Form 4-4

Escrow Agent Receipt and Escrow Agreement

Seller:

Buyer:

Date of Contract:

Property:

Earnest Money:

Underwriter:

Escrow Agent:

Escrow Agent Fee:

GF Number:

Escrow Agent acknowledges receipt of one or more fully executed counterparts of the Contract and the Earnest Money. All capitalized terms used in this Escrow Agent Receipt and Escrow Agreement and not otherwise defined herein have the same meanings as in the Con­tract.

1.Duties.      Escrow Agent will—

a.hold and disburse all funds that it receives, as directed in the Contract;

b.if directed by Buyer, and after Buyer’s compliance with Escrow Agent’s requirements for investing the Earnest Money and agreement to pay the fees reasonably required for investing the Earnest Money, invest the Earnest Money in an interest-bearing account in a federally insured financial institu­tion, with Escrow Agent having sole signature authority over the account;

c.use its best efforts to obtain from Underwriter the title commitment by the deadline stated in the Contract;

d.obtain tax and other certificates as directed by the parties, at their expense;

e.prepare the closing statement;

f.if closing occurs, use its best efforts to obtain from Underwriter the Title Pol­icy not more than fifteen days after closing, in accordance with the last title commitment delivered to and approved by the parties at or before closing;

g.file for record the deed and other documents requested by the parties to be recorded;

h.be the party responsible for complying with reporting requirements, if any, of the Internal Revenue Service, the U.S. Department of Housing and Urban Development, and any other governmental agencies, relying on information provided by Buyer and Seller; and

i.except as required by law or court order, keep confidential the terms of the Contract and this transaction generally and not disclose information about them to anyone except its employees and agents who need to know the infor­mation to perform their assigned duties in connection with this transaction.

2.Loss or Impairment of Earnest Money.      Buyer and Seller release Escrow Agent from liability for any loss or impairment of the Earnest Money when deposited in an account of a federally insured financial institution, if the loss or impairment results from the failure, insolvency, or receivership of the financial institution in which the Earnest Money is depos­ited.

3.Return of Earnest Money.      If either Buyer or Seller demands payment of the Ear­nest Money, Escrow Agent may either require, as a condition of disbursement, that all parties sign a directive to Escrow Agent to disburse the Earnest Money or notify the other party of the demand. If the other party does not object by notice to Escrow Agent within five days, Escrow Agent is authorized to disburse the Earnest Money to the party making the demand. Escrow Agent may, however, reimburse itself for its out-of-pocket expenses for long-distance calls, courier and delivery services, tax certificates, UCC searches, certified copies, the cost to obtain the survey, and other fees incurred in fulfilling its obligations as Escrow Agent and closing agent (collectively, “Escrow Agent Expenses”). If Escrow Agent determines that a dispute concerning the right to receive the Earnest Money is unlikely to be resolved within sixty days, Escrow Agent may interplead the Earnest Money into the registry of a court of competent jurisdiction in the county in which Escrow Agent is located and petition the court to assess its attorney’s fees and court and other costs against the parties.

4.Termination of Escrow Agent’s Participation.      Buyer and Seller, acting together, may terminate Escrow Agent’s role in this transaction by notice to Escrow Agent and pay­ment of Escrow Agent Expenses. Escrow Agent may resign on ten days’ notice to Buyer and Seller. Within five days after termination or on resignation, Escrow Agent will deliver to Seller all items Escrow Agent obtained from third parties in connection with this transaction, charge Escrow Agent Expenses against the Earnest Money, and disburse the remainder of the Earnest Money to the party jointly designated by Buyer and Seller.

5.Fee and Expenses.      Escrow Agent’s fee for acting as closing and escrow agent may not exceed the Escrow Agent Fee. In addition to the Escrow Agent Fee, Escrow Agent will be reimbursed for Escrow Agent Expenses. Buyer and Seller will pay the Escrow Agent Fee and Escrow Agent Expenses in accordance with the terms of the Contract. The Escrow Agent Fee and Escrow Agent Expenses will be paid at closing or after termination or resigna­tion as described above.

6.Notices.      All notices must be in writing and delivered to Buyer, Seller, their respective attorneys, and Escrow Agent in the manner and at the addresses stated in the Con­tract. Each party may change its address for notice purposes by not less than ten days’ prior notice to the other parties.

   
[Name and title of seller]
Date:

   
[Name and title of buyer]
Date:

   
[Name and title of escrow agent]
Date: