Discharge of Escrow Agent. Purchaser and the Seller may, upon joint written instructions executed by each of Purchaser and Seller, discharge the Escrow Agent and appoint a new escrow agent. The Escrow Agent shall, upon receipt of such instructions and payment of any fees and costs then due, transfer the Escrow Fund in accordance with such instructions, and thereafter, the Escrow Agent shall have no further liability with respect to the Escrow Fund. If the Escrow Agent at any time is discharged, then a successor Escrow Agent shall be jointly selected by Purchaser and Seller, or if Purchaser and Seller cannot agree, the successor Escrow Agent shall be selected by the existing Escrow Agent. Any successor Escrow Agent shall be a title insurance company or a national banking association with its principal place of business located in the United States.
Appears in 2 contracts
Sources: Membership Interest Purchase and Sale Agreement, Membership Interest Purchase and Sale Agreement (Glimcher Realty Trust)