Downpayment in Escrow. 6. (a) Sellers’ attorney (“Escrowee”) shall hold the Downpayment for Seller’s account in escrow in a segregated bank account at until Closing or sooner termination of this contract and shall pay over or apply the Downpayment in accordance with the terms of this paragraph. Escrowee shall (not) (Delete if inapplicable) hold the Downpayment in an interest-bearing account for the benefit of the parties. If interest is held for the benefit of the parties, it shall be paid to the party entitled to the Downpayment and the party receiving the interest shall pay any income taxes thereon. If interest is not held for the benefit of the parties, the Downpayment shall be place in an XXXX account or as otherwise permitted or required by law. The Social Security or Federal Identification numbers of the parties shall be furnished to Escrowee upon request. At Closing, the Downpayment shall be paid by Escrowee to Seller. If for any reason Closing does not occur and either party gives Notice (as defined in paragraph 25) to Escrowee demanding payment of the Downpayment, Escrowee shall give prompt Notice to the other party of such demand. If Escrowee does not receive Notice of objection from such other party to the proposed payment within 10 business days after the giving of such Notice, Escrowee is hereby authorized and directed to make such payment. If Escrowee does receive such Notice of objection within such 10 day period or if for any other reason Escrowee in good faith shall elect not to make such payment, Escrowee shall continue to hold such amount until otherwise directed by Xxxxxx from the parties to this contract or a final, nonappealable judgment, order or decree of a court. However, Xxxxxxxx shall have the right at any time to deposit the Downpayment and the interest thereon with the clerk of a court in the county in which the Premises are located and shall give Notice of such deposit to Seller and Purchaser. Upon such deposit or other disbursement in accordance with the terms of this paragraph, Escrowee shall be relieved and discharged of all further obligations and responsibilities hereunder. (b) Parties acknowledge that, although Escrowee is holding the Downpayment for Seller’s account, for all other purposes Escrowee is acting solely as a stakeholder at their request and for their convenience and that Escrowee shall not be liable to either party for any act or omission on its part unless taken or suffered in bad faith or in willful disregard of this contract or...
Downpayment in Escrow. Simultaneously with the execution and delivery of this Agreement, Purchaser has delivered the Downpayment to Escrow Agent to be held in escrow by Escrow Agent on the following terms and conditions:
Downpayment in Escrow. A. Seller's attorney ("Escrowee") shall hold the Good Faith Monies for Seller's account in escrow in a segregated bank account until Closing or other conclusion of this Amended Contract of Sale and shall pay over and apply the Good Faith Monies in accordance with the terms of this Amended Contract of Sale. Escrowee shall hold the Good Faith Monies in an interest-bearing account. Interest shall be paid to the party entitled to the Good Faith Monies and the party receiving the interest shall pay any income taxes thereof. The federal Identification numbers of the parties shall be furnished to Escrowee. At a timely Closing, the Good Faith Monies shall be applied as a downpayment against the full purchase price by Escrowee. If the Closing does not occur, Escrowee shall make payment of the Good Faith Monies, plus any interest thereon to Seller. Upon such disbursement in accordance with the terms of this paragraph, Escrowee shall be relieved and discharged of all further obligations and responsibilities hereunder.
Downpayment in Escrow. (a) Seller’s attorney, Xxxxx X. Xxxxxxxx, Esq (the “Escrowee”) shall hold the Downpayment in escrow for Seller’s account in an XXXX account at Citibank, NA located at 00xx Xxxxxx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000 until the Closing or sooner termination of this Contract and shall pay over or apply the Downpayment in accordance with the terms of this Paragraph 4. The Social Security or Federal Identification numbers of the parties shall be furnished to the Escrowee upon request. At the Closing, the Downpayment shall be paid by the Escrowee to Seller.
Downpayment in Escrow. (a) Escrowee shall hold the Downpayment in escrow in a segregated bank account at Wachovia Bank, N.A. (the "Bank") until Closing or sooner termination of this Agreement and shall pay over or apply the Downpayment in accordance with the terms of this paragraph. Escrowee shall hold the Downpayment in an interest-bearing account for the benefit of the parties. If interest is held for the benefit of the parties, it shall be paid to the party entitled to the Downpayment and the party receiving the interest shall pay any income taxes thereon. The Federal Identification numbers of the parties shall be furnished to Escrowee upon request.
