Real Property Escrow Sample Clauses
The Real Property Escrow clause establishes the requirement for a neutral third party, known as an escrow agent, to temporarily hold funds, documents, or property involved in a real estate transaction until all agreed-upon conditions are met. In practice, this means that the buyer's payment and the seller's deed are deposited with the escrow agent, who only releases them once all contractual obligations—such as inspections, title clearance, and financing—are satisfied. This clause ensures that both parties are protected during the transaction, minimizing the risk of fraud or default by making sure that neither party has to perform their obligations without assurance that the other will do the same.
Real Property Escrow. Immediately after the Bankruptcy Court’s entry of the Sale Approval Order as a Final Order, or at such earlier time as ParentCo and the Purchaser may agree, the Sellers and the Purchaser shall establish an escrow (the “Real Property Escrow”) for the sale and purchase of the Owned Real Properties pursuant to this Agreement with the Title Company. The provisions of this Section 2 shall constitute escrow instructions to the Title Company, and a copy of this Agreement shall be deposited with the Title Company for such purpose.
Real Property Escrow. (a) Notwithstanding any provision herein to the contrary, at the Closing, the Owned Real Property, the Improvements and the Lease shall not be transferred to Buyer. The executed Deed and the executed Assignment of Lease (the "Escrowed Documents") shall be held by Seller in escrow and distributed as set forth in this SECTION 2.
Real Property Escrow. The Real Property Hold-Back Amount, along with all Deeds and other instruments relating to the conveyance of the Real Property to RIA, shall be placed in escrow with the Title Company, to be held pursuant to the terms and conditions of that certain Real Property Escrow Agreement in the form attached as Exhibit 8.7.2 (the "Real Property Escrow Agreement"). Such escrow shall terminate, and the Real Property Hold-Back Amount (or applicable portion thereof) shall be delivered to Seller and the Deeds and related instruments shall be delivered to Buyer, upon such terms and at the time set forth in the Real Property Escrow Agreement (the "Real Property Closing Date").
Real Property Escrow. At Closing the parties hereto shall execute an escrow agreement to establish an escrow account ("Real Property Escrow Account") as described hereafter. At the Closing the Real Property Purchase Price shall be paid in full, subject to any and all prorations as provided in Section 15 hereof, by Purchaser at the Closing, by certified check, cashier's check or wire transfer of federal funds to the Real Property Escrow Account of the Escrow Agent selected by Seller and approved by the Purchaser.
Real Property Escrow. Promptly following the Parties’ execution and delivery of this Agreement, Seller and Buyer shall establish an escrow (the “Real Property Escrow”) for the sale and purchase of the Owned Real Properties pursuant to this Agreement with First American Title Insurance Company, Minneapolis, MN office (the “Title Company”). The provisions of this ARTICLE 3 shall constitute escrow instructions to the Title Company, and a copy of this Agreement shall be deposited with the Title Company for such purpose.
Real Property Escrow. (a) The transfer of the Real Property Leases from the Sellers to the Purchaser and the payoff of the indebtedness secured by the Leasehold Mortgages (collectively, the “Secured Debt”) shall take place on the Closing Date through ▇▇▇▇▇▇ ▇▇. ▇▇▇-▇▇▇▇▇▇-▇▇ (the “Real Property Escrow”) opened with First American Title Insurance Company, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attn: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Phone ▇▇▇-▇▇▇-▇▇▇▇, Facsimile ▇▇▇-▇▇▇-▇▇▇▇, Email ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇ (the “Real Property Escrow Holder”). For the avoidance of doubt, only the Real Property Leases shall be transferred through the Real Property Escrow; all of the other Purchased Assets shall be transferred in the manner set forth in Sections 3.2 and 3.3 above.
(b) As more particularly described in Section 8.2(p) below, the Real Property Leases shall be conveyed to the Purchaser at the Closing free and clear of all Leasehold Mortgages. At least ten (10) Business Days prior to the anticipated Closing Date, the Sellers shall notify the Real Property Escrow Holder of such anticipated Closing Date and instruct the Real Property Escrow Holder to order demands (the “Payoff Demands”) from each Secured Party which is a holder of Secured Debt. Purchaser agrees to make the deliveries described in Section 8.3(l) at least three (3) Business Days prior to the Closing Date. Sellers agree to make or cause the appropriate Licensed Entity to make the deliveries described in Section 8.2(x) at least three (3) Business Days prior to the Closing Date.
(c) At the Closing, Real Property Escrow Holder shall promptly undertake all of the following in the manner indicated herein:
(i) cause the Lease Assignments and the Non-Disturbance Agreements and any reconveyances required under this Section 3.4 (collectively the “Recordable Documents”) to be recorded in the appropriate county recorder’s offices (with each Non-Disturbance Agreement to recorded after the applicable Lease Assignment);
(ii) disburse the required amount(s) to pay in full the Secured Debt to the appropriate Secured Parties from the funds deposited by Purchaser with the Real Property Escrow Holder, and disburse the balance of such funds (after payment of closing costs), if any, to the Purchaser;
(iii) direct the Title Company to issue to Purchaser a Title Policy for each of the Real Property Leases, effective as of the Closing Date; and
(iv) deliver to the Purchaser conformed copies of the recorded Recordable Documents.