Common use of Flood Plain Clause in Contracts

Flood Plain. Buyer shall have the option of declaring this contract null and void within five (5) days of receipt of any written notice or disclosure, including the Residential Real Property Disclosure Report, that the property is located in a special flood plain hazard area, which requires the Buyer to obtain flood insurance, or is in a wetland. This option shall not exist in the event such written notice or disclosure was provided in a Residential Real Property Disclosure Report executed by both Seller and Buyer prior to the Contract Date. COURT. Absent an agreement relative to the disbursement of ▇▇▇▇▇▇▇ money within a reasonable period of time, Escrowee may deposit the funds with the Clerk of the Circuit Court by filing an action in the nature of an interpleader. Escrowee shall be reimbursed from the ▇▇▇▇▇▇▇ money for court costs and reasonable attorney’s fees related to the filing of the interpleader action. Seller and ▇▇▇▇▇ hereby indemnify and hold Escrowee harmless from any and all claims and demands arising out of any release of ▇▇▇▇▇▇▇ money pursuant to a written agreement of the parties or court order.