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2015-246
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2015-246
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Last modified
4/23/2018 3:42:20 PM
Creation date
12/17/2015 11:35:13 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/15/2015
Control Number
2015-246
Agenda Item Number
12.G.1
Entity Name
RREF RB 2012 LTI-FL PHP LLC
Subject
Alternative Water Supply
Sale and Purchase Property
Official Document 12.G.2
Area
925 5th St. SW
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goods, or services, to or for the benefit of a Prohibited Person, or (bb) engage in or conspire to <br />engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or <br />attempts to violate, any of the prohibitions set forth in EO13224. The provisions of this Section <br />shall survive the Closing or termination of this Agreement. <br />ARTICLE XIII <br />ESCROW TERMS <br />The Escrow Agent [and, if different, the Title Company, after the Deposit is transmitted <br />to it (in which case the Title Company shall be deemed to be the Escrow Agent)] shall hold the <br />Deposit in escrow on the following terms and conditions: <br />(a) The Escrow Agent shall deliver the Deposit to Seller or Buyer, as the case may <br />be, in accordance with the provisions of this Agreement. <br />(b) Any notice to or demand upon the Escrow Agent shall be in writing and shall be <br />sufficient only if received by the Escrow Agent within the applicable time periods set forth <br />herein, if any. Notices to or demands upon the Escrow Agent shall be sent by United States <br />mail, registered or certified, return receipt requested, postage prepaid, or overnight courier <br />service, for next day delivery, to the address set forth in Section 1.1 of this Agreement, or served <br />personally upon the Escrow Agent with receipt acknowledged in writing by the Escrow Agent. <br />Notices from the Escrow Agent to Seller or Buyer shall be delivered to them in accordance with <br />Section 12.8 of this Agreement. <br />(c) If the Escrow Agent shall have received notice signed by either party advising <br />that litigation between the parties over entitlement to the Deposit has been commenced (along <br />with evidence of the commencement of such litigation, and information sufficient for the Escrow <br />Agent to identify and describe the litigation), the Escrow Agent shall, on demand of either party, <br />interplead the Deposit with the clerk of the court in which such litigation is pending. If at any <br />time the Escrow Agent is uncertain of its duties hereunder or if the Escrow Agent for any other <br />reason is no longer willing to serve as escrow agent, the Escrow Agent may, on notice to the <br />parties, take such affirmative steps as it may, at its option, elect in order to terminate its duties as <br />the Escrow Agent, including, but not limited to, the deposit of the Deposit with a court of <br />competent jurisdiction and the commencement of an action for interpleader, the reasonable costs <br />of which shall be borne by whichever of the parties is the losing party. Upon the taking by the <br />Escrow Agent of such action described, the Escrow Agent shall be released of and from all <br />liability hereunder as escrow agent. <br />(d) The Escrow Agent shall not incur any liability in acting upon any signature, <br />notice, demand, request, waiver, consent, receipt or other paper or document believed by the <br />Escrow Agent to be genuine. The Escrow Agent may assume that any person purporting to give <br />it any notice on behalf of any party in accordance with the provisions hereof has been duly <br />authorized to do so, or is otherwise acting or failing to act under this Section except in the case of <br />the Escrow Agent's gross negligence or willfulmisconduct. Escrow Agent shall not be liable for <br />any acts taken in good faith but only for its intentional misconduct or gross negligence. <br />MIAMI 2957652.8 79037f33274 <br />21 <br />
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