withheld or five hundred dollars ($500). However, notwithstanding any other
provision included in the California statutes referenced above, no Buyer will be required to withhold any
amount or be subject to penalty for failure to withhold if: (1) The sales price of the California real property
conveyed does not exceed One Hundred Thousand Dollars ($100,000), OR (2) The Seller executes a written
certificate, under penalty of perjury, certifying that the Seller is a corporation with a permanent place of
business ·in California, OR (3) The Seller, who is an individual, executes a written certificate, under the
penalty of perjury, of any of the following: (a) That the California real property being conveyed is the Seller's
principal residence (within the meaning of Section 121 of the Internal Revenue Code). (b) That the California
real property being conveyed is or will be exchanged for property of like kind (within the meaning of Section
1031 of the Internal Revenue Code), but only to the extent of the amount of gain not required to be
recognized for California income tax purposes under Section 1031 of the Internal Revenue Code. ( c) That the
California real property has been compulsorily or involuntarily converted (within the meaning of Section 1033
of the Internal Revenue Code) and that the Seller intends to acquire property similar or related in service or
use so as to be eligible for nonrecognition of gain for California income tax purposes under Section 10-33 of
the Internal Revenue Code. (d) That the California real property transaction will result in a loss for California
income tax purposes.
The Seller is subject to penalty for knowingly filing a fraudulent certificate for the purpose of avoiding the
withholding requirement. The California statutes referenced include provisions that authorize the Franchise
Tax Board to grant reduced withholding and waivers from withholding on a case-by-case basis for
corporations or other entities only, For additional information, please contact the Franchise Tax
Board at (888) 792-4900.
F. CUSTODIAL FEE: You are authorized and instructed to deduct $25.00 per month as a custodial fee from
any funds on deposit not disbursed within 3 months after close of escrow, or 3 months after scheduled close
of escrow.
G. CLOSING FUNDS/COSTS: Each party acknowledges that the close of escrow is conditioned on check
clearances. Funds to close must be in the form of a Cashiers Check drawn on a bank with a clearing house
in the State of California two (2) days prior to recordihg of documents OR be wire transferred to West Coast
Escrow Trust Account no later than one (1) day prior to recording to avoid any delay in closing. ALL FINAL
FUNDS DEPOSITED IN ESCROW FOR CREDIT OF BUYER IN EXCESS OF $100,000.00 MUST BE WIRE
TRANSFERRED. Buyer and Seller to each pay their normal and customary charges in connection with this
transaction. All parties herein are aware that one or more of the principals may receive a discount on their
portion of the escrow fee.
H. MENTIONED HEREIN FOR MEMORANDUM PURPOSES ONLY WITH WHICH ESCROW HOLDER IS NOT
TO BE CONCERNED: SUPPLEMENTAL TAXES: Buyer is aware that Seller acquired title to the subject
property on February 18, 2005 and the County Tax Assessor will be reassessing the property based on the
purchase price paid by the Seller. Buyer herein may receive a supplemental tax bill for same after the close
of this escrow. In such event, Buyer shall forward bill to Seller and Seller agrees to pay said tax bill in full.
Any required prorations shall be handled between the Buyer and Seller outside of escrow. Seller agrees to
fully cooperate and pay said bill in a timely manner after receipt of same and prior to delinquency. Tax bills
issued after closing and any adjustments necessary shall be handled directly between Buyer and
SELLER INITIALS: ______ BUYER INITIALS: _____ _
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Seller outside of escrow. Buyer will be responsible for payment of any supplemental tax bills from
the close of escrow date. Seller will be responsible for any supplemental tax bills up to the date of
close of escrow even though said supplemental bills may be issued after close of escrow.
All parties are aware that there is no time limit for receiving the supplemental tax bill(s) as no date can be
verified through the Tax Assessor's office.
Buyer and Seller herein release escrow holder and Real Estate Brokers and their agents and representatives
from any and all past, present, and/or future liability and/or responsibility in connection with the foregoing.
