Common use of Disbursements and Other Actions by Escrow Holder Clause in Contracts

Disbursements and Other Actions by Escrow Holder. Upon the Closing of Escrow, Escrow Holder shall promptly undertake all of the following in the following manner: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon the statement delivered into Escrow signed by the parties; 6.3.2 cause the following documents to be recorded in the Official Records in the following order: (a) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) above, disburse from funds deposited by Buyer with Escrow Holder towards payment of all items (including, without limitation, the cash portion of the Purchase Price) chargeable to the account of Buyer pursuant hereto in payment of such costs, and disburse the balance of such funds, if any, to Buyer; 6.3.4 deliver to Seller (i) fully executed originals the Buyer’s Purchase Note, the General Assignment, the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are to be delivered to Buyer hereunder, and (ii) conformed and recorded copies of each of the Subordination Agreement, the Deed of Trust and the Junior Deed of Trust; and 6.3.6 direct the Title Company to issue the Buyer’s Title Policy to Buyer and the Seller’s Title Policy to Seller.

Appears in 1 contract

Samples: Real Property Option and Sale Agreement (Nuvelo Inc)

AutoNDA by SimpleDocs

Disbursements and Other Actions by Escrow Holder. Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in (A) deliver to the following manner: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon the statement delivered into Escrow signed by the parties; 6.3.2 “County Recorder” and cause the following Deed (with documentary transfer tax information to be affixed after recording) and any other documents which the parties hereto may mutually direct to be recorded in the Official Records in of the following order: (a) the Grant DeedCounty and obtain conformed copies thereof for distribution to Buyer and Seller, (bB) direct the Deed of TrustTitle Company to issue the Title Policy to Buyer, (cC) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) above, disburse from funds deposited by Buyer with Escrow Holder towards payment of all items (including, without limitation, the cash portion of the Purchase Price) chargeable , after adjustment pursuant to the account terms of Buyer pursuant hereto in payment of such coststhis Agreement for expenses and prorations, to Seller and disburse deliver the balance of such fundsthe funds placed in escrow by Buyer, if any, to Buyer; 6.3.4 deliver , (D) disburse to Seller (i) fully Buyer a conformed copy of the Deed and executed originals of the Buyer’s Purchase NoteTenant Lease Assignment, the General Assignment, the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General AssignmentForm 593, the Assignment Tenant Notification Letters and change of Contracts address notices duly executed by Seller and any other documents which are to be delivered to Buyer hereunder(or copies thereof) deposited into Escrow by Seller pursuant hereto, and (iiE) disburse to Seller a conformed and recorded copies of each copy of the Subordination AgreementDeed and executed originals of the Tenant Lease Assignment, the Deed of Trust and the Junior Deed of Trust; and 6.3.6 direct the Title Company to issue the Buyer’s Title Policy to Buyer and the Seller’s Title Policy to SellerGeneral Assignment.

Appears in 1 contract

Samples: Right of First Offer and Purchase Options Agreement (Electronic Arts Inc)

Disbursements and Other Actions by Escrow Holder. (a) Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon (1) Deliver the statement delivered into Escrow signed by Title Policies to Buyer. (2) Disburse the parties;Acquisition Common Stock to Seller. 6.3.2 cause (3) Cause the following documents Deeds to be recorded in the Official Records of the county in which the respective Land is situated, and at the Closing of the acquisition of the Rancho Xxxxxx Loan, cause to be recorded the Assignment of Note and Liens in the following order: (a) county where the Grant Deed, Rancho Xxxxxx Property is located. (b) the Deed Upon confirmation of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording recordation of the instruments described in subparagraph (b) aboveDeeds, disburse from funds deposited by Buyer with Escrow Holder towards payment shall: (1) Deliver the Leases, Xxxx of all items (includingSale, without limitationGeneral Assignment, the cash portion Certification Regarding Withholding, and a counterpart of the Purchase Price) chargeable to Assignment of Leases executed by Seller for each Property being transferred at the account of Buyer pursuant hereto Closing in payment of such costs, and disburse the balance of such funds, if any, question to Buyer; 6.3.4 , and, at the Closing therefor, deliver to Seller (i) fully executed originals Buyer the Buyer’s Purchase endorsed original Rancho Xxxxxx Note, the General Assignmentother Rancho Xxxxxx Loan Documents, and the Assignment of Contracts, Note and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit Liens. (2) Deliver a counterpart of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are to be delivered to Buyer hereunderLeases, and (ii) conformed and recorded copies of each of the Subordination Registration Rights Agreement, the Deed Amended and Restated Excepted Holder Agreement, and General Assignment executed by Buyer to Seller, together with an original copy of Trust the Opinion and the Junior Deed Certificate of Trust; andWithholding executed by Buyer. 6.3.6 direct (3) Mail the Title Company approved form of letter to issue the Buyer’s Title Policy tenants advising them of this transaction. (4) Deliver to both Buyer and the Seller’s Title Policy Seller copies of all documents delivered to Sellereither party hereto or recorded pursuant to this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Meridian Industrial Trust Inc)

