Common use of Right of Interpleader Clause in Contracts

Right of Interpleader. Should any controversy arise involving the Parties and Escrow Agent, or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Escrow Funds, or should a substitute escrow agent fail to be designated as provided in Section 14 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (i) withhold delivery of the Escrow Funds until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (ii) institute a petition for interpleader in a court in Xxxxxx County, Texas to determine the rights of the Parties and Escrow Agent. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation in any manner whatsoever in connection with this Escrow Agreement or the Escrow Funds, Owner and Contractor hereby jointly and severally agree to reimburse Escrow Agent for its reasonable attorneys’ fees and any and all other reasonable expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation prior to any disbursement hereunder, except to the extent that any such expense, loss, cost or damage results from the willful misconduct or gross negligence of Escrow Agent.

Right of Interpleader. Should any controversy arise involving the Parties and Escrow Agent, or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Escrow Funds, or should a substitute escrow agent fail to be designated as provided in Section 14 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (i) withhold delivery of the Escrow Funds until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (ii) institute a petition for interpleader in a court in Xxxxxx CountyNew York, Texas New York to determine the rights of the Parties and Escrow Agent. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation in any manner whatsoever in connection with this Escrow Agreement or the Escrow Funds, Owner and Contractor hereby jointly and severally agree to reimburse Escrow Agent for its reasonable attorneys’ fees and any and all other reasonable expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation prior to any disbursement hereunder, except to the extent that any such expense, loss, cost or damage results from the willful misconduct or gross negligence of Escrow Agent.

Right of Interpleader. Should any controversy arise involving the Parties and Escrow Agent, parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Escrow Escrowed Funds, or should a substitute escrow agent Qualified Escrow Holder fail to be designated designated, as provided in Section 14 8.7 hereof, or if Qualified Escrow Agent Holder should be in doubt as to what action to take, Qualified Escrow Agent Holder shall have the right, but not the obligation, either to (ia) withhold delivery of the Escrow Escrowed Funds until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (iib) institute a petition for interpleader in a any court in Xxxxxx County, Texas of competent jurisdiction to determine the rights of the Parties and parties hereto. In the event Qualified Escrow Agent. Should a petition for interpleader be instituted, or should Escrow Agent Holder be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Escrow Escrowed Funds, Owner and Contractor then, Exchangor hereby jointly and severally agree agrees to reimburse Qualified Escrow Agent Holder for its reasonable attorneys’ fees and any and all other reasonable expenses, losses, costs and damages incurred by Qualified Escrow Agent Holder in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder, except unless such litigation or arbitration involves or arises out of or incident to the extent that any such expense, loss, cost claims of gross negligence or damage results from the willful misconduct or gross negligence of by the Qualified Escrow AgentHolder.