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WILSHIRE ESCROW COMPANY
a corporation
4270 Wilshire Boulevard
Los Angeles, California 90010
(323) 935-3530
Fax (323) 938-8927
Opening Escrow Instructions:
SALE
Escrow Number:
116254
Escrow Officer:
Pamela J. Wood (Ext. 317)
Date:
January 22, 2004
THIS "OPENING ESCROW INSTRUCTIONS" IS AN AMENDMENT TO THAT CERTAIN STANDARD
OFFER, AGREEMENT AND ESCROW INSTRUCTIONS FOR PURCHASE OF REAL ESTATE, DATED
JANUARY 20, 2004
CASH THROUGH ESCROW
$
10,950,000.00
TOTAL CONSIDERATION
$
10,950,000.00
RE:
10345 West Olympic Boulevard, Los Angeles, California 90064-2548
1)
DATE OF AGREEMENT/OPENING DATE OF
ESCROW/CLOSING DATE:
UNDERSIGNED HEREIN AGREE THAT THE DATE OF AGREEMENT IS
JANUARY 21, 2004, THE OPENING DATE OF ESCROW IS JANUARY 22, 2004, AND THE
CLOSING DATE OF ESCROW IS ON OR BEFORE FEBRUARY 26, 2004 (UNLESS EXTENDED AS
SHOWN BELOW).
2)
EXTENDED CLOSING DATE:
PURSUANT TO THE
PURCHASE AGREEMENT/ESCROW INSTRUCTIONS, SELLER RESERVES THE OPTION TO USE
SUBJECT PROPERTY AS PART OF A TAX DEFERRED EXCHANGE AND BUYER AGREES TO
COOPERATE PROVIDING, AMONG OTHER THINGS, THIS ESCROW IS CLOSED NO LATER THAN
APRIL 1, 2004.
UNDERSIGNED HEREIN AGREE THAT SELLER MUST GIVE FAXED NOTICE TO
ESCROW HOLDER NO LATER THAN FEBRUARY 23RD, IF SELLER REQUIRES ADDITIONAL TIME
FOR HIS TAX DEFERRED EXCHANGE.
IT IS FURTHER AGREED THAT BUYER SHALL BE GIVEN A
FOUR (4) BUSINESS DAY NOTICE, PRIOR TO THE CLOSING DATE, IF SAID CLOSING DAYS
HAS BEEN EXTENDED FOR SELLER'S TAX DEFERRED EXCHANGE.
3)
DEPOSIT:
BUYER'S REQUIRED DEPOSIT IN
THE AMOUNT OF $500,000.00 HAS BEEN RECEIVED IN ESCROW.
4)
VESTING:
POLICY OF TITLE INSURANCE TO
SHOW TITLE VESTED IN:
BEBE STORES, INC., A CALIFORNIA CORPORATION.
5)
LEGAL DESCRIPTION:
SEE EXHIBIT "A"
ATTACHED HERETO AND MADE APART HEREOF FOR LEGAL DESCRIPTION.
6)
ENCUMBRANCES:
TITLE POLICY SHALL BE
FREE FROM ENCUMBRANCES EXCEPT:
A)
GENERAL AND SPECIAL TAXES, INCLUDING
LEVIES THEREIN, FOR FISCAL YEAR 2003-2004 INCLUDING PERSONAL PROPERTY TAXES, IF
ANY, ASSESSED AGAINST ANY FORMER OWNER, ALL OF WHICH, AS CURRENTLY ASSESSED HAVE
BEEN PAID BY SELLER PRIOR TO OPENING ESCROW.
B)
COVENANTS, CONDITIONS, RESTRICTIONS,
RESERVATIONS, EXCEPTIONS (INCLUDING OIL, GAS OR MINERAL RIGHTS) RIGHTS OF WAY,
RIGHTS AND EASEMENTS OF RECORD AND IN DEED TO FILE, IF ANY, AFFECTING THE USE
AND OCCUPANCY OF SAID PROPERTY, SUBJECT TO BUYER'S APPROVAL PURSUANT TO
PARAGRAPH 9.1(F) OF THE PURCHASE AGREEMENT/ESCROW INSTRUCTIONS.
*** ESCROW NO. 116254 - PLEASE SIGN ON PAGE FIVE ***
1
7)
PRORATIONS:
ALL PRORATIONS ARE TO BE
BASED ON A 30 DAY MONTH.
PRORATIONS SHALL BE PRORATED AS OF 12:01 A.M. OF THE
DAY OF THE CLOSE OF ESCROW, REGARDLESS OF THE ACTUAL TIME OF RECORDING.
BUYER
AND SELLER ACKNOWLEDGE AND AGREE THAT ANY SUPPLEMENTAL TAX BILLS FOR THE CURRENT
FISCAL YEAR RECEIVED AFTER CLOSING SHALL BE PRORATED AS SET FORTH ABOVE AND PAID
IN CASH OUTSIDE ESCROW TO THE PARTY ENTITLED TO SUCH PAYMENT, WHICH OBLIGATION
SHALL SURVIVE THE CLOSE OF ESCROW.
ESCROW HOLDER IS NOT CONCERNED WITH
PRORATION OF PROPERTY TAXES BASED ON SUPPLEMENTAL TAX BILLS NOT ISSUED PRIOR TO
CLOSING OF ESCROW.
THERE WILL BE NO PRORATION OF UTILITIES AND/OR