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Model Form For Escrow Agreement Form. This is a New York form and can be use in Real Estate Statewide.
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Tags: Model Form For Escrow Agreement, ETF-3, New York Statewide, Real Estate
COURT
COUNTY .OF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
......... ..
:
Index No.
:
ETF-3
Plaintiff(s)
Calendar No.
:
JUDICIAL SUBPOENA
-against-
:
ATTORNEY GENERAL
OF THE STATE OF NEW YORK
:
MODEL FORM
FOR ESCROW AGREEMENT
:
Defendant(s)
:
......................................................
AGREEMENT made this
day of
, 20
, between
THE PEOPLE OF THE STATE OF NEW YORK
(?SPONSOR?) as sponsor of the offering plan and
(? ESCROW
TO
AGENT?) as escrow agent.
GREETINGS:
is being laid aside, you and each of you attend
WHEREAS,
WE COMMAND YOU, that all business and excusesthe sponsor of an offering plan to convert before
,
the Honorable
at the
Court
to cooperative/condominium ownership the premises located at
which
located at
County of
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
orpremises are known as and give evidence as a witness inand action on the part of the
adjourned date, to testify
; this
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
WHEREAS,
is authorized $50 and an escrow sustained as a
the party on whose behalf this subpoena was issued for a maximum penalty of to act as all damagesagent
result of your failure to comply.
hereunder in accordance with General Business Law (?GBL?) Section 352-e(2-b) and the Attorney
Witness, Honorable
General’
Court in s regulations promulgated thereunder; and 20
County,
day of
,
, one of the Justices of the
(Attorney must sign above and type name below)
WHEREAS, SPONSOR desires that ESCROW AGENT act as escrow agent for deposits
and payments by purchasers and subscribers, pursuant to the terms offor agreement.
this
Attorney(s)
NOW, THEREFORE, in consideration of the covenants and conditions contained herein and
Office and P.O. Address
other good and valuable consideration, the parties hereby agree as follows:
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
Eff. 2/6/92
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COURT
COUNTY .OF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
......... ..
:
Index No.
:
1
Calendar No.
:
ESTABLISHMENT OF THE ESCROW ACCOUNT JUDICIAL SUBPOENA
Plaintiff(s)
1.1
-againstSPONSOR AND ESCROW AGENT hereby:establish an escrow account with
:
ESCROW AGENT for the purpose of holding deposits or payments made by
:
purchasers or subscribers. The escrow account has been opened with
Defendant(s)
:
......................................................
at its branch located at
depository bank
. The
address
THE PEOPLE OF THE STATE OF NEW YORK
account number is
.
TO
1.2
1.3
GREETINGS:
Escrow Account.
The name of the account is
ESCROW AGENT is the sole signatory on the account.
1.4
The escrow account shall be an interest-bearing laid aside, disclosed in the offering
WE COMMAND YOU, that all business and excuses being account asyou and each of you attend before
,
the Honorable
at the
Court
located at
plan.
County of
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
or adjourned date,The escrow account is/is not an IOLA in this actionpursuant to of the
to testify and give evidence as a witness established on the part Judiciary Law § 497.
1.5
2.
DEPOSITS INTO THE ESCROW ACCOUNT
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
2.1
All funds received from issued for a purchasers or subscribers all damages sustained as a
the party on whose behalf this subpoena was prospective maximum penalty of $50 and prior to closing,
result of your failure to comply.
whether in the form of checks, drafts, money orders, wire transfers, or other
Witness, Honorable
, one of the Justices of the
instruments which identify the payor, shall be deposited in the escrow account. All
Court in
County,
day of
, 20
instruments to be deposited into the escrow account shall be made payable to, or
(Attorney must sign above and type name below)
endorsed by the purchaser or subscriber to the order of
as escrow agent for
offering for
Attorney(s) plan. Any instrument payable
or endorsed other than as required hereby, and which cannot be deposited into such
escrow account, shall be returned to the prospective Address
purchaser or subscriber
Office and P.O.
promptly, but in no event more than five business days following receipt of such
2
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
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:
:
Index No.
Calendar No.
instrument by ESCROWPlaintiff(s) In the: event of such return of funds, the
AGENT.
JUDICIAL SUBPOENA
-against:
instrument shall be deemed not to have been delivered to ESCROW AGENT pursuant
:
to the terms of this Agreement.
