Deposit; Escrow Agent Clause Samples
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Deposit; Escrow Agent. (a) The Deposit shall be held in escrow in a separate interest-bearing money market or bank account by Deposit Escrow Agent until the earliest of (a) the Closing, upon the consummation of which the Deposit shall be released to Sellers; (b) five (5) days after Deposit Escrow Agent shall have delivered to the non-sending party a copy of the notice sent by Sellers or Buyers stating that this Agreement has been terminated and that the party so notifying Deposit Escrow Agent is entitled to the Deposit, following which period the Deposit shall be delivered to the party who sent notice stating that it is entitled to the Deposit; provided, however, that within such five (5) day period, Deposit Escrow Agent does not receive either a notice containing contrary instructions from the non-sending party hereto or a court order restraining the release of all or any portion of the Deposit; or (c) a joint notice executed by Sellers and Buyers is received by Deposit Escrow Agent, in which event Deposit Escrow Agent shall release the Deposit in accordance with the instructions therein contained. Deposit Escrow Agent shall immediately deliver a duplicate copy of any notice received by it in its capacity as Deposit Escrow Agent to Sellers and Buyers.
(b) In the event of any disagreement between the Sellers and the Buyers resulting in conflicting or adverse claims or demands made in connection with the Deposit, Deposit Escrow Agent will be entitled, at its option, to refuse to comply with any such claims or demands so long as the disagreement continues, and in so doing Deposit Escrow Agent will not be liable for its failure or refusal to comply with such conflicting or adverse claims or demands until the rights of the claimants have been finally adjudicated or the differences adjusted between the Sellers and the Buyers and Deposit Escrow Agent has been notified thereof in writing signed by each of the Sellers and the Buyers. Deposit Escrow Agent will also have the right to bring an action in interpleader to obtain the right to pay said sum to a court of competent jurisdiction, deducting from said sum the costs incurred in bringing such an action.
(c) Deposit Escrow Agent shall deliver the Deposit at the election of the Party entitled to receive the same by (a) a good, unendorsed check of Deposit Escrow Agent payable to the order of such party, or (b) a bank wire transfer to an account designated by such Party.
(d) Sellers and Buyers acknowledge that Deposit Escrow Agent is serv...
Deposit; Escrow Agent. (a) Upon receipt from Buyer of the Deposit, Escrow Agent shall invest the Deposit in an interest-bearing account or money market fund mutually acceptable to Seller and Buyer. Escrow Agent shall agree to hold and dispose of the Deposit in accordance with the terms and provisions of this Agreement. If the Closing occurs, any interest on the Deposit shall be credited to Buyer and applied to the Purchase Price. If the Closing does not occur, any interest earned on the Deposit shall follow the Deposit.
(b) The parties hereto do hereby certify that they are aware that the Federal Deposit Insurance Corporation (“FDIC”) coverages may apply only to a cumulative maximum amount of $250,000 for each individual deposit for all of depositor’s accounts at the same or related institution. The parties hereto further understand that certain banking instruments such as, but not limited to, repurchase agreements and letters of credit are not covered at all by FDIC insurance. Further the parties hereto understand that Escrow Agent assumes no responsibility for, nor will the parties hereto hold Escrow Agent liable for, any loss occurring which arises from the fact that the amount of the above account may cause the aggregate amount of any individual depositor’s accounts to exceed $250,000 and that the excess amount is not insured by the Federal Deposit Insurance Corporation or that FDIC insurance is not available on certain types of bank instruments.
Deposit; Escrow Agent. (a) Within three (3) business days following the date that Commercial Title Group, Limited, 8605 ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇'▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇tention: Doug▇▇▇ ▇▇▇▇▇▇▇ ("▇scrow Agent") receives a copy of this Agreement executed by both Seller and Buyer, Buyer shall deposit with the Escrow Agent the amount of $32,500.00, either by certified bank or cashier's check or by wire transfer, as a good faith deposit hereunder. Such $32,500.00 deposit, and all interest earned thereon, shall be referred to as the "Initial Deposit". All interest on any deposit shall be deemed income of Buyer. Escrow Agent shall maintain the Initial Deposit in an FDIC-insured interest-bearing account. The Initial Deposit shall be applied to the Purchase Price at Closing and shall be non-refundable to the Seller except as otherwise provided herein. The Initial Deposit shall be released in accordance with the terms and provisions of this Agreement.
