Orange County NC Website
Browse       Search
Funds in a segregated savings account with a federally-insured banking institution. All funds <br />received by check will be held for a minimum of ten (10) business days prior to disbursement. <br />4.Upon Escrow Agent’s receipt of consistent written instructions from both Seller and Purchaser, or <br />their respective counsel or brokers, Escrow Agent will disburse the Escrowed Funds in accordance <br />with such instructions. Such instructions may be given in duplicate counterparts and delivered via <br />electronic mail. Escrow Agent requests delivery of such instructions at least twenty-four (24) hours <br />before disbursement is needed. Notwithstanding the foregoing provisions of this Section 4, in the <br />event that Seller or Purchaser provides Escrow Agent and the other party with a written certification <br />claiming the Escrowed Funds pursuant to certain provisions of the Sales Contract, Escrow Agent, <br />at its absolute and sole discretion, may elect to proceed by: (i) notifying Purchaser and Seller that <br />it intends to disburse the Escrowed Funds in accordance with such request unless the non- <br />requesting party delivers a written objection to such requested disbursement within ten (10) <br />business days after receipt of said notice, and (ii) so disbursing the Escrowed Funds to the <br />requesting party after such ten (10) business day period, provided the non-requesting party has not <br />objected to such disbursement in accordance with this Section. Upon such a disbursement, Escrow <br />Agent will be released and discharged from any further duty or obligation hereunder. <br />5.Escrow Agent will be entitled to rely upon the instructions and other matters covered thereby, and <br />will not be required to investigate the authority of the person executing and delivering such <br />instructions, or otherwise verify the accuracy of the statements or information presented therein. <br />6.Escrow Agent will not be accountable for any incidental benefit, which may be attributable to the <br />Escrowed Funds. Escrow Agent will not owe a fiduciary responsibility to Purchaser and Seller, and <br />will be a stakeholder only and not liable for any losses, costs or damages it may incur in performing <br />its responsibilities hereunder unless such losses, costs or damages arise out of the willful default or <br />gross negligence of Escrow Agent or its agents. Furthermore, and in no way limiting the forgoing <br />sentence, Escrow Agent will not be liable for any loss or damage resulting from the following: <br />a.Any default, error, action, or omission of any other party; <br />b.The expiration of any time limit unless such time limit was known to Escrow Agent and <br />such loss is solely caused by failure of Escrow Agent to proceed in its ordinary course of <br />business; <br />c.Any loss or impairment of funds while on deposit with a federally-insured bank, resulting <br />from failure, insolvency or suspension of such bank; and <br />d.Escrow Agent’s compliance with any and all legal process, writs, orders, judgments, and <br />decrees of any court, whether issued with or without jurisdiction and whether or not <br />subsequently vacated, modified, set aside or reversed. <br />7.In the event of a dispute hereunder between Seller and Purchaser (or their successors or assigns), <br />Escrow Agent will have the right, exercisable in its sole discretion, to resign by giving written <br />notice to Seller and Purchaser, specifying a date on which such resignation will take effect, which <br />will be no earlier than ten (10) business days after the delivery of such notice. Promptly upon receipt <br />of such notice, Seller and Purchaser will appoint a mutually acceptable successor escrow agent. <br />Upon delivery by the successor escrow agent to Seller, Purchaser, and Escrow Agent of a written <br />instrument accepting such appointment, the successor escrow agent will succeed to all the rights <br />and duties of Escrow Agent hereunder. If a successor escrow agent is not appointed by the <br />expiration of such ten (10) business day period, Escrow Agent will have the right, exercisable in its <br />sole discretion, to be discharged by tendering unto the registry or custody of any court of competent <br />Docusign Envelope ID: 6FA32B3A-54E4-43D1-ADFC-0E9AD5C2D12E