This agreement shall survive the close of escrow.
GENERAL PROVISIONS
1. The persons who are the parties to the transaction to which this escrow relates (the "Principals'') each agree,
understand and acknowledge that West Coast Escrow is acting as an escrow holder in connection with this
transaction and is not acting as a trustee or in any other fiduciary capacity. West Coast Escrow's duties shall be
limited to safekeeping of such money and documents received by it as Escrow Holder, and for the disposition of
such money and documents in accordance with the written instructions accepted by it in this escrow.
All funds received in this escrow by West Coast Escrow shall be deposited to an account (the "Escrow Account")
with a state cir federal bank (the "Depository''). West Coast Escrow may also deposit escrow funds for other
customers for unrelated transactions to the Escrow Account.
UNLESS OTHERWISE AGREED IN WRITING, EACH OF THE PRINCIPALS AGREES, UNDERSTANDS AND
ACKNOWLEDGES THAT: THE ESCROW ACCOUNT IS NON-INTEREST BEARING; NO FINANCIAL OR
OTHER BENEFITS WILL BE EARNED BY OR PROVIDED TO ANY OF THE PRINCIPALS WITH RESPECT TO
SUCH FUNDS; AND WEST COAST ESCROW AND ITS AFFILIATES MAY INSTEAD RECEIVE DIRECT AND
INDIRECT FINANCIAL AND OTHER BENEFITS FROM THE .DEPOSITORY WITH RESPECT TO SUCH FUNDS.
THESE BENEFITS SHALL BE TREATED AS ADDITIONAL COMPENSATION TO WEST COAST ESCROW FOR
ITS SERVICES AS AN ESCROW HOLDER IN THIS TRANSACTION.
2. You shall not be responsible or liable in any manner whatsoever for the sufficiency or correctness as to form,
manner of execution or validity of any documents deposited in escrow, nor as to the identity, authority or rights of
any person executing the same, either as to documents of record or those handled in this escrow. You shall not
be required to take any action in connection with the collection, maturity or apparent outlaw of any obligations
deposited in this escrow, unless otherwise instructed. You shall not be liable for any of your acts or omissions
done in good faith, nor for any claims, demands, losses or damages made, claimed or suffered by any party to
this escrow, excepting such as may arise through or be caused by your willful neglect or gross misconduct.
3. Escrow to close on or before the time set forth in these instructions. However, you may close escrow after that
date unless Buyer or Seller has made written demand upon you for the return of monies or documents deposited by
him, in which event you are instructed to prepare cancellation instructions. In the event of cancellation, all
documents prepared by you will remain unrecorded in your possession.
4. All notices, demands and instructions must be in writing. In the event conflicting demands or notices are made or
served upon you or any controversy arises between the parties hereto or with third person growing out of or relating
to this escrow, you shall have the absolute right to withhold and stop all further proceedings in, and performances of,
this escrow, until you receive written notification satisfactory to you of the settlement of the controversy by
agreement of the parties thereto, or by final judgment of a court of competent jurisdiction. All of the parties to this
escrow hereby jointly and severally promise and agree to pay promptly on demand, as well as to indemnify you and
to hold you harmless from and against all litigation and interpleader costs, damages, judgments, attorney's fees,
expenses, obligations and liabilities of every kind which, in good faith, you may incur or suffer in connection with or
arising out of this escrow, whether said litigation, interpleader, obligations, liabilities or expenses arise during the
performance of this escrow, or subsequent thereto, directly or indirectly.
5. These instructions may be executed in counterparts, each of which shall constitute an original regardless of the
dates of its execution and delivery. All such counterparts together shall constitute one and the same document.
6. You are hereby authorized to deposit any funds or documents handed you under these escrow instructions, or
cause the same to be deposited, with any duly authorized sub-escrow agent, subject to your order at or prior to
close of escrow, in the event such deposit shall be necessary or convenient for tre consummation of this escrow.
