Common use of DISBURSEMENT OF DEPOSITS Clause in Contracts

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds. Xxxxx and Seller agree that upon payment of deposit monies into court, neither Buyer nor Seller shall have any further right, claim, demand or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds. Xxxxx Buyer and Seller agree that upon payment of deposit monies into court, neither Buyer nor Seller shall have any further right, claim, demand or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx Broker from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx Broker is less than the total of all of the costs incurred by Xxxxxx Broker in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree Seller acknowledges and agrees that deposit monies held on account as specified herein by Xxxxxx shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds. Xxxxx and Seller agree agrees that upon payment of deposit monies into court, neither Buyer nor Seller shall have any no further right, claim, demand or action against Escrow Broker Xxxxxx regarding the return or disposition of the deposit monies, monies and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller parties of the disputed transaction at their the addresses identified in this the Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree agrees and hereby expressly and irrevocably authorize authorizes Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by BrokerXxxxxx. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree agrees and expressly declare declares that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree Xxxxxx agrees to jointly with Xxxxx reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds; OR D. Broker follows the notice and disbursement process based on passage of time outlined below; OR E. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time . Xxxxxx’s notice and disbursement process based on passage of time: _____ Buyer and Seller agree that if there is a dispute over the entitlement to deposit monies that is unresolved days (180 if not specified) after the Settlement Date as one specified in this Agreement of Sale (or any written extension thereof) or following the termination of the parties Agreement, whichever is earlier, then the Broker holding the deposit monies may, in the Broker’s sole discretion, decide to disburse the deposit monies to the transaction files suit person who, in the good faith of the Broker, is entitled to receive the deposit monies in accordance with the terms of this Agreement . Prior to making such disbursement, Broker shall notify all parties, in writing with verification of delivery or to an email address used during the transaction, of Xxxxxx’s intention to make the disbursement unless within sixty (60) days of notice, Xxxxxx receives written notice that the dispute is the subject of filed litigation, arbitration, or mediation. If Broker has received written notice of filed litigation, arbitration, or mediation prior to disbursement, Broker will continue to hold the deposit monies until receipt of a written disbursement agreement between Buyer and the Seller or a final court orders order. Xxxxx and Seller agree that the disbursement of these fundsdeposit monies based upon the passage of time does not legally determine entitlement to deposit monies, and that the parties maintain their legal rights to pursue litigation even after disbursement is made unless disbursement is according to court order. Xxxxx and Seller agree that upon payment of deposit monies into courtdisbursement according to this process, neither Buyer nor Seller shall have any further right, claim, demand demand, or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds; OR D. Broker follows the notice and disbursement process based on passage of time outlined below; OR E. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time . Xxxxxx’s notice and disbursement process based on passage of time: _____ Buyer and Seller agree that if there is a dispute over the entitlement to deposit monies that is unresolved days (180 if not specified) after the Settlement Date as one specified in this Agreement of Sale (or any written extension thereof) or following the termination of the parties Agreement, whichever is earlier, then the Broker holding the deposit monies may, in the Broker’s sole discretion, decide to disburse the deposit monies to the transaction files suit person who, in the good faith of the Broker, is entitled to receive the deposit monies in accordance with the terms of this Agreement . Prior to making such disbursement, Broker shall notify all parties, in writing with verification of delivery or to an email address used during the transaction, of Xxxxxx’s intention to make the disbursement unless within sixty (60) days of notice, Xxxxxx receives written notice that the dispute is the subject of filed litigation, arbitration, or mediation. If Broker has received written notice of filed litigation, arbitration, or mediation prior to disbursement, Broker will continue to hold the deposit monies until receipt of a written disbursement agreement between Buyer and the Seller or a final court orders order. Xxxxx and Seller agree that the disbursement of these fundsdeposit monies based upon the passage of time does not legally determine entitlement to deposit monies, and that the parties maintain their legal rights to pursue litigation even after disbursement is made unless disbursement is according to court order. Xxxxx and Seller agree that upon payment of deposit monies into courtdisbursement according to this process, neither Buyer nor Seller shall have any further right, claim, demand or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. If the agreement of sale provided by the Delaware Association of REALTORS® is used for the transaction, then Seller agrees that the following process shall apply for disbursement of deposits unless modified in the agreement of sale. The parties to this Agreement agree Seller acknowledges and agrees that deposit monies held on account by a licensed Delaware Real Estate Brokerage Organization (hereinafter referred to as specified herein “Escrow Broker”) shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds; OR D. Escrow Broker follows the notice and disbursement process based on passage of time outlined below; OR E. