Common use of Duty of the Escrow Agent Clause in Contracts

Duty of the Escrow Agent. The sole duty of Escrow Agent is to receive the Escrow Funds and hold the same pending disbursement pursuant to Section 4 of the Escrow Agreement. Escrow Agent is not responsible for ensuring that Customer is using the Escrow Funds for any stated or express purposes. Escrow Agent is not responsible for accounting or maintaining any records other than to document the wires and funds received and Escrow Funds disbursed.

Duty of the Escrow Agent. The sole duty of Escrow Agent is to receive the Escrow Funds and hold the same pending disbursement pursuant to Section 4 of the this Escrow Agreement. Escrow Agent is not responsible for ensuring that Customer is using the Escrow Funds for any stated or express purposes. Escrow Agent is not responsible for accounting or maintaining any records other than to document the wires and funds received and Escrow Funds disbursed.