FIRST SECURITY BANK ESCROW AGREEMENT

Escrow Nbr:
FIRST SECURITY BANK ESCROW AGREEMENT
Prepared By:
SELLER #1:
BUYER #1:
MAILING
ADDRESS:
MAILING
ADDRESS:
SS#/TIN# (Attach W-9)
SS#/TIN# (Attach W-9)
% Interest reported under this SS#/TIN# _____________%
% Interest reported under this SS#/TIN# ____________%
Contact Phone Number
Contact Phone Number
SELLER #2:
BUYER #2:
MAILING
ADDRESS:
MAILING
ADDRESS:
SS#/TIN# (Attach W-9)
SS#/TIN# (Attach W-9)
% Interest reported under this SS#/TIN# _____________%
% Interest reported under this SS#/TIN# ____________%
Contact Phone Number
Contact Phone Number
I.
ESCROW CHARGES
Opening fee paid by:
$
Servicing fee paid by:
$
Disbursement fees paid by SELLER unless otherwise noted. Parties hereto agree that Bank may change and/or modify any or
all of its fees associated with Escrow Services. Bank shall receive additional compensation for extraordinary services not
covered under the normal fee schedule.
II.
Documents
Subject to provisions and conditions herein, the following documents between Sellers and Buyers are deposited into Escrow
with First Security Bank (Escrow Agent).
Doc. Date
NATURE OF DOCUMENT (Indicate if copy)
Initials
Received
A.
B.
C.
D.
E.
III. Payments:
A. Initial Payments:
Consideration
D. Deferred Payments:
1. Date of first payment
Down Payment
2. Maturity Date
Assumptions
3. Amount of payment
Unpaid Balance
B. Unpaid Balance:
Monthly
Quarterly
Semi-Annual
Annual
Other
C. Disburse payments received as follows:
1. Pay Escrow charge per above to bank, $
2. Pay out balance of such payment:
by deposit to Seller's First Security Bank
Account Nbr. ________________________
by mail to Seller at this address; less disbursement
fee cost to Seller. Disbursement fees may be
subject to change.
Address
4. Interest Rate
5. Interest
Included
In addition to payment above
Interest only payment
6. Interest Calculation
Simple
Amortization Schedule
7. Interest commences
8. Irregular payments or partial payments
Apply first to accrued interest to date of
payment and balance to principal
Apply entirely to principal
No partial payments accepted
9. Multiple payments
Advance Due Date
DO NOT Advance Due Date
3. Special Instructions:
4. Late Fees/Penalties:
Are there late fees/penalties?
Amount/Percent per payment:
Grace Period in days:
Insert paragraph and page number which pertains to late fees/penalties.
Paragraph Nbr.
Page Nbr.
5. Prepayment:
Is prepayment permitted?
Insert paragraph number and page number which pertains to prepayment.
Paragraph Nbr.
Page Nbr.
IV.
Partial Releases
Are Partial Releases permitted?
Insert paragraph number and page number which pertains to partial releases.Paragraph Nbr.
Page Nbr.
V.
Assignment:
May be assigned by either party -- no consent needed.
May be assigned by Buyer with written consent of Seller.
VI.
Conditions, terms, regulations, and rules. Upon the back hereof are printed paragraphs VII through XVIII, which
are the conditions, terms, regulations, rules, and all things relevant to this Escrow Contract, which are incorporated herein by
reference and made a part hereof.
Dated this
day of
20
SELLERS:
Acknowledged by First Security Bank this
May not be assigned by Buyer.
BUYERS:
day of
20
By:
VII.
If Buyers shall fail to make the payments provided herein or shall otherwise default in the performance of the
contract, Sellers shall, upon demand, be entitled to the return of the documents escrowed in accordance with
the cancellation provisions set forth in the contract between the Sellers and Buyers, which contract is
incorporated by reference for this purpose only, so that Sellers may pursue their appropriate remedies as
provided by law or contract.
VIII.
Upon receipt of payment in full, deliver all papers to Buyers, or any of them, if more than one.
IX.
In the event that the Escrow Agreement shall become inactive for a period of twelve (12) consecutive calendar
months or more, then the Bank may, upon thirty (30) days notice, anytime thereafter send to the Sellers by
registered mail all papers and documents in this escrow, except the original Escrow Agreement, to the last
address the Sellers shall have furnished the Bank, copy of the letter of transmittal shall be sent by registered
mail to the last known address of the Buyers. Such mailings under this paragraph or the release of
documents under paragraph VI or VII above, shall operate as a complete termination of this escrow and a
release of the Bank from all duties and liabilities to all parties or persons but shall not alter the agreement
between the Sellers and Buyers. In addition to the foregoing, the Bank may resign under the Agreement at
any time by furnishing to the parties a written notice of resignation. Such resignation shall be effective on the
earlier of (a) the 30th day following delivery of the resignation notice or (b) the date upon which the Buyer and
Seller appoint a successor escrow agent.