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time . Xxxxxx agrees that if there is a dispute over the entitlement to deposit monies that is unresolved _30 days (60 if not specified) after the Settlement Date as one specified in the agreement of sale (or any written extension thereof) or following the termination of the parties agreement, whichever is earlier, then the Escrow Broker holding the deposit monies may, in its sole discretion, but is not obligated to, decide to disburse the deposit monies to the transaction files suit person who, in the good faith of the Escrow Broker, is entitled to receive the deposit monies in accordance with the terms of the agreement. Prior to making such disbursement, Escrow Broker shall notify all parties, in writing with verification of delivery or to an email address used during the transaction, of Escrow Broker’s intention to make the disbursement unless within sixty (60) days of notice, Escrow Broker receives written notice that the dispute is the subject of filed litigation, arbitration, or mediation. If Escrow Broker has received written notice of filed litigation, arbitration, or mediation prior to disbursement, Escrow Broker will continue to hold the deposit monies until receipt of a written disbursement agreement between Buyer and the Seller or a final court orders or binding arbitration order. Xxxxxx agrees that the disbursement of these fundsdeposit monies based upon the passage of time does not legally determine entitlement to deposit monies, and that the parties maintain their legal rights to pursue litigation even after disbursement is made unless disbursement is according to court or binding arbitration order. Xxxxx and Seller agree Xxxxxx agrees that upon payment of deposit monies into courtdisbursement according to this process, neither Buyer nor Seller shall not have any further right, claim, demand demand, or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, Seller shall indemnify and hold Escrow Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds; OR X. Xxxxxx follows the notice and disbursement process based on passage of time outlined below; OR E. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time . Xxxxxx’s notice and disbursement process based on passage of time: _____ Buyer and Seller agree that if there is a dispute over the entitlement to deposit monies that is unresolved days (180 if not specified) after the Settlement Date as one specified in this Agreement of Sale (or any written extension thereof) or following the termination of the parties Agreement, whichever is earlier, then the Broker holding the deposit monies may, in the Broker’s sole discretion, decide to disburse the deposit monies to the transaction files suit person who, in the good faith of the Broker, is entitled to receive the deposit monies in accordance with the terms of this Agreement . Prior to making such disbursement, Broker shall notify all parties, in writing with verification of delivery or to an email address used during the transaction, of Xxxxxx’s intention to make the disbursement unless within sixty (60) days of notice, Xxxxxx receives written notice that the dispute is the subject of filed litigation, arbitration, or mediation. If Broker has received written notice of filed litigation, arbitration, or mediation prior to disbursement, Broker will continue to hold the deposit monies until receipt of a written disbursement agreement between Buyer and the Seller or a final court orders order. Xxxxx and Seller agree that the disbursement of these fundsdeposit monies based upon the passage of time does not legally determine entitlement to deposit monies, and that the parties maintain their legal rights to pursue litigation even after disbursement is made unless disbursement is according to court order. Xxxxx and Seller agree that upon payment of deposit monies into courtdisbursement according to this process, neither Buyer nor Seller shall have any further right, claim, demand demand, or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.

DISBURSEMENT OF DEPOSITS. The parties to this Agreement agree that deposit monies held on account as specified herein shall only be disbursed under one of the following conditions: A. Upon final settlement hereunder; OR B. Upon a release being signed by all parties to the transaction authorizing disposition of these funds; OR C. At such time as one of the parties to the transaction files suit and the court orders the disbursement of these funds; OR X. Xxxxxx follows the notice and disbursement process based on passage of time outlined below; OR E. Upon the filing of an interpleader action in the proper court, thereby causing these funds to be deposited with the court; OR D. At such time . _____ Buyer and Seller agree that if there is a dispute over the entitlement to deposit monies that is unresolved days (180 if not specified) after the Settlement Date as one specified in this Agreement of Sale (or any written extension thereof) or following the termination of the parties Agreement, whichever is earlier, then the Broker holding the deposit monies may, in the Broker’s sole discretion, decide to disburse the deposit monies to the transaction files suit person who, in the good faith of the Broker, is entitled to receive the deposit monies in accordance with the terms of this Agreement . Prior to making such disbursement, Broker shall notify all parties, in writing with verification of delivery or to an email address used during the transaction, of Xxxxxx’s intention to make the disbursement unless within sixty (60) days of notice, Xxxxxx receives written notice that the dispute is the subject of filed litigation, arbitration, or mediation. If Broker has received written notice of filed litigation, arbitration, or mediation prior to disbursement, Broker will continue to hold the deposit monies until receipt of a written disbursement agreement between Buyer and the Seller or a final court orders order. Xxxxx and Seller agree that the disbursement of these fundsdeposit monies based upon the passage of time does not legally determine entitlement to deposit monies, and that the parties maintain their legal rights to pursue litigation even after disbursement is made unless disbursement is according to court order. Xxxxx and Seller agree that upon payment of deposit monies into courtdisbursement according to this process, neither Buyer nor Seller shall have any further right, claim, demand or action against Escrow Broker regarding the return or disposition of the deposit monies, and Buyer and Seller, jointly and severally, shall indemnify and hold Broker harmless from any and all such rights, claims, demands or actions. In the event of a dispute, and after no less than fifteen (15) days advance notice delivered by certified mail to the Buyer and Seller at their addresses identified in this Agreement of Sale, should Broker elect to file an action of interpleader as herein provided, Buyer and Seller further agree and hereby expressly and irrevocably authorize Broker to deduct from the Deposit all costs incurred by Broker in the filing and maintenance of such action of interpleader including but not limited to filing fees, court costs, service of process fees and attorneys’ fees, provided that the amount deducted shall not exceed the lesser of Five Hundred Dollars ($500) or the amount of the Deposit held by Broker. All such fees and costs authorized herein to be deducted may be deducted by Xxxxxx from the Deposit prior to paying the balance of the Deposit to the court. Buyer and Seller further agree and expressly declare that all such fees and costs so deducted shall be the exclusive property of Broker. If the amount deducted by Xxxxxx is less than the total of all of the costs incurred by Xxxxxx in filing and maintaining the interpleader action, then Buyer and Seller jointly, and severally, agree to reimburse Broker for all such excess costs upon the conclusion of the interpleader action.