7. The parties to these escrow instructions authorize you to destroy these instructions and all other instructions and
records in this escrow at any time after five (5) years from close of escrow or cancellation of escrow, without liability
or further notice.
8. Escrow Holder to provide copies to Buyer and Seller and their agents of any notices received from the other party
SELLER INITIALS: ______ BUYER INITIALS: ______ _
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or their agents. Each party signing these instructions states they have read and approved instructions on all previous
pages.
9. If Seller unilaterally assigns or orders the proceeds of this escrow to be paid to other than the original parties to
this escrow, such assignment or order shall be subordinate to the expenses of this escrow, liens of record on the
subject property, and payments directed to be made by Buyer and Seller together. If the result of such
assignment or order would be to leave the escrow without sufficient funds to close, then you are directed to close
nevertheless and to pay such assignments or orders only out of the net proceeds due Seller except for such ,
assignments or orders, and to pay them in the order in which such assignments or orders are received by you.
10. You are not to be concerned with the giving of any disclosures except as expressly required by Federal or
State law to be given by an escrow agent. Neither are you to be concerned with the effect of zoning ordinances,
land division regulations, or building restrictions which may pertain to or affect the land or improvements that are
the subject of this escrow.
11. Parties hereto understand Escrow Holder may, upon their sole discretion, rely and act upon facsimile instructions
or e-mail including but not limited to escrow instructions, amendments or modifications, demands, lender instructions
and bills from third parties.
12. Order payof(statement(s) on existing liens and loans, if applicable, AND/OR order beneficiary statement(s) on
loan(s) of record being taken over by the Buyer, comply with lenders' requirements and freeze or close equity lines
of credit. Charge Seller for any delinquent payments, if applicable.
13. West Coast Escrow is authorized to release funds, if applicable, from money on deposit to pay for Credit Report,
Appraisal, City Reports, Lender or Association Statements, Transfer Fees and/or Documents which may be required
to be paid in advance. Funds released prior to the close of escrow are non-refundable regardless of the
consummation of this escrow.
14. Adjustments and/or prorations called for in this escrow shall be made In the following manner:
Prorate taxes on real property only, based on the last tax bill in your possession or on latest available tax figures
furnished by the title company. Prorate rent per rental statements. Make all adjustments and prorations on the
basis of a 30-day month.
15. "Close of escrow" as used in this escrow means that date on which documents are recorded, unless otherwise
specified. All documents and funds due the respective parties are to be mailed to the addresses set out, unless
otherwise specified. Our signatures on any document and instructions pertaining to this escrow indicate our
unconditional approval of same. You as escrow holder shall have no responsibility or liability for any act outside of
escrow.
16. INl/e agree to pay escrow fees and charges, including messenger fees, overnight delivery charges plus handling,
and notary fees, if applicable. INl/e irrevocably assign the fees to escrow, whether by cancellations or closing. In
the event of failure to pay fees or expenses due you hereunder, on demand, I agree to pay a reasonable fee for any
attorney's services, which may be required to collect such fees or expenses.
17. As the undersigned Seller, the foregoing terms, provisions, conditions and instructions are approved and
accepted in their entirety and concurred with by me. I will hand you necessary documents called for on my part to
cause title to be shown as above, which you are authorized to deliver when you hold or have caused to be applied
funds set forth above within the time as above provided. You are authorized to pay your escrow charges, my
recording fees, charges for evidence of title as called for whether or not this escrow is consummated, except those
the buyer agreed to pay. You are further authorized to pay bonds, assessments, taxes, and any liens of record,
including prepayment penalties, if any, to show title as called for and to pay Documentary Transfer Tax on deed as
required.
18. Your duty to act as Escrow Holder shall not commence until instructions, signed by all parties, are received by
you. ·
19. You are authorized to furnish fully signed copies of escrow instructions, supplements, amendments, or notices
of cancellation, preliminary report and closing statements in this escrow to real estate broker(s) and lender(s)
referred to in this escrow. You are not required to submit any Preliminary Report issued in connection with this
escrow to any party or agent unless directed to do so by mutual instructions.