Disbursements and Other Actions by Escrow Holder. (a) Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon (1) Deliver the statement delivered into Escrow signed by Title Policies to Buyer. (2) Disburse the parties;Acquisition Common Stock to Seller. 6.3.2 cause (3) Cause the following documents Deeds to be recorded in the Official Records of the county in which the respective Land is situated, and at the Closing of the acquisition of the Rancho Xxxxxx Loan, cause to be recorded the Assignment of Note and Liens in the following order: (a) county where the Grant Deed, Rancho Xxxxxx Property is located. (b) the Deed Upon confirmation of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording recordation of the instruments described in subparagraph (b) aboveDeeds, disburse from funds deposited by Buyer with Escrow Holder towards payment shall: (1) Deliver the Leases, Xxxx of all items (includingSale, without limitationGeneral Assignment, the cash portion Certification Regarding Withholding, and a counterpart of the Purchase Price) chargeable to Assignment of Leases executed by Seller for each Property being transferred at the account of Buyer pursuant hereto Closing in payment of such costs, and disburse the balance of such funds, if any, question to Buyer; 6.3.4 , and, at the Closing therefor, deliver to Seller (i) fully executed originals Buyer the Buyer’s Purchase endorsed original Rancho Downey Note, the General Assignmentother Rancho Downey Loan Documents, and the Assignment of Contracts, Note and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit Liens. (2) Deliver a counterpart of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are to be delivered to Buyer hereunderLeases, and (ii) conformed and recorded copies of each of the Subordination Registration Rights Agreement, the Deed Amended and Restated Excepted Holder Agreement, and General Assignment executed by Buyer to Seller, together with an original copy of Trust the Opinion and the Junior Deed Certificate of Trust; andWithholding executed by Buyer. 6.3.6 direct (3) Mail the Title Company approved form of letter to issue the Buyer’s Title Policy tenants advising them of this transaction. (4) Deliver to both Buyer and the Seller’s Title Policy Seller copies of all documents delivered to Sellereither party hereto or recorded pursuant to this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Meridian Industrial Trust Inc)

Disbursements and Other Actions by Escrow Holder. Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon the statement delivered into a. Escrow signed by the parties; 6.3.2 Holder shall first cause the following documents Grant Deed to be recorded in the Official Records in the following order: (a) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) aboveCounty, together with any other documents that the parties hereto may mutually direct. b. Escrow Holder shall hold and/or disburse from all funds deposited by Buyer with Escrow Holder towards payment of by Buyer as follows: i. Deduct (and disburse) all items (including, without limitation, the cash portion of the Purchase Price) chargeable to the account of Buyer pursuant hereto in payment of such costs, hereto; ii. Deduct (and disburse the balance of such funds, if any, to Buyer; 6.3.4 deliver to Seller (i) fully executed originals the Buyer’s Purchase Note, the General Assignment, the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver credit to Buyer where appropriate) all items chargeable to the account of Seller pursuant hereto (i) fully executed originals of the Bxxx of Saleincluding, the FIRPTA Certificatewithout limitation, the General Assignment, the Assignment of Contracts and any other documents credits and/or reimbursements to which are to be delivered to Buyer hereunder, and (ii) conformed and recorded copies of each of the Subordination is entitled where expressly provided in this Agreement, the Deed of Trust and the Junior Deed of Trust); and 6.3.6 iii. Refund to Buyer any excess funds deposited by Buyer. c. Escrow Holder shall direct the Title Company to issue the Buyer’s Title Policy to Buyer. d. Escrow Holder shall deliver to Buyer and Seller, originals of the Seller’s Title Policy executed counterparts of the documents and instruments deposited by the parties pursuant to SellerSection 11 hereof that are not recorded, and copies of all recorded documents; to Buyer only, the original of the Certification. e. Escrow Holder shall deliver to Buyer and Seller duplicate originals or copies (as the case may be) of all documents delivered by Escrow Holder to Buyer at Closing. f. Escrow Holder shall provide Buyer and Seller with a closing statement covering the sale of the Property to Buyer.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Shopoff Properties Trust, Inc.)

