Common use of Procedure for Termination of Escrow Clause in Contracts

Procedure for Termination of Escrow. Upon any termination of this Agreement, Seller and Buyer shall each promptly give Escrow Agent written instructions to terminate Escrow and disburse the Deposit and all other funds and items (if any) then held by Escrow Agent in accordance with the provisions of this Agreement. If Parties give Escrow Agent conflicting instructions or if, upon termination of this Agreement, either Party fails to give Escrow Agent written instructions within a reasonable time to terminate Escrow: 10.10.1 Escrow Agent shall promptly notify each Party in writing of such conflicting instructions or failure to give instructions and request that the Parties deliver joint written instructions regarding such disputed matter, but Escrow Agent shall take no action to terminate Escrow or deliver funds or items out of Escrow except pursuant to such joint instructions or a final court order or judgment. 10.10.2 If the Parties fail, within ten (10) Business Days after Escrow Agent has made such request, to deliver to Escrow Agent joint written instructions resolving such disputed matter, Escrow Agent shall have the right to file an action in interpleader against all the Parties in any court of competent jurisdiction and to deposit with such court all of the funds and other items held by Escrow Agent, whereupon Escrow Agent shall be discharged from any further obligations or liability with respect to such funds and other items. The Parties, jointly and severally, shall hold harmless and indemnify Escrow Agent from and against any claim, liability and expenses resulting from such interpleader action (but, as between Seller and Buyer, the costs of such interpleader action shall be assessed in accordance with Section 16.9).

Procedure for Termination of Escrow. Upon any termination of this Agreement, Seller and Buyer shall each promptly give Escrow Agent written instructions to terminate cancel Escrow and disburse the Deposit and all other funds and items (if any) then held by in Escrow Agent in accordance with the provisions of this Agreement. If If, following termination of this Agreement, the Parties give Escrow Agent conflicting instructions or if, upon termination one of this Agreement, either Party the Parties fails to give Escrow Agent written instructions within a reasonable time to terminate Escrowinstructions: 10.10.1 10.9.1 Escrow Agent shall promptly notify each Party in writing of such conflicting instructions or of one Party’s failure to give instructions instructions, and request that such conflict or omission be promptly resolved. 10.9.2 Where one Party has failed to give instruction, unless Escrow Agent receives written instructions from such Party within five (5) Business Days after giving notice of such failure, Escrow Agent shall be free to comply with the instructions given by the other Party and both Parties shall hold harmless, indemnify and defend Escrow Agent from any claim or liability resulting from such compliance. 10.9.3 Where the Parties deliver joint written instructions regarding such disputed matterhave given conflicting instructions, but Escrow Agent shall take no action to terminate cancel Escrow or deliver funds or items out of Escrow except pursuant to such further, joint written instructions from the Parties or a final court order or judgment. 10.10.2 . If the Parties fail, within ten sixty (1060) Business Days days after Escrow Agent has made requested such requestjoint instructions, to deliver to Escrow Agent joint written instructions resolving such disputed matter, Escrow Agent shall have the right to file an action in interpleader against all the Parties in any court of competent jurisdiction and to deposit with such court all of the funds and other items held by Escrow Agentin Escrow, whereupon Escrow Agent shall be discharged from any further obligations or liability with respect to such funds and other itemsEscrow. Notwithstanding anything herein to the contrary, if this Agreement is terminated for any reason on or prior to the expiration of the Approval Date the Deposit shall be returned to Buyer, irrespective of conflicting instructions by Seller. The Parties, jointly and severally, shall hold harmless and indemnify Escrow Agent from and against any claim, liability and expenses resulting from such interpleader action (but, as between Seller and Buyer, the costs of such interpleader action shall be assessed in accordance with Section 16.9).

Procedure for Termination of Escrow. Upon any termination of this Agreement, Seller and Buyer shall each promptly give Escrow Agent written instructions to terminate cancel Escrow and disburse the Deposit and all other funds and items (if any) then held by in Escrow Agent in accordance with the provisions of this Agreement. If If, following termination of this Agreement, the Parties give Escrow Agent conflicting instructions or if, upon termination one of this Agreement, either Party the Parties fails to give Escrow Agent written instructions within a reasonable time to terminate Escrowinstructions: 10.10.1 10.7.1 Escrow Agent shall promptly notify each Party in writing of such conflicting instructions or of one Party’s failure to give instructions instructions, and request that such conflict or omission be promptly resolved. 10.7.2 Where one Party has failed to give instructions, unless Escrow Agent receives written instructions from such Party within five (5) Business Days after giving notice of such failure, Escrow Agent shall be free to comply with the instructions given by the other Party and both Parties shall Indemnify Escrow Agent from any claim or liability resulting from such compliance. 10.7.3 Where the Parties deliver joint written instructions regarding such disputed matterhave given conflicting instructions, but Escrow Agent shall take no action to terminate cancel Escrow or deliver funds or items out of Escrow except pursuant to such further, joint written instructions from the Parties or a final court order or judgment. 10.10.2 . If the Parties fail, within ten (10) Business Days business days after Escrow Agent has made requested such requestjoint instructions, to deliver to Escrow Agent joint written instructions resolving such disputed matter, Escrow Agent shall have the right to file an action in interpleader against all the Parties in any court of competent jurisdiction and to deposit with such court all of the funds and other items held by Escrow Agentin Escrow, whereupon Escrow Agent shall be discharged from any further obligations or liability with respect to such funds and other itemsEscrow. The Parties, jointly and severally, shall hold harmless and indemnify Escrow Agent from and against any claim, liability and expenses resulting from such interpleader action (but, as between Seller and Buyer, the costs of such interpleader action shall be assessed in accordance with Section 16.9).

