Common use of Other Duties of Closing Agent Clause in Contracts

Other Duties of Closing Agent. Closing Agent shall not be bound in any way by any other agreement or contract between Seller and Buyer, whether or not Closing Agent has knowledge thereof. Closing Agent’s only duties and responsibilities with respect to the Xxxxxxx Money shall be to hold, in trust, the Xxxxxxx Money and other documents delivered to it as agent and to dispose of the Xxxxxxx Money and such documents in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, Closing Agent shall have no responsibility to protect the Xxxxxxx Money and shall not be responsible for any failure to demand, collect or enforce any obligation with respect to the Xxxxxxx Money or for any diminution in value of the Xxxxxxx Money from any cause, other than Closing Agent’s gross negligence or willful misconduct. Closing Agent may, at the expense of Seller and Buyer, consult with counsel and accountants in connection with its duties under this Agreement. Closing Agent shall not be liable to the parties hereto for any act taken, suffered or permitted by it in good faith in accordance with the advice of counsel and accountants. Closing Agent shall not be obligated to take any action hereunder that may, in its reasonable judgment, result in any liability to it unless Closing Agent shall have been furnished with reasonable indemnity satisfactory in amount, form and substance to Closing Agent.

Other Duties of Closing Agent. Closing Agent shall not be bound in any way by any other agreement or contract between Seller and Buyer, whether or not Closing Agent has knowledge thereof. Closing Agent’s only duties and responsibilities with respect to the Xxxxxxx Exxxxxx Money shall be to hold, in trust, the Xxxxxxx Exxxxxx Money and other documents delivered to it as agent and to dispose of the Xxxxxxx Exxxxxx Money and such documents in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, Closing Agent shall have no responsibility to protect the Xxxxxxx Exxxxxx Money and shall not be responsible for any failure to demand, collect or enforce any obligation with respect to the Xxxxxxx Exxxxxx Money or for any diminution in value of the Xxxxxxx Exxxxxx Money from any cause, other than Closing Agent’s gross negligence or willful misconduct. Closing Agent may, at the expense of Seller and Buyer, consult with counsel and accountants in connection with its duties under this Agreement. Closing Agent shall not be liable to the parties hereto for any act taken, suffered or permitted by it in good faith in accordance with the advice of counsel and accountants. Closing Agent shall not be obligated to take any action hereunder that may, in its reasonable judgment, result in any liability to it unless Closing Agent shall have been furnished with reasonable indemnity satisfactory in amount, form and substance to Closing Agent.