P07b-Escrow Closings

                        

Objective Form:

07.3   The sale of premises shall be completed and closed through
an escrow established at __________________________________ which
address is ___________________________, (hereinafter referred to
as "Escrowee") according and pursuant to the instructions herein
contained. The terms and conditions contained in this agreement
shall constitute the complete escrow instructions to and shall,
without further documentation, fully authorize the Escrowee to
carry out the terms hereof. The powers herein grant the es-
crowee to carry out the terms hereof. The powers herein granted


the escrowee are irrevocable and shall continue regardless of the
death, disability or other incapacity or act on the part of any
party. At the option of the escrowee, its usual terms of ac-
ceptance of an escrow shall govern this transaction, except
wheresuch terms are contrary to or conflict with the terms
hereof, in which event the terms hereof shall govern.

07.3  The escrow shall be opened immediately upon execution
hereof by depositing this agreement, fully executed, with the
Escrowee.  The Buyer shall, at the opening of the escrow, deposit
with the Escrowee any earnest monies or deposits to be made under
the terms hereof.  As specified herein, all documents to be
transferred and monies deposited or paid must be placed within
the escrow when due.

07.5  As a condition to closing, the parties must have complied
with all of the terms and conditions hereof and all of the war-
ranties made by the parties must be then true and accurate.




07.6  When all conditions to closing have been met and when all
of the following have been completed, the Escrowee shall close
the sale of the premises.
    (a)  The Seller shall have deposited a fully executed
         original of the following into escrow:
              (i)  The deed as provided in Section _________.
             (ii)  The affidavit of title and bill of sale pro-
                   vided in Sections _________ and _________.
            (iii)  Any other and further documents or sums of
                   money specified in Sections ______ and _____.
             (iv)  Any other and further documents or things re-
                   quired by the Escrowee in order to close in
                   the location at which the deed is being filed
                   of record.
    (b)  The Buyer shall have deposited a fully executed original
         of the following into escrow:
              (i)  All payments and deposits comprising the pur-
                   chase price as set forth herein.
             (ii)  All notes, mortgages and other financing docu-
                   ments set forth under Section __________.


            (iii)  All other and further documents or sums of
                   money specified in Sections __________ and
                   ___________.
             (iv)  Any other and further documents or things re-
                   quired by the Escrowee in order to close in
                   the location at which the deed is being filed
                   of record.
    (c)  Buyer and Seller shall have been furnished a preliminary
         closing statement by the Escrowee documenting the pro-
         posed settlement of the accounts (including credits and
         debits) of Buyer and Seller as of the proposed closing
         date, which statement has been agreed to and signed by
         the parties and the Escrowee and delivered to the
         Escrowee.
    (d)  Counsel for Buyer and Seller shall have been furnished
         and shall have approved the form of all documents to be
         used in the closing, which approval shall not be unrea-
         sonably withheld.




07.7  At closing the Escrow agent shall:
    (a)  File of record the deed conveying the premises, sending
         to Buyer verification of the recording informationY
         thereon.
    (b)  File of record all other documents of conveyance sub-
         mitted by Seller, sending to Buyer verification of the
         recording information thereon.
    (c)  Transfer the funds deposited by Buyer to Seller, after
         settlement and crediting of all charges.
    (d)  File of record and/or transfer to Seller, as
         appropriate, all documents regarding the financing of
         the purchase price.
    (e)  Deliver to each party a final closing statement docu-
         menting the settlement of the accounts of Buyer and
         Seller.
    (f)  Do all other manner of things and take such other
         procedures as are common and customary by an Es-
         crowee in closing a real estate sale of this nature,
         provided that nothing shall be done which is in con-
         flict with this agreement.


Objective Form:
     Although the language itself may be slightly different, and
more or less specific as to the duties of the parties and the
Escrowee, the general nature of all escrow closings is similar,
and the objective form proposes to cover, with some specificity,
the general provisions commonly found.

Alternatives:
    Alternatives, of course, exist as to the specific items to be
deposited in escrow and what is to be done with them.  Some of
these items would include financing instruments and documents,
assignments of insurance policies, assignments of leases,
certificates or opinions of counsel regarding the party's legal
authority to close the transaction, satisfactions or releases of
liens and U.C.C. filings, powers of attorney, certificates by
tenants in the building, consents to actions as an adjacent
owner, evidence of tax payments, tax liens or waivers, and other
types of approvals.
    The Seller or Buyer may wish that the deposit be interest-
    bearing.


         "The Escrowee shall invest the earnest money in
         interest-bearing accounts or certificates of de-
         posit acceptable to Buyer/Seller with maturities
         not more than _________ days.  All interest on such
         accounts or certificates shall be paid or credited
         to Buyer/Seller at closing."
    The Seller may wish a wire transfer of funds.
         "Escrowee shall, at closing, transfer funds deposited
         by Buyer through wire transfer of those funds to
         Seller's account, at such bank and to such account as
         Seller shall designate in writing."
    Many times the Escrowee's standard escrow instructions and
terms are specifically made a part of the contract to insure that
that conflicts between the agreement and those terms do not exist.
         "...The terms and conditions of this agreement, as
         supplemented by the Escrowee's standard terms, set
         forth in Exhibit _________ and attached hereto and, by
         this reference, incorporated herein, shall constitute 
         the complete escrow instructions...."