Common use of Payments and Disbursements Clause in Contracts

Payments and Disbursements. All payments to be made pursuant to this Escrow Agreement shall be paid by cash, or check made payable to the Escrow Agent and delivered or mailed to it at the address as provided on the other side of this Escrow Agreement. The Escrow Agent's computation or application of the payments shall be deemed correct, unless the Escrow Agent receives notice from either party that the calculation or application is not correct, within 90 days from the date on which notice of such calculation or application was sent to the parties. Escrow Agent shall not be liable for the collection of any item. Following payment of escrow fees and any deposit into a reserve account, if applicable, the balance of the payments received shall be disbursed as provided on the first page of this Escrow Agreement. The Escrow Agent is not responsible to credit any payment or disburse any monies, until the proceeds of the same in cash or cash equivalent has been received. In the event Escrow Agent disburses funds which are later found to be uncollectible, the party receiving such funds shall be responsible to repay such funds to the Escrow Agent, within 5 days following written notice from the Escrow Agent. The Escrow Agent shall have the right to charge back or retain monies as provided by law in the event of any returned item. The Escrow Agent shall not be liable for interest on any money deposited or held in escrow. Escrow Agent has no duty to notify any party that a payment has not been made or that a late charge or other penalty is owing. If the Escrow Agent is disbursing any part of the payments made under this Escrow Agreement in payment of any other debt or obligation, the parties shall promptly notify the Escrow Agent of any changes in the amount to be disbursed in payment of such debt or obligation.

Payments and Disbursements. All payments to be made pursuant to this Escrow Agreement shall be paid by cashcashier's check or check, or check made payable to the Escrow Agent and delivered or mailed to it at the address as provided on the other side of this Escrow Agreement. The Escrow Agent's computation or application of the payments shall be deemed correct, unless the Escrow Agent receives notice from either party that the calculation or application is not correct, within 90 days from the date on which notice of such calculation or application was sent to the parties. Escrow Agent shall not be liable for the collection of any item. Following payment of escrow fees and any deposit into a reserve account, if applicable, the balance of the payments received shall be disbursed as provided on the first page of this Escrow Agreement. The Escrow Agent is not responsible to credit any payment or disburse any monies, until the proceeds of the same in cash or cash equivalent has been received. In the event Escrow Agent disburses funds which are later found to be uncollectible, the party receiving such funds shall be responsible to repay such funds to the Escrow Agent, within 5 days following written notice from the Escrow Agent. The Escrow Agent shall have the right to charge back or retain monies as provided by law in the event of any returned item. The Escrow Agent shall not be liable for interest on any money deposited or held in escrow. Escrow Agent has no duty to notify any party that a payment has not been made or that a late charge or other penalty is owing. If the Escrow Agent is disbursing any part of the payments made under this Escrow Agreement in payment of any other debt or obligation, the parties shall promptly notify the Escrow Agent of any changes in the amount to be disbursed in payment of such debt or obligation.