GJN4048 Joint Escrow - Laserfiche WebLink

New Search

r' p 1~ JOINT ESCROW INSTRUCTIONS - Escrow No: EU04-4230 03/05/04 PAGE: 3 OF 4 the terms of these escrow instructions. You are to have no liability or responsibility with respect to any matters connected with the following (unless expressly authorized herein): (1) compliance with requirements of the Consumer Credit Protection Act or Inter-State Land Sales Act, or similiar laws; (2) Compliance with the requirements of Oregon Revised Statutes 537.330 (related to water rights), Oregon Revised Statutes 537.788-793 (related to well information), and any similar laws; (3) Title to any personal property, or encumbrances thereon, including but not limited to, personal property taxes, sales tax, instruments filed under the Uniform Commercial Code, water rights, or leased equipment on premises; (4) Forgeries or false personations of any person or party in connection with these instructions or this escrow; (5) Fire Insurance and any other insurance coverage; Seller and Buyer agree that such coverage will be provided for outside this escrow; (6) The effect of zoning ordinances; (7) Any law regarding land division; (8) Any sums that may become due because of disqualification of the property qualifying for deferred taxes or other deferred liens. Cascade Escrow assumes no liability or responsibility for verification of the nationality or foreign status of any transferor/seller in this transaction and has no responsibility for the collection, withholding, reporting or payment of any amounts due under Section 1445 and 6039C of the Internal Revenue Code, as amended, and regulations adopted thereunder (commonly called FIRPTA). Cascade Escrow is not the agent of the parties for purposes of such law and/or regulations and Cascade Escrow has made no representation concerning the effect of such law and/or regulation on any party to this escrow. Any determination of whether the withholding or payment of any tax is due pursuant to such law and/or regulation shall be made by the parties outside of Escrow and Cascade Escrow hereby advises each party to contact his or her attorney or tax advisor regarding any questions on the applicability of such law and/or regulation to to this transaction. Notwithstanding the fact that Cascade Escrow assumes no liability or responsibililty to the parties for compliance with Section 1445 and 6039C of the Internal Revenue Code and regulations adopted thereunder (commonly called FIRPTA), Cascade Escrow reserves the right to take any action required of it by said law and/or regulation without further instruction by by the parties to this escrow. In the event any dispute arises between Buyer and Seller concerning the property, documents, or funds covered by these instructions, Cascade Escrow may at its election (1) hold all matters in their existing status pending resolution of such dispute or, (2) join or commence a court action and in such action deposit the funds and documents referred to herein with the court where such action is pending, and ask the court to determine the rights of Buyer and Seller in and to such property, documents and funds. In the event of such dispute and Cascade Escrow's election of either alternative described above, Cascade Escrow shall have no further duties or obligations under this agreement other than either to hold such funds and documents until Buyer and Seller have resolved their dispute or to deposit such funds and documents into court. In the event any suit or action is brought by Seller, Buyer, Cascade Escrow or any of them to enforce this agreement or to resolve any dispute between or among Buyer, Seller and Cascade Escrow, including a suit for declaratory judgement, the prevailing party shall be entitled to recover all expenses, costs and reasonable attorney's fees incurred in connection with such suit or action at trial, on appeal, on any petition for review, and in any arbitration or administrative or bankruptcy proceeding. We have been specifically informed that Cascade Escrow is not licensed to practice law and no legal advice has been offered by Cascade Escrow or any of its employees. We have been further informed that Cascade Escrow is acting only as an escrow holder and is forbidden by law to offer any advice to any party respecting the merits of this transaction or the nature of the instruments utilized, and that it has not done so. We have not been referred by Cascade Escrow to any named attorney or attorneys or discouraged from seeking advice of an attorney but have been encouraged to seek legal counsel of our own choosing at our own expense, if we have doubt concerning any aspect of this transaction. We have been afforded adequate time and opportunity to read and understand the escrow instructions and all other documents referred to therein. The Seller and Huyer herein agree, by executing the documents necessary to close