Release of Insurance Deductible Escrow Funds Sample Clauses
The 'Release of Insurance Deductible Escrow Funds' clause governs the conditions under which funds held in escrow to cover an insurance deductible are disbursed. Typically, this clause specifies that once a claim is resolved and all obligations related to the deductible are satisfied—such as payment to contractors or confirmation of repairs—the escrowed amount is released to the appropriate party. This ensures that the deductible is available when needed for insurance claims, while also protecting both parties by preventing premature or improper release of funds.
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Release of Insurance Deductible Escrow Funds. Upon receipt of (i) joint written instructions executed by both an Authorized Representative of Buyer and an Authorized Representative of Representative setting forth instructions to Escrow Agent as to the payment of all or any portion of the applicable Insurance Deductible Escrow Funds, or (ii) an Order (with concurrent delivery of a copy thereof to the other Party) accompanied by a written certification from counsel for the instructing Party attesting that such Order is final and not subject to further proceedings or appeal along with a written instruction from an Authorized Representative of the instructing Party given to effectuate such Order and setting forth instructions to Escrow Agent as to the payment of all or any portion of the Insurance Deductible Escrow Funds, Escrow Agent shall be entitled to conclusively rely upon any such joint written instructions or Order and shall pay the instructed amount of Insurance Deductible Escrow Funds (to the extent of the applicable Insurance Deductible Escrow Funds then held by Escrow Agent) in accordance with such joint written instructions or written instruction given to effectuate the Order. Escrow Agent shall not be obligated or liable to confirm the validity of any Order or the final or non-appealable nature thereof to which such instruction refers or to make any determination as to whether or not such Order is final, its only obligation being to rely in good faith on such Order delivered to Escrow Agent pursuant to the terms hereof.