Express Duties; Fees Clause Samples

Express Duties; Fees. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein (and required by applicable law), which the parties agree are ministerial in nature. If in doubt as to its duties and responsibilities hereunder, the Escrow Agent may consult with counsel of its choice and shall be protected in any action taken or omitted in good faith in connection with the advise or opinion of such counsel. The Escrow Agent shall be paid a fee of One Percent (1%) of the principal amount of the Escrow Deposit, such fee to be paid at the termination of this Agreement; as between Buyer and Seller, each party shall share equally the fee of the Escrow Agent.