Procedure for Termination of Escrow. Upon any termination of this Agreement, Seller and Buyer shall each promptly give Escrow Agent written instructions to terminate cancel Escrow and disburse the Deposit and all other funds and items (if any) then held by in Escrow Agent in accordance with the provisions of this Agreement. If If, following termination of this Agreement, the Parties give Escrow Agent conflicting instructions or if, upon termination one of this Agreement, either Party the Parties fails to give Escrow Agent written instructions within a reasonable time to terminate Escrowinstructions: 10.10.1 10.9.1 Escrow Agent shall promptly notify each Party in writing of such conflicting instructions or of one Party’s failure to give instructions instructions, and request that such conflict or omission be promptly resolved. 10.9.2 Where one Party has failed to give instruction, unless Escrow Agent receives written instructions from such Party within five Business Days after giving notice of such failure, Escrow Agent shall be free to comply with the instructions given by the other Party and both Parties shall hold harmless, indemnify and defend Escrow Agent from any claim or liability resulting from such compliance. 10.9.3 Where the Parties deliver joint written instructions regarding such disputed matterhave given conflicting instructions, but Escrow Agent shall take no action to terminate cancel Escrow or deliver funds or items out of Escrow except pursuant to such further, joint written instructions from the Parties or a final court order or judgment. 10.10.2 . If the Parties fail, within ten (10) Business Days 60 days after Escrow Agent has made requested such requestjoint instructions, to deliver to Escrow Agent joint written instructions resolving such disputed matter, Escrow Agent shall have the right to file an action in interpleader against all the Parties in any court of competent jurisdiction and to deposit with such court all of the funds and other items held by Escrow Agentin Escrow, whereupon Escrow Agent shall be discharged from any further obligations or liability with respect to such funds and other itemsEscrow. The Parties, jointly and severally, shall hold harmless and indemnify Escrow Agent from and against any claim, liability and expenses resulting from such interpleader action (but, as between Seller and Buyer, the costs of such interpleader action shall be assessed in accordance with Section 16.917.9).

Procedure for Termination of Escrow. Upon If this Agreement is terminated any termination of this Agreementtime after the Approval Date, Seller and Buyer shall each promptly give Escrow Agent written instructions to terminate cancel Escrow and disburse the Deposit and all other funds and items (if any) then held by in Escrow Agent in accordance with the provisions of this Agreement. If If, following termination of this Agreement, the Parties give Escrow Agent conflicting instructions or if, upon termination one of this Agreement, either Party the Parties fails to give Escrow Agent written instructions within a reasonable time to terminate Escrowinstructions: 10.10.1 10.9.1 Escrow Agent shall promptly notify each Party in writing of such conflicting instructions or of one Party’s failure to give instructions instructions, and request that such conflict or omission be promptly resolved. 10.9.2 Where one Party has failed to give instruction, unless Escrow Agent receives written instructions from such Party within five (5) Business Days after giving notice of such failure, Escrow Agent shall be free to comply with the instructions given by the other Party and both Parties shall hold harmless, indemnify and defend Escrow Agent from any claim or liability resulting from such compliance. 10.9.3 Where the Parties deliver joint written instructions regarding such disputed matterhave given conflicting instructions, but Escrow Agent shall take no action to terminate cancel Escrow or deliver funds or items out of Escrow except pursuant to such further, joint written instructions from the Parties or a final court order or judgment. 10.10.2 . If the Parties fail, within ten sixty (1060) Business Days days after Escrow Agent has made requested such requestjoint instructions, to deliver to Escrow Agent joint written instructions resolving such disputed matter, Escrow Agent shall have the right to file an action in interpleader against all the Parties in any court of competent jurisdiction and to deposit with such court all of the funds and other items held by Escrow Agentin Escrow, whereupon Escrow Agent shall be discharged from any further obligations or liability with respect to such funds and other itemsEscrow. The Parties, jointly and severally, shall hold harmless and indemnify Escrow Agent from and against any claim, liability and expenses resulting from such interpleader action (but, as between Seller and Buyer, the costs of such interpleader action shall be assessed in accordance with Section 16.9).

Procedure for Termination of Escrow. Upon any termination of this Agreement, Seller and Buyer shall each promptly give Escrow Agent written instructions to terminate Escrow and disburse the Deposit and all other funds and items (if any) then held by Escrow Agent in accordance with the provisions of this Agreement. If Parties give Escrow Agent conflicting instructions or if, upon termination of this Agreement, either Party fails to give Escrow Agent written instructions within a reasonable time to terminate Escrow: 10.10.1 10.9.1 Escrow Agent shall promptly notify each Party in writing of such conflicting instructions or failure to give instructions and request that the Parties deliver joint written instructions regarding such disputed matter, but Escrow Agent shall take no action to terminate Escrow or deliver funds or items out of Escrow except pursuant to such joint instructions or a final court order or judgment. 10.10.2 10.9.2 If the Parties fail, within ten sixty (1060) Business Days days after Escrow Agent has made such request, to deliver to Escrow Agent joint written instructions resolving such disputed matter, Escrow Agent shall have the right to file an action in interpleader against all the Parties in any court of competent jurisdiction and to deposit with such court all of the funds and other items held by Escrow Agent, whereupon Escrow Agent shall be discharged from any further obligations or liability with respect to such funds and other items. The Parties, jointly and severally, shall hold harmless and indemnify Escrow Agent from and against any claim, liability and expenses resulting from such interpleader action (but, as between Seller and Buyer, the costs of such interpleader action shall be assessed in accordance with Section 16.9).