Disbursements and Other Actions by Escrow Holder. Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon the statement delivered into a. Escrow signed by the parties; 6.3.2 Holder shall cause the following documents Grant Deeds to be recorded in the Official Records in the following order: (a) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) aboveCounty, together with any other documents that the parties hereto may mutually direct. b. Escrow Holder shall hold and/or disburse from all funds deposited by Buyer with Escrow Holder towards payment of by Buyer as follows: i. Deduct all items (including, without limitation, chargeable to the cash portion account of Seller pursuant hereto; ii. Disburse to Seller the Purchase Price, less items deducted pursuant to subsection i. above and any amounts previously disbursed to Seller; and iii. Deduct (and disburse) all items chargeable to the account of Buyer pursuant hereto in payment of such costs, and disburse the balance of such funds, if any, to Buyer; 6.3.4 deliver to Seller (i) fully executed originals the Buyer’s Purchase Note, the General Assignment, the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver refund to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are to be delivered to Buyer hereunder, and (ii) conformed and recorded copies of each of the Subordination Agreement, the Deed of Trust and the Junior Deed of Trust; andexcess funds deposited by Buyer. 6.3.6 c. Escrow Holder shall direct the Title Company to issue the Buyer’s Title Policy to Buyer. d. Escrow Holder shall deliver to Buyer and Seller, originals of the Seller’s Title Policy executed counterparts of the documents and instruments deposited by the parties pursuant to SellerSection 11 above, and copies of all recorded documents; and to Buyer only, the original of the Certification. e. Escrow Holder shall deliver to Seller duplicate originals or copies (as the case may be) of all documents delivered to Buyer. f. Escrow Holder shall provide Buyer and Seller with a “Closing Statement”.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Shopoff Properties Trust, Inc.)

Disbursements and Other Actions by Escrow Holder. Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon the statement delivered into a. Escrow signed by the parties; 6.3.2 Holder shall cause the following documents Grant Deed to be recorded in the Official Records in the following order: (a) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) aboveCounty, together with any other documents that the parties hereto may mutually direct. b. Escrow Holder shall hold and/or disburse from all funds deposited by Buyer with Escrow Holder towards payment of by Buyer as follows: i. Deduct (and disburse) all items (including, without limitation, the cash portion of the Purchase Price) chargeable to the account of Buyer pursuant hereto in payment of such costs, hereto; ii. Deduct (and disburse the balance of such funds, if any, to Buyer; 6.3.4 deliver to Seller (i) fully executed originals the Buyer’s Purchase Note, the General Assignment, the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver credit to Buyer where appropriate) all items chargeable to the account of Seller pursuant hereto (i) fully executed originals of the Bxxx of Saleincluding, the FIRPTA Certificatewithout limitation, the General Assignment, the Assignment of Contracts and any other documents credits and/or reimbursements to which are to be delivered to Buyer hereunder, and (ii) conformed and recorded copies of each of the Subordination is entitled where expressly provided in this Agreement, the Deed of Trust and the Junior Deed of Trust); and 6.3.6 iii. Refund to Buyer any excess funds deposited by Buyer. c. Escrow Holder shall direct the Title Company to issue the Buyer’s Title Policy to Buyer. d. Escrow Holder shall deliver to Buyer and Seller, originals of the Seller’s Title Policy executed counterparts of the documents and instruments deposited by the parties pursuant to SellerSection 11 hereof that are not recorded, and copies of all recorded documents; to Buyer only, the original of the Certification; and to Seller only, the originals of the Notices of Special Tax. e. Escrow Holder shall deliver to Buyer and Seller duplicate originals or copies (as the case may be) of all documents delivered by Escrow Holder to Buyer at Closing. f. Escrow Holder shall provide Buyer and Seller with a closing statement covering the sale of the Property to Buyer.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Shopoff Properties Trust, Inc.)