2.2
:
Within ten (10) business days after tender of the deposit submitted with the
Defendant(s)
:
......................................................
subscription or purchase agreement, ESCROW AGENT shall notify the purchaser of
the deposit of such funds in the bank indicated in the offering plan, provide the
THE PEOPLE OF THE STATE OF NEW YORK
account number, and disclose the initial interest rate. If the purchaser does not
TO
received notification of such deposit within fifteen (15) business days after tender of
GREETINGS:
the deposit, the purchaser may cancel the purchase and rescind within ninety (90) days
after tender of the deposit, and excuses being the Attorney General you attend
WE COMMAND YOU, that all businessor may apply to laid aside, you and each offor relief. before
,
the Honorable
at the
Court
Rescission maylocated at
not be afforded where proof satisfactory to the Attorney General is
County of
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
or adjourned date,submittedand give evidence as a escrowed funds were timely deposited in accordance
to testify establishing that the witness in this action on the part of the
with these regulations and requisite notice was timely mailed to the subscriber or
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
purchaser.
the party on whose behalf this subpoena was issued for a maximum penalty of $50 and all damages sustained as a
result of your failure to comply.
3.
RELEASE OF FUNDS
Witness, Honorable
, one of the Justices of the
ESCROW AGENT shall not release20 escrowed funds of a defaulting purchaser
Court in 3.1
County,
day of
, the
until after consummation of the plan as defined in the Attorney General’ regulations.
s
(Attorney must sign above and type name below)
Consummation of the plan shall not relieve SPONSOR of its fiduciary obligations
pursuant to GBL Section 352-h.
3.2
Attorney(s) for
ESCROW AGENT shall contained to hold the funds in escrow until otherwise
directed in (a) a writing signed by both sponsor and purchaser or (b) a determination
Office and P.O. Address
of the Attorney General or (c) a judgment or order of a court of competent
3
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
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......... ..
:
:
Index No.
Calendar No.
:
juridscition or until released pursuant to the regulations of the SUBPOENA
JUDICIAL Attorney General
Plaintiff(s)
-againstpertaining to release of escrowed funds.
3.3
:
:
SPONSOR shall not object to the release of the escrowed funds to (a) a purchaser
:
who timely rescinds in accordance with an offer of rescission contained in the plan or
Defendant(s)
:
......................................................
an amendment to the plan or (b) all purchasers after an amendment abandoning the
plan is accepted for filing by the Department of Law.
THE PEOPLE OF THE STATE OF NEW YORK
3.4
If there is no written agreement between the parties to release the escrowed funds,
TO
ESCROW AGENT shall not pay the funds to SPONSOR until ESCROW AGENT
GREETINGS:
has given the purchaser written notice of not fewer than ten (10) business days.
Thereafter, the funds business and to SPONSOR aside, the purchaser you attend
WE COMMAND YOU, that all may be paidexcuses being laidunless you and each of has made before
,
the Honorable
at the
Court
application to the Department of Law pursuant to the dispute resolution provisions
located at
County of
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
or adjourned date,containedand give evidence as a witness in this action on the part of notified ESCROW
to testify in the Attorney General’ regulations and has so the
s
AGENT in accordance with such provisions.
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
4
RECORDKEEPING
the party on whose behalf this subpoena was issued for a maximum penalty of $50 and all damages sustained as a
result of your failure to comply.
4.1
ESCROW AGENT shall maintain all records concerning the escrow account for
Witness, Honorable
seven years after release of the funds.
Court in
County,
day of
, 20
4.2
, one of the Justices of the
Upon the dissolution of a law firm which was ESCROW AGENT, the former partners
(Attorney must sign above and type name below)
of members of the firm shall make appropriate arrangements for the maintenance of
these records by one of the partners of members of thefor or by the successor firm
Attorney(s) firm
and shall notify the Department of Law of such transfer.
Office and P.O. Address
4.3
ESCROW AGENT shall make available to the Attorney General, upon his request,
4
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
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......... ..
:
:
Index No.
Calendar No.
:
all books and records of Plaintiff(s) AGENT relating to the funds deposited and
ESCROW
JUDICIAL SUBPOENA
-againstdisbursed hereunder.
5.
:
:
GENERAL OBLIGATIONS OF ESCROW AGENT
5.1
:
ESCROW AGENT shall maintain the accounts called for in this Agreement under the
Defendant(s)
:
......................................................
direct supervision and control of ESCROW AGENT.
5.2
A fiduciary relationship shall exist between ESCROW AGENT and Purchasers, and
THE PEOPLE OF THE STATE OF NEW YORK
ESCROW AGENT acknowledges its fiduciary obligations.
TO
6.
RESPONSIBILITIES OF SPONSOR
6.1
GREETINGS:
SPONSOR agrees that SPONSOR and its agents, including any selling agents, shall
immediately deliver deposits and payments received by them prior to of you of an
WE COMMAND YOU, that all business and excuses being laid aside, you and eachclosing attend before
,
the Honorable
at the
Court
located at
County of
individual transaction to ESCROW AGENT.
