Escrow Instructions. Without requiring separate signatures, Seller and Buyer hereby adopt the standard printed terms of the escrow instructions now used by Escrow Agent, provided, however, that: (a) any conflict between the printed form of escrow instructions and the express terms of this Agreement shall be resolved in favor of the express terms of this Agreement; (b) the following provisions shall be deemed deleted from the printed form of escrow instructions, whether or not crossed out or otherwise obliterated by the Escrow Agent: 1. any provision granting the Escrow Agent a lien on the Property or any portion thereof with respect to any amount owed by any party to the Escrow Agent as such or in consideration of its issuance, as insurer, of the title policy; 2. any provision purporting to indemnify the Escrow Agent with respect to any liability which it may incur as a result of its intentional or negligent acts or omissions while serving as Escrow Agent (including, without limitation, acts or omissions of an insurer); 3. any provision purporting to provide for a notice of default or other failure to perform or a cancellation of the transactions, including, but not limited to, any “13 day” cancellation notices; and 4. any provision under which the Escrow Agent is entitled to a fee for its service as such if this Agreement is terminated at or prior to the Closing.
Appears in 12 contracts
Samples: Purchase and Sale Agreement (Apple REIT Seven, Inc.), Purchase and Sale Agreement (Apple REIT Nine, Inc.), Purchase and Sale Agreement (Apple REIT Eight, Inc.)
Escrow Instructions. Without requiring separate signatures, Seller and Buyer hereby adopt the standard printed terms of the escrow instructions now used by Escrow Agent, provided, however, that:
(a) any conflict between the printed form of escrow instructions and the express terms of this Agreement shall be resolved in favor of the express terms of this Agreement;
(b) the following provisions shall be deemed deleted from the printed form of escrow instructions, whether or not crossed out or otherwise obliterated by the Escrow Agent:
1. any provision granting the Escrow Agent a lien on the Property Properties or any portion thereof with respect to any amount owed by any party to the Escrow Agent as such or in consideration of its issuance, as insurer, of the title policy;
2. any provision purporting to indemnify the Escrow Agent with respect to any liability which it may incur as a result of its intentional or negligent acts or omissions while serving as Escrow Agent (including, without limitation, acts or omissions of an insurer);
3. any provision purporting to provide for a notice of default or other failure to perform or a cancellation of the transactions, including, but not limited to, any “13 day” cancellation notices; and
4. any provision under which the Escrow Agent is entitled to a fee for its service as such if this Agreement is terminated at or prior to the Closing.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Apple REIT Nine, Inc.), Purchase and Sale Agreement (Apple REIT Eight, Inc.), Purchase and Sale Agreement (Apple REIT Seven, Inc.)