AutoNDA by SimpleDocs

Disbursements and Other Actions by Escrow Holder. (a) Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon (i) Cause the statement delivered into Escrow signed by Special Warranty Deed (and any other documents which the parties; 6.3.2 cause the following documents parties hereto may mutually direct) to be recorded in the Official Records of Worcester County, State of Massachusetts, in the following order: (a) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trustsuch order as Buyer may direct; 6.3.3 concurrent (ii) Disburse all funds deposited with the recording Escrow Holder by Buyer towards payment of the instruments described in subparagraph Purchase Price for the Property as follows: (bA) above, disburse Deduct therefrom all items chargeable to the account of Seller pursuant hereto; (B) The remaining balance of the funds so deposited by Buyer towards payment of the Purchase Price shall be disbursed to Seller promptly upon the Close of Escrow; (iii) Disburse from funds deposited by Buyer with Escrow Holder towards payment of all items (including, without limitation, the cash portion of the Purchase Price) closing costs chargeable to the account of Buyer pursuant hereto in payment such monies as are necessary to pay all such closing costs of such costsBuyer, and disburse the balance of such funds, if any, to Buyer;; and 6.3.4 deliver (iv) Deliver the Title Policy to Seller Buyer. (b) Upon confirmation of recordation of the Special Warranty Deed, the parties shall: (i) fully executed originals Deliver the Buyer’s Purchase NoteLease, the FedEx Estoppel, General Assignment, original contracts, Certification of Representations and Warranties, Certification re Withholding, and counterparts of the Closing Statement and the Assignment of Contracts, Lease and any other document which is Assignment of Contracts executed by Seller to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and Buyer; (ii) upon recordation in the Official Records, conformed and recorded copies of each Deliver counterparts of the Deed of Trust, the Subordination Agreement Closing Statement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are Lease executed by Buyer to be delivered Seller; (iii) Mail the approved form of letter to Buyer hereunder, and (ii) conformed and recorded copies FedEx advising them of each of the Subordination Agreement, the Deed of Trust and the Junior Deed of Trustthis transaction; and 6.3.6 direct the Title Company (iv) Deliver to issue the Buyer’s Title Policy to both Buyer and the Seller’s Title Policy Seller copies of all documents delivered to Sellereither party hereto or recorded pursuant to this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (O'Donnell Strategic Industrial REIT, Inc.)

Disbursements and Other Actions by Escrow Holder. Upon the Closing of EscrowClosing, Escrow Holder promptly shall promptly undertake all of the following following: (a) disburse all funds deposited with Escrow Holder by Buyer in payment of the following manner: 6.3.1 prorate Purchase Price (less the Independent Consideration previously disbursed to Seller and the agreed-upon consideration for conveyance of the Parking Easement), (b) pay Buyer’s portion of the escrow and title fees and charges and closing costs, (c) deduct all matters referenced items chargeable to the account of Seller under Section 8, (d) pay the amounts owing to the persons entitled to payment, and disburse the remaining balance of the funds to Seller, or in Section 2.6.2 based accordance with Seller’s written instructions, promptly upon the statement delivered into Escrow signed by the parties; 6.3.2 Close of Escrow; (e) cause the following Grant Deed, Parking Easement, Subordination Agreement, the Memorandum of Agreement, and any other documents which Buyer or the Parties may direct to be recorded in the Official Records of the Orange County Recorder in the following order: order directed by the Parties; (af) prepare and deliver to each of Buyer and Seller two conformed copies of the Grant Deed, Deed and Parking Easement; (bg) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) above, disburse from funds deposited by Buyer with Escrow Holder towards payment of all items (including, without limitation, the cash portion of the Purchase Price) chargeable to the account of Buyer pursuant hereto in payment of such costs, and disburse the balance of such funds, if any, to Buyer; 6.3.4 deliver to Seller (i) fully executed originals the Buyer’s Purchase Note, the General Assignment, the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are to be delivered to Buyer hereunder, and (ii) conformed and recorded copies of each of the Subordination Agreement, the Deed of Trust and the Junior Deed of Trust; and 6.3.6 direct cause the Title Company to issue the Buyer’s Title Policy to Buyer; (h) deliver two executed copies of the Blanket Assignment and Xxxx of Sale for the Property to each of Buyer and Seller; (i) deliver to Buyer the Seller’s Title Policy proof of authority deposited into Escrow by Seller pursuant to Seller.Section 9.1; (j) deliver to Buyer the certifications deposited into Escrow by Seller pursuant to Section 9.1; and (k) deliver to Seller any proof of authority deposited into Escrow by Buyer pursuant to Section 9.2.‌

