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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-01
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ESCROW AGREEMENT-- BULK SALES
Date:
To: Grasping & Greedy, P.A.
Under the terms and conditions of a contract between Heff Huffner,
referred to as SELLER, and Paul Abdullah, referred as BUYER, for
the bulk sale of a certain business known as Tasteful Wedding
Gowns, Inc, the parties herewith agree to the following escrow
instructions:
A total of $ 100,000.00( one hundred thousand & no/100 dollars)
will be deposited.
The Fund shall be invested from time to time in an interest
bearing account with a national bank that is insured by the
F.D.I.C.; provided, however, that in the event that the deposit
at any time exceeds $100,000, the deposit shall be made with a
bank with capital and surplus of at least $100,000,000.
If, prior to termination of the escrow, BUYER, notifies of any
breach of warranty with respect to the indebtedness of Seller to
its creditors under the terms and provisions of the bulk sale and
such notice shall specify the amount which Buyer shall claim is
due and owing to Buyer by virtue of such breach of claim of
breach, you shall, within ten days from and after the receipt of
such notice from Buyer, notify Seller in writing of such claim by
sending written notice thereof by registered mail, return receipt
requested, to Buyer at the following address:
In the event that such notice is received you shall withhold the
sum claimed, unless the SELLER delivers a sworn acquittance of
such debt from the claimant, or, a written statement from the
BUYER withdrawing the objection.
On or about July 1, 1995 you shall distribute the remaining sum
other than the sums directed to be withheld, as follows:
First priority-- Expenses of the ESCROW AGENT;
Second priority-- Such sums, if any, required to be withheld
under the terms and conditions state herein;
Third priority-- BUYER.
You may resign by mailing written notice thereof to Buyer and to
Seller at the addresses stated above. In the event of any such
resignation, Buyer may appoint (by written notice delivered to
Seller at the above specified address) a successor escrow which
shall be a national bank. Any successor or successors shall have
all of the rights, obligations and immunities granted to you by
the terms and provisions hereof.
Nothing herein contained shall constitute a limitation of any
obligations of either Buyer or Seller under the Agreement
otherwise.
This is the entire agreement between the parties and this
agreement may only be amended by a written agreement between the
parties.
In the event that any controversy arises as to the distribution
of the escrow, the ESCROW agent may interplead the sums in any
court with jurisdiction and all costs of fees thereof reasonably
incurred by escrow agent shall be payable from the fund.
Dated: ____________________
________________________________________
SELLER
________________________________________
BUYER
Accepted:
_________________________________________
ESCROW AGENT