Common use of Payment of Escrow Agent Clause in Contracts

Payment of Escrow Agent. The Escrow Agent acknowledges receipt of good and valuable consideration for the services rendered or to be rendered by it pursuant to this Escrow Agreement. The Developer shall pay the Escrow Agent’s reasonable fees and expenses in connection with the performance of its duties under this Escrow Agreement. The annual administrative fee is $[•] and shall be payable at signing by the Developer or within [•] days of receipt of an invoice from the Escrow Agent. The Escrow Agent and the Developer acknowledge and agree that the Department shall have no liability in respect of any fees or expenses of the Escrow Agent.

Payment of Escrow Agent. The Escrow Agent acknowledges receipt of good and valuable consideration for the services rendered or to be rendered by it pursuant to this Escrow Agreement. The Developer Concessionaire shall pay the Escrow Agent’s reasonable fees and expenses in connection with the performance of its duties under this Escrow Agreement. The annual administrative fee is $[•] and 2,500.00 shall be payable at signing by the Developer Concessionaire or within [•] 30 days of receipt of an invoice from the Escrow Agent. The Escrow Agent and the Developer Concessionaire acknowledge and agree that the Department shall have no liability in respect of any fees or expenses of the Escrow Agent.