Escrow Agent shall Sample Clauses
Escrow Agent shall. 4.1.1 hold the Material in a safe and secure environment;
4.1.2 inform the Owner and the Licensee of the receipt of any copy of the Material;
4.1.3 in accordance with the terms of Section 9 perform those tests that form part of its Standard Verification Service form time to time;
4.1.4 at all times retain a copy of the latest verified deposit of the Material; and
4.1.5 notify the Owner if it becomes aware at any time during the term of this Agreement that the copy of the Material held by it has been lost, damaged or destroyed.
Escrow Agent shall hold and maintain the Deposits in a secure, locked, and environmentally safe facility, which is accessible only to authorized representatives of Escrow Agent;
Escrow Agent shall. 1. Hold all documents and any funds received until either July 1, 2015 or receipt of certification from Village that Buyer has discharged its responsibility to obtain building permits(s) and has paid to Village the required amount of permit fees and impact fees, for Phase I of Buyer’s development of the Property, whichever occurs first.
2. If July 1, 2015 occurs first, Escrow Agent shall return every document and all other funds received to the party providing each document or funds, within three business days of July 1, 2015.
3. If Village certification occurs first, Escrow Agent shall, within three business days thereafter:
a) Cause all documents, which have been submitted for recording, to be recorded.
b) Cause all documents, which have been submitted for filing, to be filed.
c) Distribute documents to the relevant parties.
d) Disburse the balance of funds on deposit, in the following sequence:
(i) Reimbursement of Escrow Agent of any unpaid amounts for recording or filing fees, Transfer Taxes and escrow fees of $500.
(ii) $600,873 to Village.
(iii) Balance of funds to Seller.
4. Act accordingly, on receipt of written instructions.
Escrow Agent shall. 1. Hold all documents and any funds received until either June 30,July 1, 2015 or receipt of certification from Village that Buyer has discharged its responsibility to obtain building permits(s) and has paid to Village the required amount of permit fees and impact fees, for Phase I of Buyer’s development of the Property, whichever occurs first.
2. If June 30,July 1, 2015 occurs first, Escrow Agent shall return every document and all other funds received to the party providing each document or funds, within three business days of June 30,July 1, 2015.
3. If Village certification occurs first, Escrow Agent shall, within three business days thereafter:
a) Cause all documents, which have been submitted for recording, to be recorded.
b) Cause all documents, which have been submitted for filing, to be filed.
c) Distribute documents to the relevant parties.
d) Disburse the balance of funds on deposit, in the following sequence:
(i) Reimbursement of Escrow Agent of any unpaid amounts for recording or filing fees, Transfer Taxes and escrow fees of $500.
(ii) $600,873 to Village.
(iii) Balance of funds to Seller.
4. Act accordingly, on receipt of written instructions.