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
or adjourned date,SPONSOR agreesevidence as a not interfere with ESCROW AGENT’ performance
to testify and give that it shall witness in this action on the part of the s
6.2
of its fiduciary duties and compliance with the Attorney General’ regulations.
s
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
7.
TERMINATION subpoena was issued
the party on whose behalf thisOF AGREEMENT for a maximum penalty of $50 and all damages sustained as a
result of your failure to comply.
7.1
This Agreement shall remain in effect unless and until it is cancelled, by either:
Witness, Honorable
, one of the Justices of the
(a) County,
Written noticeof
Court in
day given by SPONSOR to ESCROW AGENT of cancellation of
, 20
designation of ESCROW AGENT to act in said capacity, which cancellation
(Attorney must sign above and type name below)
shall take effect only upon the filing of an amendment with the Department of
Law providing for a successor ESCROW AGENT; or
Attorney(s) for
(b)
The resignation of ESCROW AGENT upon giving notice to SPONSOR of
its desire to so resign, which resignation shall take effect only upon the filing
Office and P.O. Address
of an amendment with the Department of Law providing for a successor
5
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
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......... ..
:
Index No.
:
:
ESCROW AGENT; or
Plaintiff(s)
(c)
Calendar No.
JUDICIAL SUBPOENA
-against:
All shares or units offered pursuant to the plan have been sold and all sales
:
transactions have been consummated.
7.2
:
Upon termination of the duties of ESCROW AGENT as described in paragraph 7.1
Defendant(s)
:
......................................................
above, ESCROW AGENT shall deliver any and all funds held by it in escrow and any
and all contracts or documents maintained by ESCROW AGENT to the new escrow
THE PEOPLE OF THE STATE OF NEW YORK
agent.
TO
8.
SUCCESSORS AND ASSIGNS
8.1
GREETINGS:
This Agreement shall be binding upon SPONSOR and ESCROW AGENT and their
successors and that all business and excuses being laid aside, you and each of you attend before
WE COMMAND YOU, assigns.
,
the Honorable
at the
Court
County ofGOVERNING LAW located at
9.
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
or adjourned date,This Agreement shall be construed in accordance withthe part of the by the laws of
to testify and give evidence as a witness in this action on and governed
9.1
the State of New York.
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
10.
ESCROW AGENT’ COMPENSATION
S
the party on whose behalf this subpoena was issued for a maximum penalty of $50 and all damages sustained as a
result of your failure to comply.
10.1
SPONSOR agrees that ESCROW AGENT’ compensation shall not be paid from
s
Witness, Honorable
, one of the Justices of the
escrowed principal nor from any interest accruing thereon and that compensation to
Court in
County,
day of
, 20
ESCROW AGENT, if any, shall not be deducted from escrowed funds by any
(Attorney must sign above and type name below)
financial institution under any circumstance.
11.
SEVERABILITIY
11.1
Attorney(s) for
If any provision of this Agreement or the application thereof to any person or
circumstance is determined to be invalid orOffice and P.O. Address
unenforceable, the remaining provisions
of this Agreement or the application of such provision to other persons or to other
6
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
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:
:
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:
circumstances shall not bePlaintiff(s)
affected thereby and shall be valid and enforceable to the
JUDICIAL SUBPOENA
-againstfullest extent permitted by law.
12.
:
:
ENTIRE AGREEMENT
12.1
:
This Agreement, read together with GBL Section 352-e(2-b) and the Attorney
Defendant(s)
:
......................................................
General’ regulations, constitutes the entire agreement between the parties with
s
respect to the subject matter hereof.
THE PEOPLE OF THE STATE OF NEW YORK
TO
IN WITNESS WHEREOF, the undersigned have executed this Agreement as to the day
and
GREETINGS:year first written above.
WE COMMAND YOU, that all business and excuses being laid aside, you and each of you attend before
,
the Honorable
at the
Court
located at
ESCROW AGENT
County of
in room
, on the
day of
, 20
, at
o'clock in the
noon, and at any recessed
or adjourned date, to testify and give evidence as a witness in this action on the part of the
By:
Print Name
Your failure to comply with this subpoena is punishable as a contempt of court and will make you liable to
the party on whose behalf this subpoena was issued for a maximum penalty of $50 and all damages sustained as a
SPONSOR
result of your failure to comply.
Witness, Honorable
Court in
County,
, one of the Justices of the
day of
, 20
By:
Print Name & Title
(Attorney must sign above and type name below)
Attorney(s) for
Office and P.O. Address
7
Telephone No.:
Facsimile No.:
E-Mail Address:
Mobile Tel. No.:
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