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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-23
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111 lines
ESCROW AGREEMENT AND INSTRUCTIONS
_________________ and _____________, referred to herein as
"PRINCIPALS" herewith request that _______________________,
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:
_________________________________
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 seller, reciting the following:
____________________________________________________________
as follows:
_____________________________________________________________
said instructions shall be sworn or provided under penalties of
perjury.
In the event that instructions are not received on ________, 19__,
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.
The PRINCIPALS shall reimburse the ESCROW AGENT for expenses
incurred herein as follows:
___________________________________________________________
ESCROW agent shall receive compensation for its services as
follows:
___________________________________________________________
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:
______________________________
______________________________
TO PRINCIPALS:
______________________________
______________________________
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:
______________________________________________________