Fillable Residential Contract Of Sale Template (Page 5 of 16) in pdf

Residential Contract Of Sale Template Page 5

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(b) The parties acknowledge that Escrowee is acting solely as a

stakeholder at their request and for their convenience and that Escrowee shall not be

liable to either party for any act or omission on its part unless taken or suffered in bad

faith or in willful disregard of this contract or involving gross negligence on the part of

Escrowee. Seller and Purchaser jointly and severally (with right of contribution) agree to

defend (by attorneys selected by Escrowee), indemnify and hold Escrowee harmless from

and against all costs, claims and expenses (including reasonable attorneys’ fees) incurred

in connection with the performance of Escrowee’s duties hereunder, except with respect

to actions or omissions taken or suffered by Escrowee in bad faith or in willful disregard

of this contract or involving gross negligence on the part of Escrowee.

referred to herein in full reliance upon and with the advice of counsel which may be

selected by it (including any member of its firm) and shall be fully protected in so acting

or refraining from action upon the advice of such counsel.

(d) Escrowee acknowledges receipt of the Downpayment by check subject

to collection and Escrowee’s agreement to the provisions of this paragraph by signing in

the place indicated on the signature page of this contract.

(e) Escrowee or any member of its firm shall be permitted to act as

counsel for Seller in any dispute as to the disbursement of the Downpayment or any other

dispute between the parties whether or not Escrowee is in possession of the

Downpayment and continues to act as Escrowee.

(f) The party whose attorney is Escrowee shall be liable for loss of the

Downpayment.

7. Acceptable Funds. All money payable under this contract, unless otherwise

specified, shall be paid by:

(a) Cash, but not over $1,000.00;

(b) Good certified check of Purchaser drawn on or official check issued by

any bank, savings bank, trust company or savings and loan association having a banking

office in the State of New York, unendorsed and payable to the order of Seller, or as

Seller may otherwise direct upon reasonable prior notice (by telephone or otherwise) to

Purchaser;

uncertified check of Purchaser up to the amount of $_______________; and

(d) As otherwise agreed to in writing by Seller or Seller’s attorney.

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Residential Contract Of Sale Template Page 5

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