Duties of Escrow Holder. Escrow Holder’s Obligations at Closing. Escrow Holder shall undertake the following at or promptly after Closing:
6.9.1 If necessary, Escrow Holder is authorized and instructed to insert the Closing Date as the effective date of any documents conveying interests herein or which are to become operative as of the Closing Date;
6.9.2 Cause the Deed and any other recordable instruments which the Parties so direct to be recorded in the Official Records of the Recorder of the County in which the Property is located. If permitted by applicable law, Escrow Holder is hereby instructed not to affix the amount of the documentary transfer tax on the face of each Deed, but to pay on the basis of a separate affidavit of Existing Owner not made a part of the public record;
6.9.3 Cause each non-recorded document to be delivered to the Party acquiring rights thereunder, or for whose benefit such document was obtained, unless there are sufficient fully executed counterparts so that each Party executing the same can receive its own fully executed counterpart;
6.9.4 Deliver the Title Policy to Buyer as soon as practicable; and
6.9.5 Deliver to Seller the Closing Payment, and such other funds, if any, as may be due to Seller by reason of credits under this Agreement.
6.9.6 Comply with all applicable federal, state and local reporting and withholding requirements relating to the close of the transactions contemplated herein. Without limiting the generality of the foregoing, to the extent the transactions contemplated by this Agreement involve a real estate transaction within the purview of Section 6045 of the Internal Revenue Code, Escrow Holder shall have sole responsibility to comply with the requirements of Section 6045 of the Internal Revenue Code (and any similar requirements imposed by state or local law). For purposes hereof, Existing Owner’s tax identification number is 00-0000000 and Existing Operator’s tax identification number is 00-0000000. Escrow Holder shall defend, indemnify and hold Buyer, Seller and their counsel free and harmless from and against any and all liability, claims, demands, damages and costs, including reasonable attorneys’ fees and other litigation expenses, arising or resulting from the failure or refusal of Escrow Holder to comply with such reporting requirements.
Duties of Escrow Holder. The duties of Escrow Holder shall be as follows:
(i) retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement;
(ii) upon the Closing, deliver to the parties entitled thereto all funds, documents and instruments to be delivered through Escrow pursuant to this Agreement;
(iii) upon the Closing, cause the recordation of each Deed in the Office of the County Recorder of the County in which the applicable Property is located;
(iv) comply with the terms of this Agreement which specifically apply to Escrow Holder and comply with the terms of any additional instructions jointly executed by Buyer and Seller;
(v) handle the Deposit and all other funds deposited with it according to the terms of this Agreement; and
(vi) upon the Closing, cause the Title Company to issue each Title Policy to Buyer.
Duties of Escrow Holder. The duties of Escrow Holder shall be as follows:
(i) retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement;
(ii) upon the Closing, deliver to the parties entitled thereto all funds, documents and instruments to be delivered through Escrow pursuant to this Agreement;
(iii) upon the Closing, cause the recordation of the Deed in the Office of the County Recorder of the County in which the Property is located. Escrow Holder is instructed to request that the amount of the documentary transfer tax due be shown on a separate paper and affixed to the Deed by the County Recorder after the permanent record thereof is made;
(iv) comply with the terms of this Agreement which specifically apply to Escrow Holder and comply with the terms of any additional instructions jointly executed by Buyer and Seller;
(v) handle the Deposit and all other funds deposited with it according to the terms of this Agreement; and
(vi) upon the Closing, cause the Title Company to issue the Title Policy to Buyer.
Duties of Escrow Holder. At or promptly after Closing, Escrow Agent shall proceed in accordance with the provisions set forth in Schedule 6.1(a).
