Agmt99 Shea Homes - Laserfiche WebLink

Browse Search

All funds received in this Escrow shall be deposited by the Escrow Agent in an interest-bearing escrow account or accounts with a federally insured institution as directed by Shea. Any interest earned on such funds shall be the property of Shea. Such funds may be transferred to any other such general escrow account or accounts. All disbursements shall be made by check of the Escrow Agent. All adjustments are to be made on the basis of a thirty (30) day month. If this Escrow is not in condition to close on or before the time of conveyance established in the Schedule of Performance, and if Shea has not, but Agency has, fully performed the acts to be performed before conveyance of title, then Agency may, in writing, terminate this Agreement and/or demand fi.om the Escrow Agent the return of its monies, papers or documents theretofore deposited in Escrow in the manner set forth in Sections 808(B) or 809(B) hereof, as applicable. If this Escrow is not in condition to close on or before the time of conveyance established in the Schedule of Performance, and if Shea shall have fully performed the'gcts to be performed by it before the conveyance of title, then Shea may, in writing, terminate this Agreement and/or demand fi.om the Escrow Agent the return of its monies, papers or documents theretofore deposited in Escrow in the manner set forth in Section 807(B) or 809(B) hereof, as applicable. No demand for return shall be recognized until thirty (30) days after the Escrow Agent shall have caused copies of such demand to be delivered to the other party pursuant to Section 1002 of this Agreement. Objections, if any, to the return of monies, papers or documents theretofore deposited in Escrow, shall be raised by written notice to the Escrow Agent and to the non-terminating party not later than the thirtieth (30th) day following receipt of such notice, in which event the Escrow Agent is authorized to hold all money, papers and documents with respect to the Acquisition Parcels until instructed by mutual agreement of the parties or by a court of competent jurisdiction, whereupon the obligations and liabilities of the parties under this Agreement shall cease and terminate in the manner set forth in Sections 807(B), 808(B), or 809(B), as applicable. If neither Agency nor Shea shall have fully performed the acts to be performed before the time for conveyance established in the Schedule of Performance, no termination or demand for return shall be recognized until ten (10) days after the Escrow Agent shall have mailed copies of such demand to the other party or parties at the address of its or their principal place or places of business. If no such demands are made, the Escrow shall be closed as soon as possible. Nothing in this section shall be construed to impair or affect the rights or obligations of Shea to specific performance. The Escrow Agent shall not be obligated to return any such money, papers or documents except upon the written instructions of both Agency and Shea or until the party entitled thereto has been determined by a final decision of a court of competent jurisdiction. Any amendment to the escrow instructions shall be in writing and signed by both Agency and Shea. At the time of any amendment, the Escrow Agent shall agree to carry out its duties as Escrow Agent under such amendment. All communications from the Escrow Agent to Agency or Shea shall be directed to the addresses and in the manner established in Section 1002 of this Agreement for notices, demands and communications between Agency and Shea. 22 wc-21875