CDBG Loan Documents - Martha Moreno and Adelina Moreno

Browse Search

Escrow Officer: Michelle Pineda Escrow No.: 0227031539 -MP Property: 142 Center Street, Redwood City, California 94061 Date: October 24, 2025 current interest rate for these accounts is 4.00% per annum. This rate, however, will fluctuate periodically with market conditions and may change prior to or during the time the account is open. (NOTE: Parties may also select a depository bank of their own choice.) Parties electing to exercise the option to earn interest in an IBA must request and submit fully completed "Instructions to Deposit Funds Into Interest Bearing Account" and provide a signed Form W-9. Upon receipt of both the fully executed Instructions and the Form W-9, Escrow Holder will place the parties' initial deposit and any subsequent deposits in the IBA at its FDIC insured depository bank in the name of Old Republic as Trustee for the Depositor(s) under the escrow number assigned to the transaction. Until such time as escrow is in a position to disburse or close escrow as provided herein, any accrued interest shall be credited to the account of the depositing party. The parties acknowledge and agree that there shall be a service charge for the establishment and servicing of the IBA and further, that deposit insurance provided by the Federal Deposit Insurance Corporation is subject to limitations. Parties electing to earn interest through this special account arrangement will be charged an additional minimum fee of $50.00 to establish and maintain the account. This fee compensates Old Republic for the employee time and costs associated with the IBA, opening the account, obtaining signature(s), preparing correspondence/documentation, transferring funds, maintaining appropriate records for audits/reconciliations, and closing the account. It is important that the parties consider this cost in making this decision because the cost may exceed the interest earned. To help approximate the interest that will be earned, simply multiply the interest rate per day by the estimated number of days until closing. Example: A Regular savings deposit of $1,000.00 at an average interest rate of 2.0 per annum for a 30 day period Deposit x Rate / Annual x Days = Total interest earned $1,000.00 x.02 /360 x 30 = $1.67 Parties who elect to earn interest but want their funds invested in another bank and/or another type of interest- bearing account must advise Escrow Holder to make appropriate arrangements. However, the additional fee for these types of accounts will vary, but in no event exceed $100.00. B. No Interest on Funds in General Escrow Trust Account Parties electing not to exercise the option to earn interest will simply communicate their choice by not requesting and submitting fully completed and signed "Instructions to Deposit Funds Into Interest Bearing Account" and W-9 form, per Section 1.A. above, and, as such, it shall constitute their instruction to place the deposited funds into Old Republic's General Escrow Trust Account, which consists of funds from other escrows in one or more non-interest bearing but federally insured escrow trusts accounts in Old Republic's name in a duly licensed state, or national bank or savings and loan association ("depository institution") selected by Old Republic and such funds may be transferred to any other such account(s). A General Escrow Trust Account is restricted and protected against claims by third parties or creditors of Old Republic. The parties acknowledge and agree that: (i) the maintenance of such General Escrow Trust account(s) may result in Old Republic receiving certain financial benefits, some or all of which may otherwise be considered interest due to the parties under California Insurance Code § 12413.5, along with various other bank services, accommodations and/or other benefits from the depository institutions, and (ii) Old Republic or its affiliates may elect to enter into other business arrangements or transactions with, or obtain loans for investment or other purposes from such depository institutions and that Old Republic shall have no obligation to account to the parties for the value of any such services, accommodations or other benefits which may accrue to Old Republic from such arrangements or transactions. MP/mp Page 2 of 5 Borrower's Instructions No. Cal