Common use of Escrow Holder Duties Clause in Contracts

Escrow Holder Duties. (a) On the same date as the Opening of Escrow, Escrow Holder shall complete the Escrow Holder Acknowledgement and Acceptance, attached hereto as Exhibit “F,” and transmit copies thereof to the Parties and their respective legal counsel, if any. Escrow Holder shall simultaneously notify the Parties in writing of the date of the Opening of Escrow and identify the Escrow number. (b) Within three (3) business days thereafter, Escrow Holder shall provide the Parties with any supplemental instructions, including, but not limited to, any calculable dates, a verification of Deposits in Escrow and any remaining Deposits to be paid, and the expected balance of the Purchase Price due at Closing. (c) By accepting this transaction for Escrow, Escrow Holder expressly agrees to diligently provide notice to the Parties and their legal counsel, if any, of the deadlines pursuant to this Agreement and of all significant events or actions of a Party affecting the Escrow and the Closing, regardless of whether such event or action affects only one Party. Escrow Holder further agrees to make all reasonable efforts to be responsive to the communications and inquiries of the Parties. Escrow Holder is designated the “real estate reporting person” for purposes of Section 6045 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation 1.6045-4, and any instructions or settlement statement prepared by Escrow Holder shall so provide. Escrow Holder shall be responsible for filing Form 1099-S with the Internal Revenue Service. The obligations of the Escrow Holder set forth herein are a material part of the consideration given to the Parties in exchange for use of Escrow Holder’s services as described herein.

Escrow Holder Duties. (a) On the same date as the Opening of Escrow, Escrow Holder shall complete the Escrow Holder Acknowledgement and Acceptance, attached hereto as Exhibit “F,” and transmit copies thereof to the Parties and their respective legal counsel, if any. Escrow Holder shall simultaneously notify the Parties in writing of the date of the Opening of Escrow and identify the Escrow number. (b) Within three (3) business days thereafter, Escrow Holder shall provide the Parties with any supplemental instructions, including, but not limited to, any calculable dates, a verification of Deposits in Escrow and any remaining Deposits to be paid, and the expected balance of the Purchase Price due at Closing. (c) By accepting this transaction for Escrow, Escrow Holder expressly agrees to diligently provide notice to the Parties and their legal counsel, if any, of the deadlines pursuant to this Agreement and of all significant events or actions of a Party affecting the Escrow and the Closing, regardless of whether such event or action affects only one Party. Escrow Holder further agrees to make all reasonable efforts to be responsive to the communications and inquiries of the Parties. Escrow Holder is designated the “real estate reporting person” for purposes of Section 6045 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation 1.6045-4, and any instructions or settlement statement prepared by Escrow Holder shall so provide. Escrow Holder shall be responsible for filing Form 1099-S with the Internal Revenue Service. The obligations of the Escrow Holder set forth herein are a material part of the consideration given to the Parties in exchange for use of Escrow Holder’s services as described herein.

Escrow Holder Duties. (a) On the same date as the Opening of Escrow, Escrow Holder shall complete the Escrow Holder Acknowledgement and Acceptance, attached hereto as Exhibit “F,” and transmit copies thereof to the Parties and their respective legal counsel, if any. Escrow Holder shall simultaneously notify the Parties in writing of the date of the Opening of Escrow and identify the Escrow number. (b) Within three (3) business days thereafter, Escrow Holder shall provide the Parties with any supplemental instructions, including, but not limited to, any calculable dates, a verification of Deposits in Escrow and any remaining Deposits to be paid, and the expected balance of the Purchase Price due at Closing. (c) By accepting this transaction for EscrowXxxxxx, Escrow Xxxxxx Holder expressly agrees to diligently provide notice to the Parties and their legal counsel, if any, of the deadlines pursuant to this Agreement and of all significant events or actions of a Party affecting the Escrow and the Closing, regardless of whether such event or action affects only one Party. Escrow Holder further agrees to make all reasonable efforts to be responsive to the communications and inquiries of the Parties. Escrow Holder is designated the “real estate reporting person” for purposes of Section 6045 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation 1.6045-4, and any instructions or settlement statement prepared by Escrow Holder shall so provide. Escrow Holder shall be responsible for filing Form 1099-S with the Internal Revenue Service. The obligations of the Escrow Holder set forth herein are a material part of the consideration given to the Parties in exchange for use of Escrow Holder’s services as described herein.