In connection with the above referenced matter, Seller and Purchaser do hereby authorize Escrow Agent to hold money in escrow according to the following terms and conditions:
1.The sum to be escrowed is $____________________.
2.The funds are to be held pending satisfaction of the following:
3.In the event the funds are insufficient, any and all adjustments will be made between the Seller and Purchaser.
4.The funds are to be held until
5.The funds are to be released ONLY upon written notification given by
6.In the event no written notification is received by Escrow Agent on or before the date cited in No. 4 above, Escrow Agent, at its sole election and discretion, shall pay all remaining funds to , without any recourse or liability to Escrow Agent and its underwriter and without notice to the undersigned.
7.In the event a controversy arises over said funds, Escrow Agent, at its sole discretion, may tender the funds into court for settlement, after deducting its attorney's fees, court costs, and escrow fees, if any, which have accrued, including any attorney's fees and court costs relating to the tender into court.
8.Seller and Purchaser agree to save and hold harmless Escrow Agent and its underwriter from any liability arising under and as a result of this Escrow Agreement, and further agree that the Escrow Agent may, at its option, require the receipt, release and authorization in writing of all parties before paying money or delivering or redelivering documents or property to any party or to third parties. Escrow Agent shall not be liable for any interest or other charges on the money held by it.
However, if Seller and Purchaser have executed a written Investment of Escrow Funds Agreement as indicated below, Escrow Agent shall invest said funds in accordance with the agreement and the terms and conditions of said agreement shall become a part of this Escrow Agreement.
[ ]Investment of Escrow Funds Agreement has been executed, a copy of which is attached hereto.
[ ]Investment of Escrow Funds Agreement has not been executed.
9.Seller and Purchaser do hereby indemnify and hold harmless Escrow Agent and its underwriter and their agents and representatives from all loss or damage they may sustain in connection with Escrow Agent's performance of these instructions and do hereby jointly and severally release and waive any claims they may have against Escrow Agent and its underwriter or their agents or representatives, which may result from Escrow Agent's performance of these instructions, including but not limited to the following:
a.impairment of funds while those funds are in the course of collection;
b.impairment of funds while those funds are on deposit in a financial institution if such loss or impairment arises by reason of the failure, insolvency or suspension of a financial institution;
c.delay in the electronic wire transfer of funds;
d.disputes which may arise concerning the funds on deposit; and
e.consequences, if any, of any bankruptcies of Seller or Purchaser.
10.Seller and Purchaser hereby agree that the funds described above shall be vested in Escrow Agent, and Seller and Purchaser hereby grant, convey and deposit the funds under the absolute control and possession of Escrow Agent until such time as the funds are disbursed in accordance with the provisions of this Escrow Agreement.
11.The foregoing terms constitute the entire agreement between the parties, and this agreement shall not be modified, changed or amended by any subsequent written or oral agreement unless agreed to in writing by Escrow Agent.
RECEIPT OF ESCROW MONEY
Escrow Agent acknowledges receipt of the money in the amount of $ to be held in accordance with the terms of the foregoing agreement. Escrow Agent and its underwriter do not assume and shall not be liable for the performance or nonperformance of any party to this agreement.
No guidelines are available for this form at this time.