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Parks Title

Advances Directly into Escrow - Acquisitions Only

TERMS:

Disbursement Procedure:  California Department of Parks and Recreation (DPR) shall disburse the Grant Funds according to the following procedure.  When the Grantee is ready to complete acquisition of the property or properties, the Grantee shall request disbursement of the Grant Funds by sending a letter and a Payment Request Form to the Office Chief, Office of Grants and Local Services, DPR.   On the Payment Request form, the escrow company's name and address should be entered in the "Send Warrant To" box.  The letter shall be on the Grantee’s letterhead and be signed by the Grantee’s authorized representative and shall contain all of the following:

    A.  Grantee’s name, address and contract number and the funds requested,
         up to 100% of the grant amount.

    B.  Name, address and telephone number of the title company or escrow
         holder, and the escrow account number to which the Grant Funds will
         be disbursed.
    
    C.  A statement by the Grantee that all funds (exclusive of the Grant Funds
         to be provided under this Agreement) needed for the completion of the
         acquisition of the property or properties have been secured and have
         been or will be deposited to escrow at or about the same date as the
         requested Grant Funds.  In making this statement, Grantee shall be
         entitled to reasonably rely on the representations of Landowner.

Upon receipt of the letter and payment request form from the Grantee requesting disbursement of Grant Funds, DPR will promptly and timely [estimated to be forty-five (45) working days from the date the request is received] disburse the funds into the designated escrow account. 
Note:  Grantee should notify the Project Officer of the Title Company to be used as soon as possible prior to sending the letter.   (This will allow the Project Officer to obtain the vendor identification number from the Title Company which is required prior to the processing of the payment).