Common use of Resignation or Replacement Clause in Contracts

Resignation or Replacement. Escrow Agent may resign from its duties under this Agreement following thirty (30) days prior written notice to Seller and Purchaser. Escrow Agent may be removed and replaced following thirty (30) days prior written notice to Escrow Agent by both Seller and Purchaser. In either event, the duties of Escrow Agent shall terminate thirty (30) days after the date of such notice (or as of such earlier date as may be mutually agreeable) and Escrow Agent shall then remit the Escrow Funds then in its control to a successor escrow agent appointed by both Seller and Purchaser (as evidenced by a jointly-signed written notice filed with Escrow Agent). If Seller and Purchaser fail to agree on the appointment of a successor, Escrow Agent may petition any court with competent jurisdiction to do so.

Resignation or Replacement. Escrow Agent may resign from its duties under this Agreement following thirty (30) days prior written notice to Seller and Purchaser. Escrow Agent may be removed and replaced following thirty (30) days prior written notice to Escrow Agent by both Seller and Purchaser. In either event, the duties of Escrow Agent shall terminate thirty (30) days after the date of such notice (or as of such earlier date as may be mutually agreeable) and Escrow Agent shall then remit the Escrow Funds then in its control to a successor escrow agent appointed by both Seller and Purchaser Xxxxxxxxx (as evidenced by a jointly-signed written notice filed with Escrow Agent). If Seller Xxxxxx and Purchaser fail to agree on the appointment of a successor, Escrow Xxxxxx Agent may petition any court with competent jurisdiction to do so.