Common use of TRUE ESCROW Clause in Contracts

TRUE ESCROW. For accounts designated as “True Escrow”, being those accounts wherein original documents are delivered to NCCI for distribution upon satisfaction of the contingencies set forth therein, the parties hereto understand that, upon acceptance by NCCI, the delivery of the original documents identified herein is irrevocable, except as expressly set forth herein. Such delivery is binding upon the SELLER/HOLDER, their heirs, successors, representatives and/or assigns. NCCI makes no representations or warranties as to the adequacy of the documents delivered to its control. If the interest of any party is conveyed, sold, assigned or otherwise transferred, the new holder shall promptly execute and deliver to NCCI such document as are necessary to meet the intent of the escrow. The original documents will be held by NCCI until NCCI determines that all of the obligations of the BUYER/MAKER under said documents are satisfied in full, at which time NCCI will transfer such documents for reconveyance, recording or as may otherwise be deemed appropriate by NCCI for the particular original document(s) held. NCCI is also authorized to deliver the original documents to third party escrow closers with a payoff demand, provided such delivery is accompanied by written instructions to the closer making such delivery contingent upon tender to NCCI of all funds necessary to satisfy the obligations set forth therein. Except in the event of a default, as hereinafter defined, express written instructions from all necessary parties (as determined by NCCI) are required to alter or terminate the escrow. In the event of a default by the BUYER/MAKER and written request of the SELLER/HOLDER, NCCI may return the original documents previously delivered, but shall not be obligated to do so until it is satisfied that the default is irreversible.

TRUE ESCROW. For accounts designated as “True Escrow”, being those accounts wherein original documents are delivered to NCCI for distribution upon satisfaction of the contingencies set forth therein, the parties hereto understand that, upon acceptance by NCCI, the delivery of the original documents identified herein is irrevocable, except as expressly set forth herein. Such delivery is binding upon the SELLER/HOLDER, their heirs, successors, representatives and/or assigns. NCCI makes no representations or warranties as to the adequacy of the documents delivered to its control. If the interest of any party is conveyed, sold, assigned or otherwise transferred, the new holder shall promptly execute and deliver to NCCI such document document(s) as are necessary to meet the intent of the escrow. The original documents submitted will be held by NCCI until such time as NCCI determines that all of the obligations and conditions of the BUYER/MAKER under said documents are satisfied in full, at which time NCCI will is authorized to transfer such documents for reconveyance, recording or as may otherwise be deemed appropriate by NCCI for the particular original document(s) held. NCCI is also authorized to deliver the original documents to third party escrow closers with a payoff demand, provided such delivery is accompanied by written instructions to the closer making such delivery contingent upon tender to NCCI of all funds necessary to satisfy the obligations set forth therein. Except in the event of a default, as hereinafter definedprovided, express written instructions from all necessary parties (as determined by NCCI) are required to alter or terminate the escrow. In the event of a default by the BUYER/MAKER and written request of the SELLER/HOLDER, NCCI may return the original documents previously delivered, but shall not be obligated to do so until it is satisfied that the default is irreversibleunreconcilable.

TRUE ESCROW. For accounts designated as “True Escrow”, being those accounts wherein original documents are delivered to NCCI for distribution upon satisfaction of the contingencies set forth therein, the parties hereto understand that, upon acceptance by NCCI, the delivery of the original documents identified herein is irrevocable, except as expressly set forth herein. Such delivery is binding upon the SELLER/HOLDER, their heirs, successors, representatives and/or assigns. NCCI makes no representations or warranties as to the adequacy of the documents delivered to its control. If the interest of any party is conveyed, sold, assigned or otherwise transferred, the new holder shall promptly execute executed and deliver to NCCI such document as are necessary to meet the intent of the escrow. The original documents will be held by NCCI until such time as NCCI determines that all of the obligations and conditions of the BUYER/MAKER under said documents are satisfied in full, at which time NCCI will transfer such documents for reconveyance, recording or as may otherwise be deemed appropriate by NCCI for the particular original document(s) held. NCCI is also authorized to deliver the original documents to third party escrow closers with a payoff demand, provided such delivery is accompanied by written instructions to the closer making such delivery contingent upon tender to NCCI of all funds necessary to satisfy the obligations set forth therein. Except in the event of a default, as hereinafter defined, express written instructions from all necessary parties (as determined by NCCI) are required to alter or terminate the escrow. In the event of a default by the BUYER/MAKER and written request of the SELLER/HOLDER, NCCI may return the original documents previously delivered, but shall not be obligated to do so until it is satisfied that the default is irreversibleunreconcilable.