EMEA-anybody use this sheesh!! - Posted by Adam


#1

Posted by Adam on November 22, 1998 at 20:07:52:

EARNEST MONEY ESCROW AGREEMENT (NO INTEREST)

(1) THIS AGREEMENT is made and entered into the date set forth below, between

__________________________ __________________________________________, the Escrow Agent,

herein called the “Company”, and


__________________________________________________________________________________,

Seller and


_____________________________________________________________________________________________,

Purchaser, the undersigned depositors.

(2) WHEREAS Purchaser and Seller wish to place this earnest money deposit in the amount of

$_______________ in the form of _____________________, in the posession of a third party, Escrow

Agent; and

(3) WHEREAS the Company is willing to hold said funds or promissory note, as Escrow Agent, for the benefit

of Purchaser and Seller,

(4) NOW THEREFORE, in consideration of the fee paid to the Company, subject to Exhibit I GENERAL

PROVISIONS SPECIFICALLY INCORPORATED HEREIN BY REFERENCE, the Company agrees to hold such

earnest money deposit until ___________, 19 or apply said deposit, as instructed in writing, at

the contract closing. During the period the Company is in possession of the earnest money deposit, any funds

in the form of cash or check will be deposited in a federally insured financial institution.

(5) In the event the Seller allegedly violates or defaults under the terms of the contract, Purchaser shall notify

the Company and Seller of such default in writing. If after 15 days from the date notice of default was given to

Seller, as certified to the Company by Purchaser in its Affidavit, the Company has been informed by Purchaser

that Seller has not cured such default satisfactorily to Purchaser, the Company shall refund the earnest money

deposit, less escrow fee, plus any earnings theron, if applicable, to Purchaser subject to Paragraph 10 of

Exhibit I.

(6) In the event the Purchaser allegedly violates or defaults under the terms of the contract, Seller shall notify

the Company and Purchaser of such default in writing. If after 15 days from the date notice of default was

given to Purchaser, as certified to the Company by Seller in its Affidavit, the Company has been informed by

Seller that Purchaser has not cured such default satisfactorily to Seller, the Company shall refund the earnest

money deposit, less escrow fee, plus any earnings theron, if applicable, to Seller subject to Paragraph 10 of

Exhibit I.

(7) In the event of default by either Seller or Purchaser pursuant to paragraphs (5) or (6), above, any deposit in

the form of a promissory note shall not be delivered to the designated party until the escrow fee has been paid

to the Company.

(8) A fully executed copy of the purchase contract to which the earnest money deposit applies must be

attached herto for reference. The Company shall not undertake to construe the contract or determine

compliance therewith. Written notice of an election to invoke any specific contract provision shall be given to

the Company by the party invoking such specific contract provision.

(9) NOTE: If Purchaser and Seller are in disagreement as to the disposition of the earnest money deposit,

Paragraph 10 of Exhibit I shall apply.

(10) IN WITNESS WHEREOF, the undersigned have READ and executed this Agreement

this_______________ day of ___________________, 19 ____.

DEPOSITORS (Sellers)

Tax I.D.# (if applicable)


by _________________________________

Address: ___________________________

DEPOSITORS (Purchasers)

Tax I.D.# (if applicable)


by _________________________________

Address: ___________________________

First American Heritage Title Company

Escrow Agent

by _________________________________

Escrow Officer

EXHIBIT I

GENERAL PROVISIONS

(1) The instructions may be supplemented, altered, amended, modified or revoked by writing only signed by all

of the parties hereto, and approved by the Escrow Agent, upon payment of all fees, costs and expenses

incident thereto.

(2) No assignment, transfer, conveyance or hypothecation of any right, title or interest in and to the subject

matter of this Escrow shall be binding upon the Escrow Agnet unless written notice thereof shall be served

upon the Escrow Agent and all fees, costs and expenses incident thereto shall have been paid and then only

upon the Escrow Agent’s assent thereto in writing.

(3) Any notice required or desired to be given by the Escrow Agent to any party to this Escrow may be given

by mailing the same addressed to such party at the address given below the signature of such party or the

most recent address of such party shown on the records of the Escrow Agent, and notice so mailed shall for

all purposes hereof be as effectual as though served upon such party in person at the time of depositing such

notice in the mail.

(4) The Escrow Agent may receive any payment called for hereunder after the due date thereof unless

subsequent to the due date of such payment and prior to the receipt thereof the Escrow Agent shall have been

instructed in writing to refuse any such payment.

