(iii) be bound by
said Agreement in the performance of its duties as Escrow Agent; provided,
however, the undersigned shall have no obligations, liability or responsibility
under (i) this Consent or otherwise unless and until said Agreement, fully
signed by the parties, has been delivered to the undersigned or (ii) any
subsequent amendment to said Agreement unless and until the same shall be
accepted by the undersigned in writing.
Dated: 1/26/2010
First American Title Insurance Company
("Escrow Agent")
By:
/s/ Jeanne Gould
2
Attachment "A"
Fee Schedule
City of Lake Elsinore Impact Fees
Fee per Unit
Qty
Total
Comments
TUMF
$ 8,872.00
64
$ 567,808.00
Lot 140 paid
EVMWD Fees (sewer connection)
$ 7,790.00
$ 490,770.00
EVMWD Fees (sewer - Centex reimb.)
$ 737.00
$ 46,431.00
EVMWD Fees (water connection)
$ 7,768.00
63
$ 489,384.00
Lots 135 and 136 paid
EVMWD Fees (Centex reimb.)
$ 3,839.00
$ 241,857.00
Attachment "A"
1
Exhibit "L"
Form of Letter of Credit
BENEFICIARY:
SPT-LAKE ELSINORE HOLDING CO., LLC
C/O SHOPOFF ADVISORS, L.P.
8951 RESEARCH DRIVE
IRVINE, CALIFORNIA
92618
APPLICANT:
D.R. HORTON LOS ANGELES HOLDING COMPANY, INC.
2280 WARDLOW CIRCLE
CORONA, CALIFORNIA 92880
AMOUNT:
USD 102,000.00
EXPIRY DATE AND PLACE:
JANUARY 26, 2012,
AT _____________________________
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR
AVAILABLE FOR PAYMENT BY YOUR DRAFT(S) AT SIGHT DRAWN ON _______________________
BANK, ____________________, __________________, AND ACCOMPANIED BY DOCUMENTS AS
SPECIFIED BELOW:
1.
THIS ORIGINAL STANDBY LETTER OF CREDIT, AND AMENDMENT(S), IF ANY.
2.
BENEFICIARY'S SIGNED AND DATED STATEMENT INDICATING TITLE OF AUTHORIZED
SIGNER(S) AND WORDED AS FOLLOWS:
"SPT-LAKE ELSINORE HOLDING CO., LLC IS ENTITLED TO DRAW THE AMOUNT(S) DRAWN
HEREWITH PURSUANT TO THAT CERTAIN PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS BETWEEN SPT-LAKE ELSINORE HOLDING CO., LLC, AND D.R. HORTON
LOS ANGELES HOLDING COMPANY, INC., DATED AS OF DECEMBER 8, 2009, AS AMENDED BY
THAT CERTAIN FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS DATED AS OF JANUARY 20, 2010, AS MAY BE FURTHER AMENDED AND/OR
RESTATED FROM TIME TO TIME."
SPECIAL CONDITIONS:
1.
PARTIAL DRAWINGS ARE PERMITTED.
FOLLOWING ANY PARTIAL DRAW,
____________________ BANK WILL ENDORSE THE ORIGINAL LETTER OF CREDIT TO REFLECT
THE REDUCED AMOUNT AND RETURN TO THE BENEFICIARY.
Exhibit "L"
1
2.
MULTIPLE DRAWINGS ARE PERMITTED.
3.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY
EXTENDED EACH YEAR WITHOUT AMENDMENT OR NOTICE FOR AN ADDITIONAL PERIOD OF ONE
(1) YEAR FROM THE EXPIRY DATE HEREOF OR ANY FUTURE EXPIRY DATE, UNLESS AT LEAST
THIRTY (30) DAYS PRIOR TO ANY EXPIRATION DATE, WE SHALL NOTIFY THE BENEFICIARY
BY REGISTERED MAIL, RETURN RECEIPT REQUESTED OR BY OVERNIGHT COURIER SERVICE BY
A NATIONALLY-RECOGNIZED OVERNIGHT COURIER THAT PROVIDES PROOF OF DELIVERY AT THE
ABOVE ADDRESS (OR AT SUCH OTHER ADDRESS AS BENEFICIARY MAY DESIGNATE TO ISSUER
IN WRITING), THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH
ADDITIONAL PERIOD.
HOWEVER, IN THE EVENT SUCH NOTICE IS GIVEN, YOU MAY DRAW THE
THEN