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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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funds in a money market account with a national bank whose depositors are insured by the Federal <br />Deposit Insurance Corporation and is reasonably acceptable to Buyer. Escrow Agent shall not be liable <br />for any loss caused by the failure, suspension, bankruptcy or dissolution of any such investment vehicle <br />or fund. The Earnest Money will be held by the Escrow Agent and applied as partial payment of the <br />Purchase Price on the Closing Date (as hereinafter defined) or otherwise disbursed as provided in this <br />Agreement. <br />b. Seller and Buyer agree (i) that Escrow Agent shall be a stakeholder only and <br />not liable for any losses, costs or damages it may incur in performing its responsibilities hereunder <br />unless such losses, costs or damages shall arise out of the willful default or gross negligence of Escrow <br />Agent or its agents, (ii) that Escrow Agent shall be entitled to rely on (a) a receipt from Buyer of the <br />written notice of termination of this Agreement dated on or before the last day of the Due Diligence <br />Period, or (b) a written notice of other permitted termination in accordance with the terms contained <br />herein, for purposes of disbursing the Earnest Money; and (iii) that in the event of a dispute hereunder <br />between Seller and Buyer (or their successors or assigns), Escrow Agent shall have the right, <br />exercisable in its sole discretion, to be discharged by tendering unto the registry or custody of any court <br />of competent jurisdiction, the closing documents and the Earnest Money, together with any such legal <br />pleadings as it deems appropriate. Buyer and Seller shall indemnify and hold harmless Escrow Agent <br />for all of its expenses, costs and reasonable attorney's fees incurred in connection with said interpleader <br />action. <br />C. Seller and Buyer shall share equally in the responsibility for paying any <br />reasonable fees charged by Escrow Agent. <br />d. Escrow Agent shall not be liable for any loss or damage resulting from the <br />following: (i) any default, error, action or omission of any other party; (ii) the expiration of any time <br />limit unless such time limit was known to Escrow Agent and such loss is solely caused by failure of <br />Escrow Agent to proceed in its ordinary course of business; (iii) any loss or impairment of funds while <br />on deposit with a federally insured Bank resulting from failure, insolvency or suspension of such <br />institution; (iv) Escrow Agent complying 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 subsequently <br />vacated, modified, set aside or reversed. <br />e. Escrow Agent shall be entitled to rely upon the instructions and other matters <br />covered thereby, and shall not be required to investigate the authority of the person executing and <br />delivering such instructions, or otherwise verify the accuracy of the statements of information <br />presented therein. <br />f. Any interest earned on the funds held in escrow shall be accumulated and added <br />to the Earnest Money and shall be taxable to that party to whom the Earnest Money is ultimately <br />disbursed pursuant to the terms of this Agreement. <br />27. Further Assurances Each of the parties hereby agrees to execute and deliver such <br />further agreements and take such further actions as the other may reasonably request to affect the intent <br />and purpose of this Contract. <br />28. Entire Agreement; Time of the Essence This Contract merges all prior negotiations <br />and understandings between the parties, and constitutes their entire agreement for the purchase and <br />sale of the Property, which is binding upon Buyer and Seller when executed by Seller, regardless of <br />Page 12 of 17 <br />Attachment number 8 \n <br />G -2 Page 142 <br />
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