Common use of Stakeholder Clause in Contracts

Stakeholder. Escrow Agent is acting as a stakeholder only with respect to the Exxxxxx Money. If there is any dispute as to whether Exxxxx Agent is obligated to deliver the Exxxxxx Money or as to whom the Exxxxxx Money is to be delivered, Escrow Agent may refuse to make any delivery and may continue to hold the Exxxxxx Money until receipt by Escrow Agent of an authorization in writing, signed by Sxxxxx and Purchaser, directing the disposition of the Exxxxxx Money, or, in the absence of such written authorization, until final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty (30) days of notice to Escrow Agent of such dispute, then Escrow Agent may bring an appropriate action or proceeding for leave to deposit the Exxxxxx Money in a court of competent jurisdiction pending such determination. Escrow Agent shall be reimbursed for all costs and expenses of such action or proceeding, including, without limitation, reasonable attorneys’ fees and disbursements, by the party determined not to be entitled to the Exxxxxx Money. Upon making delivery of the Exxxxxx Money in any of the manners herein provided, Escrow Agent shall have no further liability or obligation hereunder.

Stakeholder. Escrow Agent is acting as a stakeholder only with respect to the Exxxxxx Xxxxxxx Money. If there is any dispute as to whether Exxxxx Escrow Agent is obligated to deliver the Exxxxxx Xxxxxxx Money or as to whom the Exxxxxx Xxxxxxx Money is to be delivered, Escrow Agent may refuse to make any delivery and may continue to hold the Exxxxxx Xxxxxxx Money until receipt by Escrow Agent of an authorization in writing, signed by Sxxxxx Seller and Purchaser, directing the disposition of the Exxxxxx Xxxxxxx Money, or, in the absence of such written authorization, until final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty (30) days of notice to Escrow Agent of such dispute, then Escrow Agent may bring an appropriate action or proceeding for leave to deposit the Exxxxxx Xxxxxxx Money in a court of competent jurisdiction pending such determination. Escrow Agent shall be reimbursed for all costs and expenses of such action or proceeding, including, without limitation, reasonable attorneys’ ' fees and disbursements, by the party determined not to be entitled to the Exxxxxx Xxxxxxx Money. Upon making delivery of the Exxxxxx Xxxxxxx Money in any of the manners herein provided, Escrow Agent shall have no further liability or obligation hereunder.

Stakeholder. Escrow Agent is acting as a stakeholder only with respect to the Exxxxxx Xxxxxxx Money. If there is any dispute as to whether Exxxxx Escrow Agent is obligated to deliver the Exxxxxx Xxxxxxx Money or as to whom the Exxxxxx Xxxxxxx Money is to be delivered, other than as provided in the first sentence of Section B-1 above, Escrow Agent may refuse to make any delivery and may continue to hold the Exxxxxx Xxxxxxx Money until receipt by Escrow Agent of an authorization in writing, signed by Sxxxxx Seller and Purchaser, directing the disposition of the Exxxxxx Xxxxxxx Money, or, in . In the absence of such written authorization, Escrow Agent may hold the Xxxxxxx Money until a final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, proceeding or a proceeding for such determination is not begun, within thirty (30) days of notice to Escrow Agent of such dispute, then Escrow Agent may bring an appropriate action or proceeding for leave to deposit the Exxxxxx Xxxxxxx Money in a court of competent jurisdiction pending such determination. Escrow Agent shall be reimbursed for all costs and expenses of such action or proceeding, including, without limitation, reasonable attorneys’ ' fees and disbursements, by the party determined not to be entitled to the Exxxxxx Xxxxxxx Money. Upon making delivery of the Exxxxxx Xxxxxxx Money in any of the manners herein provided, Escrow Agent shall have no further liability or obligation hereunder.

Stakeholder. Escrow Agent is acting as a stakeholder only with respect to the Exxxxxx Xxxxxxx Money. If there is any dispute as to whether Exxxxx Escrow Agent is obligated to deliver the Exxxxxx Xxxxxxx Money or as to whom the Exxxxxx Xxxxxxx Money is to be delivered, Escrow Agent may refuse to make any delivery and may continue to hold the Exxxxxx Xxxxxxx Money until receipt by Escrow Agent of an authorization in writing, signed by Sxxxxx Seller and Purchaser, directing the disposition of the Exxxxxx Xxxxxxx Money, or, in the absence of such written authorization, until final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty ten (3010) days of notice to Escrow Agent of such dispute, then Escrow Agent may bring an appropriate action or proceeding for leave to deposit the Exxxxxx Xxxxxxx Money in a court of competent jurisdiction pending such determination. Escrow Agent shall be reimbursed for all costs and expenses of such action or proceeding, including, without limitation, reasonable attorneys’ fees and disbursements, by the party determined not to be entitled to the Exxxxxx Xxxxxxx Money. Upon making delivery of the Exxxxxx Xxxxxxx Money in any of the manners herein provided, Escrow Agent shall have no further liability or obligation hereunder.

Stakeholder. Escrow Agent is acting as a stakeholder only with respect to the Exxxxxx Xxxxxxx Money. If there is any dispute as to whether Exxxxx Escrow Agent is obligated to deliver the Exxxxxx Xxxxxxx Money or as to whom the Exxxxxx Xxxxxxx Money is to be delivered, Escrow Agent may refuse to make any delivery and may continue to hold the Exxxxxx Xxxxxxx Money until receipt by Escrow Agent of an authorization in writing, signed by Sxxxxx both Seller and Purchaser, directing the disposition of the Exxxxxx Xxxxxxx Money, or, in the absence of such written authorization, until final determination of the rights of the parties in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty (30) days of notice to Escrow Agent of such dispute, then Escrow Agent may bring an appropriate action or proceeding for leave to deposit the Exxxxxx Xxxxxxx Money in a court of competent jurisdiction pending such determination. Escrow Agent shall be reimbursed for all costs and expenses of such action or proceeding, including, without limitation, reasonable attorneys’ fees and disbursements, by the party determined not to be entitled to the Exxxxxx Xxxxxxx Money. Upon making delivery of the Exxxxxx Xxxxxxx Money in any of the manners herein provided, Escrow Agent shall have no further liability or obligation hereunder.