Appears in 1 contract

Samples: Purchase and Sale Agreement

Disbursements and Other Actions by Escrow Holder. Upon the Closing Close of ------------------------------------------------ Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon (i) Cause the statement delivered into Escrow signed by the parties; 6.3.2 cause the following documents Deed to be recorded in the Official Records in the following order: of San Mateo County. (aii) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trust; 6.3.3 concurrent with the recording of the instruments described in subparagraph (b) above, disburse from Disburse all funds deposited by Buyer with Escrow Holder by Buyer towards payment of all items the Purchase Price for the Property as follows: (including, without limitation, A) Deduct therefrom sums required to pay the cash portion closing costs of Buyer. (B) Disburse therefrom the sum required to pay to Seller the amount of the Purchase Price, less sums necessary to pay the closing costs of Seller. (C) chargeable to Disburse the account of Buyer pursuant hereto in payment of such costs, and disburse the balance of such fundsbalance, if any, to Buyer;. 6.3.4 deliver (iii) Deliver the Title Policy to Seller Buyer. (iiv) fully executed originals Deliver the Buyer’s Purchase NoteXxxx of Sale, the General Assignment, and counterparts of the New Leases and the Assignment of Contracts executed by Seller to Buyer. (v) Deliver counterparts of the New Leases and the Assignment of Contracts, and any other document which is to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and (ii) upon recordation in the Official Records, conformed and recorded copies of each of the Deed of Trust, the Subordination Agreement and the Junior Deed of Trust; 6.3.5 deliver to executed by Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are to be delivered to Buyer hereunder, and (ii) conformed and recorded copies of each of the Subordination Agreement, the Deed of Trust and the Junior Deed of Trust; and 6.3.6 direct the Title Company to issue the Buyer’s Title Policy to Buyer and the Seller’s Title Policy to Seller. (vi) Deliver to both Buyer and Seller copies of all other documents delivered to either party hereto or recorded pursuant to this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Bay Meadows Operating Co)

Disbursements and Other Actions by Escrow Holder. (a) Upon the Closing Close of Escrow, Escrow Holder shall promptly undertake all of the following in the following mannermanner indicated: 6.3.1 prorate all matters referenced in Section 2.6.2 based upon (i) Cause the statement delivered into Escrow signed by Special Warranty Deed (and any other documents which the parties; 6.3.2 cause the following documents parties hereto may mutually direct) to be recorded in the Official Records of Lafayette Parish, State of Louisiana, in the following order: (a) the Grant Deed, (b) the Deed of Trust, (c) the Subordination Agreement and (d) the Junior Deed of Trustsuch order as Buyer may direct; 6.3.3 concurrent (ii) Disburse all funds deposited with the recording Escrow Holder by Buyer towards payment of the instruments described in subparagraph Purchase Price for the Property as follows: (bA) above, disburse Deduct therefrom all items chargeable to the account of Seller pursuant hereto; (B) The remaining balance of the funds so deposited by Buyer towards payment of the Purchase Price shall be disbursed to Seller promptly upon the Close of Escrow; (iii) Disburse from funds deposited by Buyer with Escrow Holder towards payment of all items (including, without limitation, the cash portion of the Purchase Price) closing costs chargeable to the account of Buyer pursuant hereto in payment such monies as are necessary to pay all such closing costs of such costsBuyer, and disburse the balance of such funds, if any, to Buyer;; and 6.3.4 deliver (iv) Deliver the Title Policy to Seller Buyer. (b) Upon confirmation of recordation of the Special Warranty Deed, the parties shall: (i) fully executed originals Deliver the Buyer’s Purchase NoteLease, the FedEx Estoppel, General Assignment, original contracts, Certification of Representations and Warranties, Certification re Withholding, and counterparts of the Closing Statement and the Assignment of Contracts, Lease and any other document which is Assignment of Contracts executed by Seller to be delivered to Seller hereunder or deposited into the Escrow for the benefit of Seller, and Buyer; (ii) upon recordation in the Official Records, conformed and recorded copies of each Deliver counterparts of the Deed of Trust, the Subordination Agreement Closing Statement and the Junior Deed of Trust; 6.3.5 deliver to Buyer (i) fully executed originals of the Bxxx of Sale, the FIRPTA Certificate, the General Assignment, the Assignment of Contracts and any other documents which are Lease executed by Buyer to be delivered Seller; (iii) Mail the approved form of letter to Buyer hereunder, and (ii) conformed and recorded copies FedEx advising them of each of the Subordination Agreement, the Deed of Trust and the Junior Deed of Trustthis transaction; and 6.3.6 direct the Title Company (iv) Deliver to issue the Buyer’s Title Policy to both Buyer and the Seller’s Title Policy Seller copies of all documents delivered to Sellereither party hereto or recorded pursuant to this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (O'Donnell Strategic Industrial REIT, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!