Separate escrow agreement. _________, Trustee, to _________ Corporation. Escrow Agreement. Reg. No. _________ This agreement, is between _________, trustee, whose wife is _________, and _________ corporation. The attached assignment, oil, gas, and mineral lease, or [and] assignment, covering the following described land situated in _________, only insofar as the lease or [and] assignment covers and applies to the following described land: _________ together with _________ dollars, is placed in escrow in _________ bank, upon the following conditions: Trustee shall furnish and deliver abstract of title to the land described in the oil and gas lease, or [and] assignment, within _________ days from this date, showing good and merchantable title to the lease to be vested in the trustee; and the corporation shall have the abstract examined and title to the lease passed upon by competent attorney within _________ days from date the abstract is delivered to the corporation. If the title is good and merchantable, then the bank shall pay the sum to trustee, and shall deliver the lease or [and] assignment to the corporation immediately. The opinion of the attorney shall be in writing, and if the attorney shall hold that title is defective, then all defects shall be clearly indicated and set forth in writing. If the title is defective, then the trustee shall have _________ days from the date the attorney's opinion is delivered to the trustee within which to cure the defects, at expense of the corporation, and if the trustee should fail to cure the defects, then the lease or [and] assignment shall be delivered by the bank to the trustee, and the sum of money shall be delivered and paid over by the bank to the corporation immediately
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131 |
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156 |
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122 |
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151 |
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