Duties of Escrow Holder. The parties agree that Escrow Holder shall act in such capacity, subject to the following terms and conditions:
Duties of Escrow Holder. The duties of Escrow Holder shall be as follows:
(i) retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement;
(ii) upon the Closing, deliver to the parties entitled thereto all funds, documents and instruments to be delivered through Escrow pursuant to this Agreement;
(iii) upon the Closing, cause the recordation of the Deeds to each Property in the Office of the applicable County Recorder for the State of Washington. Escrow Holder is instructed to request that the amount of the documentary transfer tax or excise tax due be shown on a separate paper and affixed to each Deed by the County Recorder, if required, after the permanent record thereof is made, based on the purchase price allocations mutually agreed to by Buyer and Seller or consistent with Buyer's lender's appraisals;
(iv) comply with the terms of this Agreement which specifically apply to Escrow Holder and comply with the terms of any additional instructions jointly executed by Buyer and Seller;
(v) handle the Deposit and all other funds deposited with it according to the terms of this Agreement; and
(vi) upon the Closing, cause the Title Company to issue the Title Policies to Buyer.
Duties of Escrow Holder. The duties of the Escrow Holder shall ----------------------- be as follows: (i) retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement; (ii) disburse the Initial Deposit; (iii) upon the Closing, deliver to the parties entitled thereto all funds, documents and instruments to be delivered through the Escrow Holder pursuant to this Agreement; and (iv) upon the Closing, cause the recordation of the documents required for this transaction in the
Duties of Escrow Holder. The duties of Escrow Holder shall be as follows:
(a) Retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement.
(b) Escrow Holder shall receive from Seller or otherwise obtain Certificates of Clearance from the California State Board of Equalization and the California Employment Development Department. Escrow Holder is also instructed to obtain from the Secretary of State of the State of California, Certificates of Information together with Los Angeles County Judgment Lien Searches relating to the Property; and in the event Seller shall have not paid, removed, or released prior to the Closing any liens or encumbrances as disclosed by said Certificates or Judgment Lien Searches that affect the Seller and/or the Property, Escrow Holder is authorized to secure said Releases and satisfy any such liens and/or encumbrances from the Down Payment payable from Buyer to Seller and Buyer's Contribution to Payoff of Preferred Bank Loan -- and obtain Certificates of Clearance and/or other written evidence, in form and substance reasonably satisfactory to Buyer, of the removal of all such security interests, liens and other title encumbrances upon the Property -- concurrent with the Closing or, if Buyer and Seller so provide alternate written instructions, as soon as practicable following the Closing.
(c) Comply with the terms of this Agreement which specifically apply to Escrow Holder and comply with the terms of any additional instructions jointly executed by Buyer and Seller.
(d) Handle the Closing Amount and all other funds deposited with Escrow Holder according to the terms of this Agreement.
(e) Assist the Parties in calculating prorations for utility charges, real estate taxes and special assessments, Seller deposits, accounts payable and other apportionments, with Buyer receiving credit for or being charged with the entire day of the Closing.
Duties of Escrow Holder. On the Close of Escrow, Escrow Holder shall (1) cause the Deed, and the Assignment and Assumption of REA, and the Assignment and Assumption of Leases (as to those Leases that are recorded only) to be recorded in the Office of the County Recorder of Dallas County, Texas, (2) deliver to Buyer the Title Policy, (3) deliver to Seller the cash proceeds in accordance with the Closing Statement, and (4) forward to Buyer and Seller, in duplicate, an accounting of all funds received and disbursed and copies of all executed and recorded or filed documents deposited into Escrow, with such recording and filing dated endorsed thereon.
Duties of Escrow Holder. The Escrow Holder shall deposit and maintain the Deposit in a federally insured interest-bearing “money market” account at Xxxxx Fargo Bank, N.A. or any other national commercial bank reasonably acceptable to Buyer, with the interest from such account to be credited upon the occurrence of the Closing to the Purchase Price. The Escrow Holder shall not commingle the Deposit with any other funds of the Escrow Holder. All interest earned on the Deposit will be the property of Buyer and will be reported to the Internal Revenue Service as income of Buyer (unless the Closing does not occur and Seller is entitled to receive the Deposit pursuant to the provisions of this Agreement). Buyer and Seller will each provide the Escrow Holder with a taxpayer identification number. If the Closing does not occur, the Escrow Holder shall disburse the Deposit to the party entitled thereto in accordance with the terms and conditions of this Agreement. If the Closing does occur, the Deposit shall be credited against the Purchase Price and disbursed to Seller on the Closing Date as part of the Purchase Price.
