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AG 2007 10 15
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AG 2007 10 15
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Last modified
2/1/2009 12:18:33 PM
Creation date
11/27/2017 11:31:50 AM
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Template:
Meeting Minutes
Doc Type
Minutes
Meeting Minutes - Date
10/15/2007
Board
Board of Commissioners
Meeting Type
Regular
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(b) If Esorow Agent shall be unable to determine at any time to whom the Binder <br />should be paid or if a dispute should develop between Seller and Buyer concerning the <br />disposition of the Binder, then in any such event, Escrow Agent shall pay the Binder in <br />accordance with the joint (or consistent) written instructions of Seller and Buyer. In the event that <br />such joint (or consistent) written instructions are not received by Escrow Agent within ten (10) <br />days afrer Escrow Agent has served written requests for such joint (or consistent) written <br />instructions upon Seller and Buyer, Escrow Agent shall have the right to pay all of the Binder into <br />a state court in ConCOrd, North Carolina, having jurisdiction relative to such matter and to <br />interplead Seller and Buyer in respect thereof; and, thereafrer, Escrow Agent shall be discharged <br />of any further or continuing obligations in connection with the Binder. <br />(c) If costs and expenses (including attorneys' fees) are incurred by Escrow Agent <br />because of litigation or any dispute between Seller and Buyer arising out of the holding of the <br />Binder, the non-prevailing party (i.e., either Seller or Buyer) shall reimburse Escrow Agent for <br />such reasonable costs'; and expenses incurred. "Non-prevailing" party means the party failing to <br />receive all or substantially all of the relief sought by it or failing to establish a defense to all or <br />substantially all of tha relief sought from it. Seller and Buyer hereby agree and acknowledge that <br />Escrow Agent assumes no liability in connection with the holding or investment of the Binder <br />pursuant hereto, except for the willful misconduct of Escrow Agent and its employees and agents. <br />Escrow Agent shall not be responsible for the validity, correctness or genuineness of any <br />document or notice referred to herein; and, in the event of any dispute under this Contract relating <br />to the disposition of the Binder, Escrow Agent may seek advice from its own counsel and shall be <br />fully protected in any action taken in good faith in accordance with the opinion of Escrow Agent's <br />counsel. <br />(d) Buyer and Seller hereby acknowledge that Escrow Agent is also the law firm <br />representing Buyer in' connection with this transaction. Both Buyer and Seller hereby waive any <br />claim that Escrow Agent's dual role in connection with this transaction does or could constitute a <br />conflict of interest, and Seller hereby waives any right or claim to disqualify such law firm in any <br />present or future representation of Buyer as a result of such law firm serving as Escrow Agent <br />hereunder. <br />(e) Escrow Agent's address for purposes of mailing or delivering documents and <br />notices hereunder is ag follows: <br />Moretz & Skgfca, PLLC <br />37 Union Straet South, Suite B <br />Concord, N.C. 28025 <br />Attention: Zachary M. Moretz <br />Telephone: (704) 721-3500 <br />Facsimile: (704) 721-3555 <br />(f) In accordance with North Carolina State Bar Interest On Lawyers' Trust <br />Accounts ("IOLTA")',procedure, no interest shall be paid to Buyer, Seller or Escrow Agent upon <br />any funds held in Escrow by Escrow Agent. The IOLTA program automatically forwards all <br />interest from participating attorneys' trust accounts to the North Carolina State Bar for use in <br />support of public interest legal services throughout the state. Such interest is never under the <br />control of the participating law firm. <br />10 , ~r <br />G~3 <br />
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