Common use of Substitution of Escrow Agent Clause in Contracts

Substitution of Escrow Agent. Any Escrow Agent serving hereunder may resign at any time upon 30 days' prior notice to the Parties, whereupon the Parties shall appoint a successor. If the Parties fail to appoint a successor Escrow Agent within thirty (30) days of the date of resignation of the resigning Escrow Agent, the resigning Escrow Agent shall appoint a new Escrow Agent. Upon delivery of the Escrow Fund in its possession to the new Escrow Agent the former Escrow Agent shall have no further obligation hereunder.

Substitution of Escrow Agent. Any Escrow Agent serving hereunder may resign at any time upon 30 60 days' prior notice to the Parties, whereupon the Parties shall appoint a successor. If the Parties fail to appoint a successor Escrow Agent within thirty (30) days of the date of resignation of the resigning Escrow Agent, the resigning Escrow Agent shall appoint a new Escrow Agent. Upon delivery of the Escrow Fund in its possession to the new Escrow Agent the former Escrow Agent shall have no further obligation hereunder.