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_SETUP.1
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1560.BLD
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1997-07-22
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6KB
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204 lines
#1560
@001 Enter the names of the PRINCIPALS to the agreement:
~Enter the name of the persons who are making the agreement.
@002 Enter the name of the ESCROW AGENT:
~Enter the name of the escrow company or agent.
@003 Enter description of items and cash delivered to ESCROW AGENT:
~Enter a description of what is delivered to the escrow agent.
~You may refer to an attached exhibit if this is lengthy.
@004 Enter party to provide escrow release instructions:
~Enter the name of the party who will provide the instructions
~for the release of the escrowed items.
@005 Set forth terms of escrow release instructions:
~Enter the terms for release of the escrow. This may be lengthy,
~so you may wish to refer to an exhibit.
@006 Enter terms for distribution of escrowed amounts:
~Enter the terms for distribution of the sums held in escrow.
@007 Enter last date for instructions:
~Enter the last date when instructions may be served. This may
~be in any convenient format.
#1561/#1562 The escrow agent:
~Select whether the escrow agent will be paid or not.
will receive a fee for handling escrow:
will not receive a fee for handling escrow:
#if#1561
@100 Enter the arrangements for reimbursement of expenses:
~Enter who will pay the compensation. For example: "fees shall be
~equally divided."
@101 Enter compensation terms:
~Enter the rate at which the escrow agent will be compensated.
#endif
#if#1562
@102 Enter the arrangements for reimbursement of expenses:
~Enter the arrangements for payment of needed out of pocket
~expenses.
#endif
#1563
@103 Enter street address of ESCROW agent:
~Enter the street address of the escrow agent. Do not enter the
~city, state. This will be provided for in the next prompt.
@104 Enter city, state, zip code of ESCROW AGENT:
~Enter the city, state zip code of the escrow agent's mailing
~address.
@105 Enter notice addresses for PRINCIPALS:
~Enter the address for each principal. You may want to refer to
~a separate sheet.
#end control section
#1560
/* Para. 1560: Escrow Agreement */
ESCROW AGREEMENT AND INSTRUCTIONS
@001, referred to herein as "PRINCIPALS" herewith request that
@002, referred to herein as "ESCROW AGENT" establish an escrow
of the following described items, and dispose of them as is
provided herein.
PRINCIPALS herewith deliver the following items to be held by
ESCROW AGENT:
@003
Any cash funds or cash proceeds shall be deposited by the ESCROW
AGENT in an interest bearing account, in institutions which are
federally insured for deposits in the amount of the ESCROW, or in
direct obligations of the United States of America, including
treasury bills or notes with maturity dates coinciding with any
distributions to be made hereunder. In the event that non-cash
items are deposited, the ESCROW AGENT shall maintain such items
in the condition in which they were received.
ESCROW agent shall release the funds and items upon the receipt
of instructions from @004, reciting the following:
@005
as follows:
@006
said instructions shall be sworn or provided under penalties of
perjury.
In the event that instructions are not received on @007, ESCROW
agent shall close the escrow and return the amounts to the
parties depositing or providing them originally, and shall then
be absolutely discharged.
Upon receipt of such instructions and complying with the same,
ESCROW agent shall be discharged as to the amounts so paid.
ESCROW agent shall be absolutely discharged upon such payment and
may rely solely and totally upon such certifications. ESCROW
agent shall not be required to make any independent verification
of the correctness of any instructions or the occurrence of any
required conditions precedent and shall rely solely on
certifications received as provided herein.
In the event of the receipt of conflicting instructions prior to
discharge of the ESCROW agent, ESCROW AGENT shall commence an
arbitration before a single arbitrator acceptable to ESCROW AGENT
under the rules of the American Arbitration Association, whose
decision shall be final. Upon receipt of a final decision from
the arbitrator, the ESCROW AGENT shall comply therewith and upon
such compliance shall be discharged from all further liability.
The decision of the arbitrator shall be final, and may be reduced
to judgment by any party hereto or the escrow agent.
PRINCIPALS shall indemnify ESCROW AGENT for all actions taken in
compliance with this agreement.
#1561
/* Para. 1561 */
The PRINCIPALS shall reimburse the ESCROW AGENT for expenses
incurred herein as follows:
@100
ESCROW agent shall receive compensation for its services as
follows:
@101
#1562
/* Para. 1562: No pay */
The PRINCIPALS shall reimburse the ESCROW AGENT for expenses
incurred herein as follows:
@102
Other than such reimbursement, ESCROW AGENT shall not receive
compensation for its services.
#1563
/* Para. 1563- end */
This is the entire agreement between PRINCIPALS and ESCROW AGENT.
ESCROW AGENT is solely acting as a neutral stakeholder and the
PRINCIPALS agree that there are no intended third party
beneficiaries or parties other than PRINCIPALS to this agreement.
All notices herein shall be served as follows:
TO ESCROW AGENT:
@103
@104
TO PRINCIPALS:
@105
All notices herein shall be sent by certified mail, or by
overnight delivery service providing a receipt. Notices sent by
certified mail shall be deemed received within one working day
after first notice to the recipient for pick up, or when
received, whichever is earlier. Notices sent by overnight
delivery service shall be deemed received the next business day.
Dated: ____________________________
PRINCIPALS:
ESCROW AGENT: