Common use of Release of the Funds Clause in Contracts

Release of the Funds. Escrow Agent shall hold the Funds until the first of the following events: On receipt of joint written instructions from Lender and Borrower directing Escrow Agent to disburse the Funds to a named party, Escrow Agent shall disburse the Fund as directed in such notice. Upon such disbursement, Escrow Agent shall have no further liability under this Agreement. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before __________________, 20___ (“End Date”), Escrow Agent shall continue to hold the Funds until the first of the following events: Receipt by Escrow Agent of joint written instructions from Lender and Borrower to disburse the Funds to a named party (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); Delivery of the Funds by Escrow Agent, at Escrow Agent's sole discretion, to a court of competent jurisdiction. Such delivery may be by interpleader or other writ or petition. Lender and Borrower agree that, after the Funds are delivered to court under this paragraph, Escrow Agent shall have no further liability under this Agreement and shall not be a necessary or permitted party in any action brought regarding the Funds; or Entry and receipt by Escrow Agent of an order of a court of competent jurisdiction ordering Escrow Agent to deliver the Funds (upon receipt of such order, Escrow Agent shall make the disbursement as directed in the order).

Release of the Funds. Escrow Agent shall hold the Funds until the first of the following events: On receipt of joint written instructions from Lender Buyer and Borrower Seller directing Escrow Agent to disburse the Funds to a named party, Escrow Agent shall disburse the Fund as directed in such notice. Upon such disbursement, Escrow Agent shall have no further liability under this Agreement. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before __________________, 20___ (“End 20_____(“End Date”), Escrow Agent shall continue to hold the Funds until the first of the following events: Receipt by Escrow Agent of joint written instructions from Lender Buyer and Borrower Seller to disburse the Funds to a named party (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); Delivery of the Funds by Escrow Agent, at Escrow Agent's sole discretion, to a court of competent jurisdiction. Such delivery may be by interpleader or other writ or petition. Lender Buyer and Borrower Seller agree that, after the Funds are delivered to court under this paragraph, Escrow Agent shall have no further liability under this Agreement and shall not be a necessary or permitted party in any action brought regarding the Funds; or Entry and receipt by Escrow Agent of an order of a court of competent jurisdiction ordering Escrow Agent to deliver the Funds (upon receipt of such order, Escrow Agent shall make the disbursement as directed in the order).

Release of the Funds. Escrow Agent shall hold the Funds until the first of the following events: : A. On the closing of the sale of real estate, as described in the Offer, Escrow Agent shall deliver the Funds and interest, if any, to Seller as part of Buyer's purchase money. B. On receipt of joint written instructions from Lender Buyer and Borrower Seller directing Escrow Agent to disburse the Funds and interest, if any, to a named party, Escrow Agent shall disburse the Fund and interest, if any, as directed in such notice. Upon such disbursement, Escrow Agent shall have no further liability under this Agreement. . C. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before __________________the date for closing, 20___ (“End Date”)as described in the Offer, Escrow Agent shall continue to hold the Funds and interest, if any, until the first of the following events: : i. Receipt by Escrow Agent of joint written instructions from Lender Buyer and Borrower Seller to disburse the Funds and interest, if any, to a named party (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); ; ii. Delivery of the Funds and interest, if any, by Escrow Agent, at Escrow Agent's sole discretion, to a court of competent jurisdiction. Such delivery may be by interpleader or other writ or petition. Lender Buyer and Borrower Seller agree that, after the Funds and interest, if any, are delivered to court under this paragraph, Escrow Agent shall have no further liability under this Agreement and shall not be a necessary or permitted party in any action brought regarding the FundsFunds and interest, if any; or or iii. Entry and receipt by Escrow Agent of an order of a court of competent jurisdiction ordering Escrow Agent to deliver the Funds and interest, if any (upon receipt of such order, Escrow Agent shall make the disbursement as directed in the order).

Release of the Funds. Escrow Agent shall hold the Funds until the first of the following events: On the closing of the sale of real estate, as described in the Offer, Escrow Agent shall deliver the Funds and interest, if any, to Seller as part of Buyer's purchase money. On receipt of joint written instructions from Lender Buyer and Borrower Seller directing Escrow Agent to disburse the Funds and interest, if any, to a named party, Escrow Agent shall disburse the Fund and interest, if any, as directed in such notice. Upon such disbursement, Escrow Agent shall have no further liability under this Agreement. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before __________________the date for closing, 20___ (“End Date”)as described in the Offer, Escrow Agent shall continue to hold the Funds and interest, if any, until the first of the following events: Receipt by Escrow Agent of joint written instructions from Lender Buyer and Borrower Seller to disburse the Funds and interest, if any, to a named party (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); Delivery of the Funds and interest, if any, by Escrow Agent, at Escrow Agent's sole discretion, to a court of competent jurisdiction. Such delivery may be by interpleader or other writ or petition. Lender Buyer and Borrower Seller agree that, after the Funds and interest, if any, are delivered to court under this paragraph, Escrow Agent shall have no further liability under this Agreement and shall not be a necessary or permitted party in any action brought regarding the FundsFunds and interest, if any; or Entry and receipt by Escrow Agent of an order of a court of competent jurisdiction ordering Escrow Agent to deliver the Funds and interest, if any (upon receipt of such order, Escrow Agent shall make the disbursement as directed in the order).