HomeMy WebLinkAboutEscrow instructionsMarch &, 2011
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BUYER'S ESCROW INSTRUCTIONS
Scott Sinouse
Commercial Escrow Specialist
Chicago Title Insurance Company
701 Fifth Avenue, Suite 2300
Seattle WA 98104
Re: Purchase and Sale Agreement by and between AUB, LLC; a Washington
limited liability company ("Seller") and King County Rural Library District,
d/b/a King County Library System, a Washington rural library district
("Purchaser") relating to Real property located at 1018 and 1022 Auburn Way
South, Auburn, Washington (the "Property")
Chicago Title Insurance Company Commitment 1307508 dated June 9, 2010
(the "Commitment")
Your Escrow No. 1307508-SS (the "Escrow")
Dear Scott:
We represent Purchaser. Pursuant to the terms of the Purchase Agreement, Seller is
selling the Property to Purchaser. The purchase price to be paid by Purchaser to Seller for
the Property is $557,000.00 (the "Purchase Price"),
A. Closing Documents. In connection with the closing of the purchase and sale
of the Property ("Closing"), the following documents are enclosed, will be delivered to you
or you will prepare for the purpose of closing the above -referenced escrow.
1. Washington Statutory Warranty Deed executed by Seller (the "Deed");
2. Four (4) Real Estate Excise Tax Affidavits executed by Seller and
Purchaser ("Excise Tax Affidavit');
Certificate of Non -Foreign Status (executed by Seller) ("FIRPTA
Affidavit");
Scott Smouse
Chicago Title Insurance Company
March 8, 2011
Page 2
4.
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;Estimated closing statements signed by Seller and Purchaser; and
B. Conditions of Closing, You may close the Escrow upon fulfillment of the
conditions set forth below.
I , The undersigned has given you verbal approval of all documents and
verbal approval to close,
2. You hold the documents referred to in Paragraph A above duly
executed by the appropriate parties and acknowledged where required and the funds referred
to in Paragraph A above, The executed original documents (except those recorded) and a
copy of the Purchaser's closing statement must be delivered to the undersigned within 24
hours of CIosing.
3. Chicago Title Insurance Company (the "Title Company") .is
irrevocably committed to issue to Purchaser its ALTA Extended Coverage Owner's Policy of
Title Insurance (Form 6-17-2006) to the Purchaser in the amount of $557,000.00 in the form
set forth on the Pro Forma Policy of Title Insurance, a copy of which is attached hereto as.
Exhibit A. No other exeegtions may be reflected in said.policy.
The legal description in said policy must be identical to the legal description set forth in the
Deed.
4. Payment of all real estate excise taxes, real estate taxes, escrow fees,
title fees, recording fees and any and all other costs which may be, incurred in closing this
transaction are to be allocated between Purchaser and Seiler in accordance with the
provisions of the Purchase Agreement.
C. Closing Procedures. In closing the Escrow, you are instructed to adhere
strictly to the procedures set forth below. All requirements with respect to closing shall be
considered as having taken place simultaneously, and no delivery or payment shall be
considered as having been made until all deliveries, payments and closing transactions have
been accomplished,
Scott Smouse
Chicago Title Insurance Company
March 8, 2011
Page 3
1. Record the Deed with the King County Recorder in such a manner as
will enable you to issue the Title Policy referred to in Paragraph B-3 above.
2. Disburse the funds received pursuant to the Purchaser's Closing
Statement and as required to pay the costs of closing.
3. Deliver to Purchaser, in care of the undersigned, all original executed
documents and a take -off copy of the recorded Deed, together with the original and one copy
of the Title Policy.
D. General Instructions.
1. We understand that in connection with this escrow you may receive
instructions from the Seller or its attorney, You may comply with such instructions so long
as they do not conflict with any provisions of these instructions.
2. If you are unable to comply with these instructions and close this
escrow on or before 5:00 p.m. on March 31, 2011, or if there are to be any changes therein,
you are not to proceed without further written authorization from me. if there are any
questions concerning the above, please call me.
These instructions may only be modified, supplemented or. revoked by the
undersigned attorneys.
PLEASE IMMEDIATELY RETURN AN EXECUTED COPY OF THESE
INSTRUCTIONS TO THE UNDERSIGNED.
Very truly yours,
K&L GATEs LLP
Diane R. Stokke
Attorney for Purchaser
DRS:blw
Enclosure
cc: Kay Johnson, King County Library System
Jane Lanford
Scott Smouse
Chicago Title Insurance Company
March 8, 2011
Page 4
The undersigned acknowledges receipt of these written escrow instructions and agrees to
proceed in strict accordance therewith,
CHICAGO TITLE INSURANCE COMPANY
By: ze a
Scott Smouse
Commercial Escrow Specialist
Date: AllM Cif 7t��1
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