Common use of Escrow Agent Duties Clause in Contracts

Escrow Agent Duties. The parties agree that Escrow Agent’s duties shall include (a) holding the Purchase Deposit in a bank account of Escrow Agent’s choosing, with all interest earned thereon to inure to the benefit of Escrow Agent as payment for Escrow Agent’s services; (b) disburse any escrowed funds in accordance with the terms and conditions of this Agreement and the above-referenced incorporated documents; and (c) to account for the funds if requested by either party. In the event that either party wishes for Escrow Agent to make a distribution of all or part of the Escrowed Funds, then that party shall so direct Escrow Agent in writing. Upon receipt of such writing Escrow Agent may make a determination as to whether the terms and conditions of this Agreement clearly dictate the requested disbursement in which case Escrow Agent may elect to make the disbursement without further authorization from either party, or, if Escrow Agent, within Escrow Agent’s sole discretion, feels that the disbursement is not clearly dictated by the applicable terms and conditions of this Agreement and the incorporated above-referenced documents, then Escrow Agent may require written authorization for the disbursement of the other party. In such event, if the other party does not provide authorization for the disbursement, or provides a conflicting disbursement order, then Escrow Agent may elect to pay the disputed Escrowed Funds into the registry of the appropriate court and utilize Escrow Agent’s counsel to file an action for interpleader against both parties, which shall require those parties to present themselves before the court and argue for disbursement of the funds. Upon payment into the court registry of the escrowed funds, Escrow Agent shall be released from further liability or duty to the parties hereunder. Escrow Agent’s counsel shall be entitled to recover a reasonable attorney’s fee as approved by the court for filing the required interpleader action. The parties acknowledge and agree that Escrow Agent’s counsel is ▇▇▇▇▇▇ Deal, PA, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇, and the parties hereby waive any conflict of interest relating from Escrow Agent’s duties hereunder, or related to the shared or joint ownership of Escrow Agent and Escrow Agent’s counsel, and specifically acknowledge and agree that Escrow Agent’s counsel has and does serve as counsel to Auctioneer, and that ▇▇▇▇▇▇ & Deal, PA may represent Seller or Auctioneer with respect to any such interpleader action. In the event that either party brings any action against Escrow Agent and Escrow Agent in connection with Escrow Agent’s duties hereunder, then the prevailing party shall be entitled to a recovery of reasonable attorney’s fees and court costs.