Inability of the Escrow Agent Sample Clauses

Inability of the Escrow Agent. In case at any time the Escrow Agent or its legal successor should resign or become unable, through operation of law or otherwise, to act as Escrow Agent, or if its property and affairs shall be taken under the control of any state or federal court or administrative body because of insolvency or bankruptcy or for any other reason, a vacancy shall forthwith be deemed to exist in the office of Escrow Agent, and a successor escrow agent duly qualified under the laws of the State of Texas shall be appointed by the District. In the event that a successor escrow agent is not appointed within sixty (60) days of the giving of notice of resignation or other vacancy, the Escrow Agent reserves the right to petition a court of competent jurisdiction to approve a successor escrow agent.
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Related to Inability of the Escrow Agent

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