ESCROWEE Sample Clauses
The ESCROWEE clause designates a neutral third party, known as the escrow agent, to hold funds, documents, or other assets on behalf of the parties involved in a transaction until certain conditions are met. In practice, the escrowee is responsible for safeguarding these items and releasing them only when all contractual obligations have been satisfied, such as the completion of a property sale or the fulfillment of agreed-upon terms. This clause serves to protect both parties by ensuring that assets are not transferred prematurely and that the transaction proceeds smoothly and securely, thereby reducing the risk of default or fraud.
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ESCROWEE. The parties agree that ▇▇▇▇▇▇▇ Law Office, P.C. is hereby designated as Escrowee for the purposes of any Escrow created or hereafter required in connection with this contract. The Escrow conditions are as follows:
a. Escrowee shall deliver to Seller on or before December 17, 2021 the non- refundable down payment provided for in Paragraph 1;
b. Additional conditions: The parties waive any conflict of interest that ▇▇▇▇▇▇▇ Law Office, P.C. may have in acting as both Escrow Agent and Attorney for the Seller.
ESCROWEE. The parties agree that Chicago Title Company is hereby designated as Escrowee for the purposes of any Escrow created or hereafter required in connection with this Contract. The escrow conditions are as follows:
A. Escrowee shall deposit into escrow the down payment pursuant to the terms of this Contract until closing and not release said funds except with the agreement of all parties, or an order entered by a court of competent jurisdiction;
B. Additional conditions: None.
ESCROWEE. It is understood and agreed that ▇▇▇▇▇▇▇ shall not be held liable by either Seller or Buyer for the performance or nonperformance of any provision of this Agreement, except to account for any Deposit paid to it. The obligation of this paragraph shall survive settlement.
ESCROWEE. (a) The Escrowee shall hold the proceeds of the Deposit in escrow in a special bank account (or as otherwise agreed in writing by Seller, Purchaser and Escrowee) until the Closing Date or sooner termination of this Contract of Sale and shall pay over or apply such proceeds in accordance with the terms of this Article 15. Escrowee shall hold such proceeds in an interest-bearing account, and any interest earned thereon shall be paid to the same party entitled to the escrowed proceeds, and the party receiving such interest shall pay any income taxes thereon. The tax identification numbers of the Seller and Purchaser are set forth next to their signatures at the end of this Contract of Sale. At the Closing, such proceeds and the interest thereon, if any, shall be paid by Escrowee to Seller.
(b) If either party makes a written demand upon Escrowee for payment of the proceeds of the Deposit, then Escrowee shall give written notice to the other party of such demand. If Escrowee does not receive a written objection from the other party to the proposed payment within five (5) business days after the giving of such notice, Escrowee is hereby authorized to make such payment. If Escrowee does receive such written objection within such five (5) business day period or if for any other reason Escrowee in good faith shall elect not to make such payment, Escrowee shall continue to hold such amount until otherwise directed by written instructions from the parties to this Contract of Sale or a final judgment of a court of competent jurisdiction. However, Escrowee shall have the right at any time to deposit the escrowed proceeds and interest thereon, if any, with the clerk of the appropriate court of the county in which the Property is located. Escrowee shall give written notice of such deposit to Seller and Purchaser. Upon such deposit Escrowee shall be relieved and discharged of all further obligations and responsibilities hereunder.
(c) If the Closing takes place then at the Closing Escrowee shall deliver the Deposit to Seller.
(d) Notwithstanding anything to contrary herein, in the event Purchaser terminates this Agreement on or prior to the expiration of the Due Diligence Expiration Date, then upon receipt of written demand for the Initial Deposit, the parties hereby irrevocably direct Escrowee to immediately release the Initial Deposit to Purchaser without notice to, and notwithstanding the objection of, Seller.
15.2 The parties acknowledge that Escrowee is acting solel...
ESCROWEE. The parties agree that First Mid Ag Services is hereby designated as Escrowee for the purposes of any Escrow created or hereafter required in connection with this Contract. The escrow conditions are as follows:
A. Escrowee shall deposit into escrow the down payment pursuant to the terms of this Contract until closing and not release said funds except with the agreement of all parties, or an order entered by a court of competent jurisdiction;
B. Additional conditions: None.
ESCROWEE. The parties agree that ▇▇▇▇▇▇▇ Law Office is hereby designated as Escrowee for the purposes of any Escrow created or hereafter required in connection with this contract. The Escrow conditions are as follows:
(a) Escrowee shall hold in escrow the down payment pursuant to the terms of this contract until closing and not release said funds except with the agreement of all parties, or an Order entered by a Court of competent jurisdiction;
(b) Additional conditions: None.
ESCROWEE. Contract of Sale PREMISES
ESCROWEE. First American Title Insurance Company ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇ ▇▇▇▇▇▇▇ Property: That certain tract(s) or parcel(s) of land situated at ▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ as more fully described on Exhibit A attached hereto, together with the improvements, fixtures and personal property thereon, all easements, appurtenances, rights and privileges pertaining thereto and any leases. Purchase Price: High Bid Amount $ Buyer’s Premium $ Total Purchase Price* $ Seller’s EIN: ▇▇-▇▇▇▇▇▇▇ Seller’s Notice Addresses: c/o Gramercy Capital Corp. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ I:\GR Shared\GKK Dispositions\Property Files\0001 Regions - ▇▇▇▇▇ Auction\Draft PSA\4264\REG-4264 - Nacogdoches - Draft PSA.doc Attention: ▇▇▇▇▇ ▇. Rothschild ▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇ And KBS Capital Advisors LLC ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Esq. ▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇ and: KBS Capital Advisors LLC ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇@▇▇▇-▇▇.▇▇▇
ESCROWEE. The parties agree that ▇▇▇▇▇▇▇▇▇▇ Law Firm Trust Account, is hereby designated as Escrowee for the purposes of any Escrow created or hereafter required in connection with this contract. The Escrow conditions are as follows:
a. Escrowee shall hold in escrow the NON-REFUNDABLE down payment pursuant to the terms of this contract until closing and not release said funds except with the agreement of all parties, or an Order entered by a Court of competent jurisdiction.
b. Additional conditions: None.
ESCROWEE. The parties agree that is hereby designated as Escrowee for the purposes of any escrow created or hereafter required in connection with this Contract. The Escrowee shall hold in escrow the down payment pursuant to the terms of this Contract until closing and not release said funds except with the agreement of all parties, or an order entered by a court of competent jurisdiction.