INFORMATION NEEDED FOR ESCROW PROCESSING AND CLOSURE. The Grantee shall provide the following documents to the State Project Representative during the escrow process. Property acquisition escrow documents shall be submitted within the term of this Grant Agreement and after a qualified appraisal has been approved. • Name and Address of Title Company Handling the Escrow • Escrow Number • Name of Escrow Officer • Xxxxxx Officer’s Phone Number • Dollar Amount Needed to Close Escrow • Legal Description of Property Being Acquired • Assessor’s Parcel Number(s) of Property Being Acquired • Copy of Title Insurance Report • Entity Taking Title as Named Insured on Title Insurance Policy • Copy of Escrow Instructions in Draft Form Prior to Recording for Review Purposes • Copy of Final Escrow Instructions • Verification that all Encumbrances (i.e., Liens, Back Taxes, and Similar Obligations) have been Cleared Prior to Recording the Deed to Transfer Title • Copy of Deed for Review Purposes Prior to Recording • Copy of Deed as Recorded in County Recorder’s Office • Copy of Escrow Closure Notice EXHIBIT L
INFORMATION NEEDED FOR ESCROW PROCESSING AND CLOSURE. NOT APPLICABLE The Grantee must provide the following documents to the State Project Representative during the escrow process. Property acquisition escrow documents must be submitted within the term of this Grant Agreement and after a qualified appraisal has been approved. • Name and Address of the Title Company Handling the Escrow • Escrow Number • Name of Escrow Officer • Escrow Officer’s Phone Number • Dollar Amount Needed to Close Escrow • Legal Description of Property Being Acquired • Assessor’s Parcel Number(s) of Property Being Acquired • Copy of Title Insurance Report • Entity Taking Title as Named Insured on Title Insurance Policy • Copy of Escrow Instructions in Draft Form Prior to Recording for Review Purposes • Copy of Final Escrow Instructions • Verification that all Encumbrances (Liens, Back Taxes, and Similar Obligations) have been Cleared Prior to Recording the Deed to Transfer Title • Copy of Deed for Review Purposes Prior to Recording • Copy of Deed as Recorded in County Recorder’s Office • Copy of Escrow Closure Notice EXHIBIT M INVOICE GUIDANCE FOR ADMINISTRATIVE AND OVERHEAD CHARGES The funds provided pursuant to this Agreement may only be used for costs that are directly related to the funded Project. The following provides a list of typical requirements for invoicing, specifically providing guidance on the appropriate methods for invoicing administrative and direct overhead charges. Administration Charges Indirect and General Overhead (i.e., indirect overhead) charges are not an allowable expense for reimbursement. However, administrative expenses that are apportioned directly to the project are eligible for reimbursement. Costs such as rent, office supplies, fringe benefits, etc. can be “Direct Costs” and are eligible expenses as long as: • There is a consistent, articulated method for how the costs are allocated that is submitted and approved by the Grant Manager. The allocation method must be fully documented for auditors. • A “fully-burdened labor rate” can be used to capture allowable administrative costs. • The administrative/overhead costs can never include: o Non-project specific personnel and accounting services performed within the Grantee or an LPS organization o Generic markup o Tuition o Conference fees o Building and equipment depreciation or use allowances • Using a general overhead percentage is never allowed Labor Rates
INFORMATION NEEDED FOR ESCROW PROCESSING AND CLOSURE. The Funding Recipient must provide the following documents to the State Project Representative during the escrow process. Property acquisition escrow documents must be submitted within the term of this Funding Agreement and after a qualified appraisal has been approved. Name and Address of Title Company Handling the Escrow Escrow Number Name of Escrow Officer Xxxxxx Officer’s Phone Number Dollar Amount Needed to Close Escrow Legal Description of Property Being Acquired Assessor’s Parcel Number(s) of Property Being Acquired Copy of Title Insurance Report Entity Taking Title as Named Insured on Title Insurance Policy Copy of Escrow Instructions in Draft Form Prior to Recording for Review Purposes Copy of Final Escrow Instructions Verification that all Encumbrances (Liens, Back Taxes, and Similar Obligations) have been Cleared Prior to Recording the Deed to Transfer Title Copy of Deed For Review Purposes Prior to Recording Copy of Deed as Recorded in County Recorder’s Office Copy of Escrow Closure Notice Exhibit L APPRAISAL SPECIFICATIONS
