Common use of ESCROW HOLDER’S OBLIGATIONS IF TIMELY OBJECTION NOTICE IS RECEIVED Clause in Contracts

ESCROW HOLDER’S OBLIGATIONS IF TIMELY OBJECTION NOTICE IS RECEIVED. IF ESCROW HOLDER RECEIVES AN OBJECTION NOTICE FROM BUYER WITHIN SAID TWENTY (20) DAY PERIOD, ESCROW HOLDER SHALL IMMEDIATELY NOTIFY SELLER IN WRITING OF BUYER’S CONFLICTING NOTICE, THE CONTROVERSY CREATED BY THE CONFLICTING NOTICES BY SELLER AND BUYER, AND THE DISPOSITION OF BUYER’S DEPOSITS SHALL BE RESOLVED EITHER BY (i) A COURT OF PROPER JURISDICTION OR (ii) ARBITRATION, IF BUYER AND SELLER SO AGREE. SELLER AGREES TO INDEMNIFY AND HOLD ESCROW HOLDER (IF AN OUTSIDE ESCROW COMPANY IS USED) HARMLESS FROM ANY CLAIM BY BUYER ARISING OUT OF ANY DISTRIBUTION MADE BY ESCROW HOLDER IN ACCORDANCE WITH THE PROVISIONS OF THIS PARAGRAPH 15 AS THE RESULT OF BUYER’S FAILURE TO GIVE AN OBJECTION NOTICE OR OTHER WAIVER BY BUYER OF THE RIGHT TO A DETERMINATION OF DEFAULT AS PROVIDED HEREIN. FOR PURPOSES OF THIS PARAGRAPH 15, BUYER’S DEPOSITS SHALL MEAN AND REFER TO BUYER’S PURCHASE DEPOSIT AND ALL OTHER MONIES DEPOSITED BY BUYER (INCLUDING ANY FUNDS DEPOSITED ON BUYER’S BEHALF BY THIRD PARTIES) WITH SELLER OR ESCROW HOLDER IN CONNECTION WITH THE PURCHASE OF THE PROPERTY. BUYER AND SELLER EACH ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THIS PARAGRAPH 15 AND BY PLACING THEIR INITIALS BELOW, AGREE TO BE BOUND THEREBY. SELLER'S INITIALS [ ][ ] BUYER'S INITIALS [ ][ ]

ESCROW HOLDER’S OBLIGATIONS IF TIMELY OBJECTION NOTICE IS RECEIVED. IF ESCROW HOLDER XXXXXX RECEIVES AN OBJECTION NOTICE FROM BUYER WITHIN SAID TWENTY (20) DAY PERIOD, ESCROW HOLDER SHALL IMMEDIATELY NOTIFY SELLER IN WRITING OF BUYER’S CONFLICTING NOTICE, THE CONTROVERSY CREATED BY THE CONFLICTING NOTICES BY SELLER AND BUYER, AND THE DISPOSITION OF BUYER’S DEPOSITS SHALL BE RESOLVED EITHER BY (i) A COURT OF PROPER JURISDICTION OR (ii) ARBITRATION, IF BUYER AND SELLER SO AGREE. SELLER XXXXXX AGREES TO INDEMNIFY AND HOLD ESCROW HOLDER (IF AN OUTSIDE ESCROW COMPANY IS USED) HARMLESS FROM ANY CLAIM BY BUYER ARISING OUT OF ANY DISTRIBUTION MADE BY ESCROW HOLDER IN ACCORDANCE WITH THE PROVISIONS OF THIS PARAGRAPH 15 AS THE RESULT OF BUYER’S FAILURE TO GIVE AN OBJECTION NOTICE OR OTHER WAIVER BY BUYER OF THE RIGHT TO A DETERMINATION OF DEFAULT AS PROVIDED HEREIN. FOR PURPOSES OF THIS PARAGRAPH 15, BUYER’S DEPOSITS SHALL MEAN AND REFER TO BUYER’S PURCHASE DEPOSIT AND ALL OTHER MONIES DEPOSITED BY BUYER (INCLUDING ANY FUNDS DEPOSITED ON BUYER’S BEHALF BY THIRD PARTIES) WITH SELLER OR ESCROW HOLDER IN CONNECTION WITH THE PURCHASE OF THE PROPERTY. BUYER AND SELLER EACH ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THIS PARAGRAPH 15 AND BY PLACING THEIR INITIALS BELOW, AGREE TO BE BOUND THEREBY. SELLER'S INITIALS [ ][ ] BUYER'S INITIALS [ ][ ]