(b) Provided Buyer has not elected to terminate this Agreement during the Study Period (as defined in Section 9.01), Buyer shall within two (2) business days after the end of the
Deposit; Escrow Agent. FIRST AMERICAN TITLE INSURANCE COMPANY NATIONAL COMMERCIAL SERVICES By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: Senior Commercial Escrow Officer \
Deposit; Escrow Agent. Contemporaneously with the execution of this Agreement Buyer has delivered or caused to be delivered an ▇▇▇▇▇▇▇ Money deposit in the sum of Three Hundred Seven Thousand Five Hundred and 00/100 ($307,500.00) Dollars (the “Deposit”) to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Professional Association, (the “Escrow Agent”), of which One Hundred Sixty Seven Thousand Five Hundred Eighty Seven and 50/100 ($167,587.50) Dollars of the Deposit shall be allocated to the purchase of the ▇▇▇▇▇▇▇ Road Property and One Hundred Thirty Nine Thousand Nine Hundred Twelve and 50/100 ($139,912.50) Dollars shall be allocated to the purchase of the Fortune Drive Property. Buyer hereby acknowledges that Escrow Agent also serves as legal counsel to Buyer, that such representation could create a conflict of interest, and that nonetheless such arrangement is satisfactory to Sellers as a means of facilitating this transaction. The Deposit shall be deposited into a Money Market interest-bearing escrow account at a Massachusetts bank insured by the FDIC and the DIF fund. Interest earned on the Deposit shall be credited against the Purchase Price at Closing except in the event of a default, in which event interest shall follow the Deposit. At the time of delivery of the deed, Escrow Agent shall release the allocated portion of the Deposit to each Seller, which shall be credited against the balance of the allocated Purchase Price owed by Buyer to each Seller.
Deposit; Escrow Agent. The Initial Deposit shall be delivered by Buyer to LandAmerica, National Accounts, Boston Office, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Esq. (the “Escrow Agent”) simultaneously with the complete execution of this Agreement. In the event Buyer does not elect to terminate this Agreement pursuant to Section 6.02 hereof, the Additional Deposit shall be delivered by Buyer to the Escrow Agent on or before the expiration of the Inspection Period. (The Initial Deposit and the Additional Deposit, together with interest accrued thereon, are collectively referred to herein as the “Deposit”). Upon receipt from Buyer of the Deposit, Escrow Agent shall invest the Deposit in an interest-bearing account or money market fund acceptable to Buyer and Seller. All interest on the Deposit shall accrue to Buyer, except as otherwise provided in Section 12.03 hereof. At the Closing, Escrow Agent shall release the Deposit to Seller, which Deposit shall be credited against the balance of the Purchase Price owed by Buyer to Seller. Escrow Agent shall agree to hold and dispose of the Deposit in accordance with the terms and provisions of this Agreement.
Deposit; Escrow Agent. FIRST AMERICAN TITLE INSURANCE COMPANY
Deposit; Escrow Agent. The Initial Deposit shall be delivered by Buyer to LandAmerica Title Insurance Corporation (the "Escrow Agent") two (2) business days after the date of this Agreement. In the event Buyer does not elect to terminate this Agreement pursuant to Section 6.2 hereof, the Additional Deposit shall be delivered by Buyer to the Escrow Agent on or before the last day of the Inspection Period. The Initial Deposit and the Additional Deposit, together with any interest accrued thereon, are collectively referred to herein as the "Deposit". Failure of Buyer to so deliver the Initial Deposit and/or the Additional Deposit on the date specified shall constitute a breach by Buyer of this Agreement for which the Seller may exercise the remedies set forth in Section 12.3; provided, Buyer has not previously elected to terminate this Agreement pursuant to Section 6.2 hereof. Upon receipt from Buyer of the Deposit, Escrow Agent shall invest the Deposit in an interest-bearing account or money market fund acceptable to Buyer and Seller and Buyer shall provide its federal taxpayer identification number to Escrow Agent in connection with such investment. All interest on the Deposit shall accrue to Buyer, except as otherwise provided in Section 12.3 hereof. At the Closing, Escrow Agent shall, at the joint direction of Buyer and Seller release the Deposit to Seller, which Deposit shall be credited against the balance of the Purchase Price owed by Buyer to Seller. Escrow Agent shall agree to hold and dispose of the Deposit in accordance with the terms and provisions of this Agreement.
Deposit; Escrow Agent. The Deposit shall be delivered by Buyer to LandAmerica Title Insurance Corporation (the "Escrow Agent") within one (1) business day after the date of this Agreement. Failure of the Buyer to so deliver the Deposit shall constitute a breach by Buyer of this Agreement for which the Seller may exercise the remedies set forth in Section 12.
Deposit; Escrow Agent. The Deposit shall be delivered by Buyer to the Title Insurer, Boston National Title Service Office, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ (the "Escrow Agent") simultaneously with the execution of this Agreement by Seller and Buyer. Upon receipt from Buyer of the Deposit, Escrow Agent shall invest the Deposit in an interest-bearing account or money market fund acceptable to Buyer and Seller. All interest on the Deposit shall accrue to Buyer, except as otherwise provided in Section 14.03 hereof, and shall become part of the "Deposit". At each Closing, Escrow Agent shall release to Seller the portion(s) of the Deposit allocated to the Properties for which Closing is occurring, which portion(s) of the Deposit shall be credited against the balance of the Purchase Price owed by Buyer to Seller, with all such interest and credits to be allocated among the Sellers in accordance with the allocations set forth above. Escrow Agent shall agree to hold and dispose of the Deposit in accordance with the terms and provisions of this Agreement.