RE: McClellan Meadows / 5767

The landscape crew has been there for the last 2 days, and the sign company will be out Monday. We are on target. Thanks! Jeanne M. Tonkinson, CAAM Community Manager AAM, LLC [phone redacted] (direct line) [phone redacted] (direct fax) [phone redacted] (main line) From: James Breitenstein [mailto:[email redacted]] Sent: Friday, November 09, 2018 4:10 PM To: Kim Olson <[email redacted]> Cc: Jeanne Tonkinson <[email redacted]>; Jeanine Baber <[email redacted]> Subject: Re: McClellan Meadows / 5767 Kim, Please be sure the following is completed by November 17th, 2018.: a. Clean up of entry area vegetation and weeds; and b. Painting and replace/repair of lettering of entry wall and monument. Thank you! James James L. Breitenstein Principal Landsmith CA #01247039 1001 Marshall Street Fifth Floor Redwood City, CA 94063 T: [phone redacted] <tel:(650)%20328-4663> | M: [phone redacted] <tel:(415)%20652-2525> | E: [email redacted] <mailto:[email redacted]> | W: Landsmith.com <https://protect-us.mimecast.com/s/7K-yCyPmQyUWJ0kiZbvTN?domain=landsmith.com> On Fri, Nov 9, 2018 at 1:18 PM Kim Olson <[email redacted] <mailto:[email redacted]> > wrote: James, As you are aware, we have awarded contracts and have been proceeding with the work required pursuant to the Escrow Holdback Agreement. Brown Homes had a concern in regard to their Purchase and Sale Agreement that provided that the work needed to be completed within 90 days. The Escrow Holdback Agreement includes that the funds needed to be used within 120 days. Based on these deadlines, we confirmed with title and received the below response. I believe we should be able to get the work completed and invoices received by December 13th for payment through escrow, but it’s going to be close. We will update you as we get closer to the December 13th date, but I would like to ask if you would allow the funds to stay in escrow after the December 13th deadline if there is some final invoices that need to be paid? Thank You. Kim Olson, CAAM Vice President of Developer Services AAM, LLC [phone redacted] (direct line) [phone redacted] (direct fax) [phone redacted] (main line) From: Flores, Kevin [mailto:[email redacted]] Sent: Friday, November 09, 2018 1:54 PM To: Jeanine Baber <[email redacted] <mailto:[email redacted]> > Subject: RE: McClellan Meadows / 5767 Mimecast Attachment Protection has deemed this file to be safe, but always exercise caution when opening files. ________________________________ Hi JB, Although Section 1.a.i. does state the work is to be completed within 90 days after closing, it provides no recourse should the work not be completed within this time. Section 1.a.vi <https://protect-us.mimecast.com/s/eq7ZCADmjlfoVn2S9ueze?domain=1.a.vi> . states “All Holdback Funds remaining in the Repair Escrow after payment in full of the Final Disbursement Request or the one hundred twentieth (120th) day following the Closing (whichever first occurs), shall be promptly released to Seller . . . “ If we’re still holding funds for the work on December 13th I will advise the parties that the funds are to be released to the Seller at which time I will accept mutual direction from the parties and proceed as instructed. In other words, if the seller instructs us to continue to hold the funds longer we will. Kevin Flores AVP / Underwriting Fidelity National Title Group [phone redacted] From: Jeanine Baber <[email redacted] <mailto:[email redacted]> > Sent: Friday, November 09, 2018 11:52 AM To: Flores, Kevin <[email redacted] <mailto:[email redacted]> > Subject: McClellan Meadows IMPORTANT NOTICE - This message sourced from an external mail server outside of the Company. Hello Kevin, The purchase agreement between Landsmith (James) and M Construction (Brown Homes) included the attached where 1.a. indicates the work needs to be completed in 90 days (this would be November 14th). Everything is moving in the correct direction and the items are in process, however not everything on the list may be complete by the 14th due to challenges with utilities, the City, and vendor’s scheduling. Can you please let us know what happens to the Escrow Holdback funds in the event not all of the work is completed by that date? We are not certain at this point what remedy is needed to go beyond the current timelines. Items still in process are: Remove and replace broken concrete Street lights Perimeter walls Landscape work – tree trimming Entry monuments balance Thank You. Jeanine “JB” Baber Developer Billing Manager AAM, LLC [phone redacted] (direct line) [phone redacted] (direct fax) [phone redacted] (main line) AssociatedAsset.com | <http://www.associatedasset.com> HomeownerResources.com <http://www.homeownerresources.com> <https://us-api.mimecast.com/s/store/msXNvuZEzl5zA3inNhObnvYraWbVtsBHRldgYFGKfGaA03VI3mv9EC4NBYsYtpHWczWQYSTOAlXs8wrGCaBykkS884-JICjY8rhmYQGs-K3f5xWZkDNy8aKSSIod9o1MZNv7PPtZDbf4wNoMBiO01jo0gAEvzKHqrJdZSdV2dHp_r6qmL9OLgkLHg3GXKDCR> ________________________________ NOTICE: The information contained in this message is proprietary and/or confidential and may be privileged. 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