INSTRUCTIONS TO ESCROW DEPOSITORY. This constitutes joint escrow instructions of the Subdivider and the Association, which instructions are irrevocable except as modified by written supplemental instructions executed by the Subdivider and the Association. The Subdivider and the Association are the only principals in this escrow. Escrow Holder hereby acknowledges receipt of the cash deposit, surety bond, letter of credit, or set-aside letter described in Part One, Paragraph 4 of the foregoing Assessment Security Agreement. Unless otherwise specifically stated herein, the capitalized terms in these instructions shall have the same meaning as set forth in the foregoing Agreement. Nothing contained in these instructions imposes any duty on the Escrow Holder to interpret Section 2792.9 of Chapter 6, Title 10, California Code of Regulations, to audit in any way the Subdivider’s discharge of its duties or obligations thereunder, or to verify the truth of the statements made in any notices given to the Escrow Holder by the Subdivider or the Association. Except as otherwise provided by law, the duties of the Escrow Holder are to receive, hold, release, or draw upon the Security in accordance with the following instructions. These instructions may be modified by the written joint or mutual instructions of the principals. Escrow Holder hereby agrees to comply with the terms and provisions of these instructions.
INSTRUCTIONS TO ESCROW DEPOSITORY. This constitutes joint escrow instructions of the Subdivider/Developer and the Association, which instructions are irrevocable except as modified by written supplemental instructions executed by the Subdivider/Developer and the Association. The Subdivider/Developer and the Association are the only principals in this escrow. Escrow Holder hereby acknowledges receipt of the cash deposit, surety bond, letter of credit, or set-aside letter described in Part One, Paragraph 4 of the foregoing Common Area Completion Security Agreement. Unless otherwise specifically stated herein, the capitalized terms in these instructions shall have the same meaning as set forth in the foregoing agreement. Nothing contained in these instructions imposes any duty on the Escrow Holder to interpret Business and Professions Code §11018.5(a)(2) or 11230, to audit in any way the Subdivider’s/Developer’s discharge of its duties or obligations with respect to the Improvements, or to verify the truth of the statements made in any notices given to the Escrow Holder by the Subdivider/ Developer or the Association. Except as otherwise provided by law, the duties of the Escrow Holder are to receive, hold, release, or draw upon the Security in accordance with the following instructions. These instructions may be modified by the written joint or mutual instructions of the principals. Escrow Holder hereby agrees to comply with the terms and provisions of these instructions.
