Common use of Release of Deposit Clause in Contracts

Release of Deposit. If Escrow Agent does not receive notice that Depositor ------------------ disputes the condition of release and demand for submission to arbitration then Escrow Agent is authorized to release the Deposit materials to the Preferred Beneficiary or if more than one beneficiary is registered to the deposit, to release a copy of the Deposit Materials to the Preferred Beneficiary. However, Escrow Agent is entitled to receive any fees due Escrow Agent before making the release. Any copying expense in excess of $300 will be chargeable to the Preferred Beneficiary. This Agreement will terminate upon the release of the Deposit Materials held by Escrow Agent. In the event that Escrow Agent does receive notice that Depositor disputes the release condition and demands arbitration and subsequently receives (a) joint instructions from Depositor and Preferred Beneficiary; (b) resolution pursuant to the Dispute Resolution provisions; or (c) order of a court, Escrow Agent will release a copy of the Deposit Materials to the Preferred Beneficiary in accordance with such joint instructions from Depositor and Preferred Beneficiary; resolution pursuant to the Dispute Resolution provisions; or court order. The provisions of the second, third and fourth sentences of this Section 4.4 will apply to any such release.