20. These instructions are not intended to supersede the Real Estate Contract, unless specifically stated.
21. Due to the Good Funds Law (AB512) there may be a delay between the time Buyer's new loan is funded, close
of escrow (recording), and/or disbursement of Seller's proceeds, dependent upon the manner or form in which the
Buyer's new loan proceeds are disbursed by lender. Buyer is aware that interest on new loan commences on the
date the funds are disbursed by lender, REGARDLESS OF DATE ESCROW CLOSES (RECORDS).
22. In the event you disburse more money to or for the benefit of any party than they are entitled to receive, said
receiving party hereby agrees to reimburse and/or repay to West Coast Escrow the amount of overpayment within
five (5) days after demand is made on said parties in writing. Interest shall thereafter accrue and be paid to West
Coast Escrow at the rate of 10% per annum. In the event said party refuses or neglects to pay said money and
SELLER INITIALS: _______ BUYER INITIALS: _____ _
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interest to West Coast Escrow, and it Is necessary to resort to any legal proceedings to collect said money, the
defendant agrees to pay all charges, court costs and attorney's fees.
23. GRAMM-LEACH-BULEY ACT (West Coast Escrow Privacy Policy)
We Are Committed to Safeguarding Customer Information: In order to better serve your needs now and in
the future, we may ask you to provide us with certain information. We understand that you may be concerned
about what we will do with such information -particularly any personal or financial information. We agree that
you have a right to know how we will utilize the personal information you provide to us. Therefore, we have
adopted this Privacy Policy to govern the use and handling of your personal Information.
Applicability: This Privacy Polley governs our us~ of the information which you provide to us. It does not govern
the manner in which we may use information we have obtained from any other source, such as information
obtained from a public record or from another person or entity.
Types of Information: Depending upon which of our services you are utilizing, the types of nonpublic personal
information that we may collect include:
• Information we receive from you on applications, forms and in other communications to us, whether in
writing, in person, by telephone or any other means;
• Information about your transactions with us, our affiliated companies, or others; and
• Information we receive from a consumer reporting agency.
Use of Information: We request information from you for our own legitimate business purposes and not for the
benefit of any nonaffiliated party. Therefore, we wfll not release your information to nonaffiliated parties except:
(1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law.
We may, however, store such information indefinitely, including the period after which any customer relationship
has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer
analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of
our affiliated companies. Such affiliated companies include financial service providers, such as title insurers,
property and casualty insurers, and companies involved in real estate services, such as home warranty
companies. Furthermore, we may also provide all the information we collect, as described above, to companies
that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial
institutions with whom we or our affiliated companies have joint marketing agreements.
Former Customers: Even if you are no longer our customer, our Privacy PoUcy will continue to apply to you.
Confidentiality and Security: We will use our best efforts to ensure that no unauthorized parties have access to
any of your information. We restrict access to nonpublic personal information about you to those individuals and
entitles who need to know that information to provide products or services to you. We will use our best efforts to
train and oversee our employees and agents to help ensure that your information will be handled responsibly and
in accordance with this Privacy Policy. We currently maintain physical, electronic, and procedural safeguards that
comply with federal regulations to guard your nonpublic personal information.
SELLER INITIALS: ______ BUYER INITIALS: _____ _
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COLDWELL BANKER RESIDENTIAL BROKERAGE COMPANY WHO MAY BE SERVING AS YOUR AND/OR
ANOTHER PERSON'S BROKER IN CONNECTION WITH THIS REAL ESTATE TRANSACTION IS OWNED
BY A COMPANY WHICH ALSO OWNS WEST COAST ESCROW.
WEST COAST ESCROW IS LICENSED BY THE STATE OF CALIFORNIA, DEPARTMENT OF
CORPORATIONS LICENSE NO, 963-1275.
SELLER: BUYER:
The Charles A. Bennett Jr. Trust dated October 5, 2000
Dana E. Ireland
By: Charles A. Bennett Jr., Trustee
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