ESCROW AGREEMENT
An Escrow Agreement is an agreement that puts forth the conditions or describes the event that will occur upon a party’s fulfillment of that event. An escrow agent delivers funds, assets, shares etc., which are held in trust by the escrow agent to the party named as the beneficiary.
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ESCROW AGREEMENT
THIS ESCROW AGREEMENT made as of the ____ day of ___________, 20______. B E T W E E N: ________________________________ (hereinafter referred to as the “____________”) OF THE FIRST PART; AND: _________________________________ (hereinafter referred to as the “____________”) OF THE SECOND PART; AND: ___________________________________ (hereinafter referred to as the “Agent”) OF THE THIRD PART. WHEREAS the parties hereto entered into a _______________ Agreement dated the _____ day of __________, _________ for the _______________ (enter description of transaction) by the _______________ and the ________________ by the _________________ of ___________________(the “Agreement”); and AND WHEREAS the Agreement provides for security for certain obligations of the ______________ and the _______________ and the ____________ agreed that ________________ ($_______) Dollars be held in trust in an interest bearing Trust Account by the Agent (the “Trust Account”) and for funds to be paid out of the Trust Account as provided by the Agreement; AND WHEREAS the parties wish to provide for the terms of escrow applicable to the funds to be held in the Trust Account by the Agent. NOW THEREFORE THIS AGREEMENT WITNESSETH: 1. The ______________ and ________________ hereby appoint the Agent, and the Agent hereby agrees to act as escrow agent and trustee in accordance with the terms and conditions of this Escrow Agreement.
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2. The Agent shall hold and deal with all monies received by it pursuant to the provisions of the Agreement, in trust in accordance with the terms of escrow set forth herein, with the Trust Account to be opened as set out in the Direction hereto attached as Appendix I. 3. The Agent shall disburse funds (principal and interest) and shall provide accounting from time to time solely upon the written authorization of the __________ and the _________ and may rely for this purp