(5) The Escrow Agent shall not be personally liable for any act it may do or omit to do hereunder as such

agent, while acting in good faith and in the exercise of its own best judgement, and any act done or omitted by

it pursuant to the advice of its own attorneys shall be conclusive evidence of such good faith.

(6) The Escrow Agent is hereby expressly authorized to disregard any and all notices or warnings given by

any of the parties hereto, or by another person, firm or corporation, excepting only orders or process of court,

and is hereby expressly authorized to comply with and obey any and all process, orders, judgments or decrees

of any court, and in case the Escrow Agent obeys or complies with any such process, order, judgment or

decree of any court it shall not be liable to any of the parties hereto or to any other person, firm or corporation

by reason of such compliance, notwithstanding any such process, order, judgment or decree be subsequently

reversed, modified, annulled, set aside or vacated, or found to have been issued or entered without

jurisdiction.

(7) In consideration of the acceptance of this escrow by the Escrow Agent, the undersigned agree, jointly and

severally, for themselves, their heirs, legal representatives, successors and assigns, to pay the Escrow Agent

its charge hereunder and to indemnify and hold it harmless as to any liability by in incurred to any other

person, firm or corporation by reason of its having accepted the same, or its carrying out any of the terms

thereof, and to reimburse it for all its expenses, including, among other things, counsel fees and court costs

incurred in connection herewith; and that the Escrow Agent shall have a first and prior lien upon all deposits

made hereunder to secure the performance af said agreement of indemnity and payment of its charges and

expenses, hereby expressly authorizing the Escrow Agent, in the event payment is not received promptly from

the undersigned, to deduct such charges and expenses, without previous notice, from any funds deposited

hereunder. Escrow fees or charges, as distinguished from other expenses hereunder, shall be as written above

the Escrow Agent’s signature at the time of the acceptance hereof.

(8) The Escrow Agent shall be under no duty or obligation to ascertain the identity, authority or rights of the

parties executing or delivering or purporting to execute or deliver these instructions or any documents or

papers or payments deposited or called for hereunder, and assumes no responsibility or liablility for the

validity or sufficiency of these instructions or any documents or papers or payments deposited or called for

hereunder.

(9) The Escrow Agent shall not be liable for the outlawing of any rights under any Statute of Limitations or by

reason of laches in respect to the Instructions or any documents or papers deposited.

(10) In the event of any dispute between the parties hereto as to the facts of default, the validity or meaning of

these instructions or any other fact or matter relating to the transaction between the parties, the Escrow Agent

is instructed as follows:

a. That it shall be under no obligation to act, except under process or order of court, or until it

has been adequately indemnified to its full satisfaction, and shall sustain no liability for its

failure to act pending such process or court order or indemnification;

b. That it may in its sole and absolute discretion, deposit the property described herin or so

much thereof as remains in its hands with the then Clerk, or acting Clerk, of the District Court,

State of Colorado in whose jurisdiction the subject property lies, and interplead the parties

hereto, and upon so depositing such property and filing its complaint in interpleader it shall be

relieved of all liability under the terms hereof as to the property so deposited, and furthermore,

the parties hereto for themselves, their heirs, legal representatives, successors and assigns do

hereby submit themselves to the jurisdiction of said court and do hereby appoint the then clerk,

or acting Clerk, of said court as their Agent for the service of all process in connection with

such proceedings. The institution of any such interpleader action shall not impair the rights of

the Escrow Agent under paragraph number 7 above.

(11) If the subject matter of this escrow consists in whole or in part of funds, the same shall not be commingled

by the Escrow Agent with its own funds; provided, however, that anything contained in the Escrow

Agreement of which these General Provisions are made a part, to the contrary notwithstanding, the Escrow

Agent shall NOT BE REQUIRED TO DEPOSIT THE SMAE IN ANY INTEREST BEARING OR INCOME

PRODUCING ACCOUNT, AND SHALL NOT IN ANYWAY BE LIABLE TO ANY OF THEOTHER PARTIES

TO THE ESCROW AGREEMENT FOR THE PAYMENT OF INTEREST UPON SAID FUNDS FOR THE

PERIOD DURING WHICH THER ARE HELD BY THE ESCROW AGENT. It is intended that the provisions

hereof shall supersede any other terms, conditions, covenants or provisions contained the Escrow Agent in

writing. It is intended that the provisions hereof shall supersede any other in the Escrow Agreement which

expressly or by implication are in conflict herewith.