X.
In accepting any funds, securities or documents delivered hereunder, it is agreed and understood that, in the
event of disagreement between the persons herein mentioned or persons claiming under them, the Escrow
Agent will and does reserve the right to hold all money, securities and property in its possession, and all paper
in connection with or concerning this escrow, until a mutual agreement has been reached between all of said
parties or until delivery is legally authorized by final judgment or decree of court. The Escrow Agreement
reserves the right to dispose of the escrow by interpleader or other suitable action in the event of controversy.
It is expressly understood and agreed that should the Bank be required to seek legal advice by virtue of any
claim of either of the parties, or should the bank be made defendant in any suit by any of the contracting
parties to this agreement, or by any representative, assignee or successor to any party or by any person for
any matter arising out of the Bank’s handling said escrow papers, or should the Bank determine it to be
necessary or advisable to commence litigation by interpleader or otherwise, by reason of a dispute between
the parties or their assigns, the cost of said action, including attorney’s fees paid or incurred, shall be borne
by the contracting parties, and may be deducted from amounts collected on this escrow if not otherwise paid
by the contracting parties. The Escrow Agent shall have the right to reimburse itself out of any funds and
escrow property in its possession for costs, expenses, attorney’s fees, and its compensation and shall have a
lien on all money, documents or property held in escrow to cover same. In no event shall the Escrow Agent
be required to release or deliver any of the escrow property until it has been paid in full therefore.
XI.
Except for the faithful accounting of funds deposited with this Bank on the escrow agreement and delivery of
the instruments and documents as escrowed in accordance with the terms of this agreement, it is agreed that
no responsibility is to be attached to this Bank or any of its officers, arising from the carrying out of these
instructions. The Escrow Agent shall not be responsible for the sufficiency or accuracy of the form, execution
or validity of documents deposited hereunder or any description of property or other thing therein, nor shall it
be liable in any respect on account of the identity, authority or rights of the person executing or delivering or
purporting to execute or deliver any such document or paper. The Escrow Agent will not accept or service any
transaction that would qualify as a “federally related mortgage loan” under the Real Estate Settlement
Procedures Act (Regulation X).
XII.
The Escrow Agent shall not be liable for collection items until the proceeds of the same in actual cash have
been received, nor shall it be liable for the default in payment of any installment of principal or interest, nor
the outlawing of any rights under the statute of limitations in respect to any document deposited; nor for
interest on any deposit of money, nor for the accounting of partial payments. It may rely upon any paper,
document or other writing believed by it to be authentic in making any delivery of money or property
hereunder.
XIII.
Time is and shall be insofar as the Escrow Agent is concerned the essence of this agreement and part of the
consideration and a waiver in one instance as to a time condition shall not operate to prevent an objection for
any subsequent default in point of time.
XIV.
Unless the documents deposited hereunder specifically provide otherwise, interest will be calculated using a
365 day year to the date the payment is actually received by the Escrow Agent.
XV.
First Security Bank does not track delinquencies. Parties to the Agreement will not be notified of
delinquencies. Unpaid late fees or penalties will be accumulated and included on Payoff Quotations.
XVI.
In the event these instructions conflict with the terms of any document held in escrow it is agreed that these
instructions shall control insofar as the duties and liabilities of said Bank are concerned. Said Bank has the
right to refuse modifications of any kind, if modifications require work beyond the Escrow Agent’s control or
normal duties.
XVII.
The transfer or encumbrance by any means, of Sellers’ or Buyers’ right, title or interest in the subject matter
of this escrow shall not be binding upon the Bank unless proper written notice is given and all fees and
expenses incident to such transfer shall have been paid.
XVIII. It is the responsibility of the Seller and Buyer to keep the Escrow Agent informed of his/her current address in
writing. If the Seller does not provide the Escrow Agent with their current address in writing, the Escrow
Agent may hold payments as cash items. The Escrow Agent may rely on postal information if mail is returned.
RELEASE
We hereby acknowledge receipt of the following described papers. The above mentioned escrow is now closed and
the Bank is hereby released from any further liability in connection therewith.
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
Signed: _______________________________________________________________ Dated: __________________