17-217 17-217 . . . Indemnification Agreement providing that (i) in event of change in control, corporation shall establish Escrow Reserve of $2,000,000 as security for its obligations under Indemnification Agreement and (ii) in event of any liquidation, merger, consolidation or reorganization in which corporation is not surviving entity, or sale of all or substantially all of corporation's assets, corporation shall ensure that Indemnification Agreement is assumed by surviving entity or otherwise provide for satisfaction of its obligations thereunder
Florida Indemnification Agreement establishing Escrow Reserve
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How to fill out Indemnification Agreement Establishing Escrow Reserve?
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Ing to Florida laws, Statutes 651.033, money must be deposited into an escrow account with a qualified financial institution such as a bank, title company, trust company, credit union, or a savings or loan association.
In Florida, the state law adopted mandatory rules regarding the duties of escrow brokers. As provided by Florida Statutes (Section 475.25) and Florida's Administrative Code, brokers must comply with all legal provisions to avoid liability.
In Florida, the state law adopted mandatory rules regarding the duties of escrow brokers. As provided by Florida Statutes (Section 475.25) and Florida's Administrative Code, brokers must comply with all legal provisions to avoid liability.
Is an escrow account required if I'm buying a house without a mortgage? No. Mortgage escrow accounts are typically only required with certain types of loans ? if you're not financing your home purchase with a mortgage loan, it's not a requirement.
Waiving Escrows What's important to know is that some escrow accounts are not required, while others are. Government loans such as FHA and USDA programs require escrow accounts. On conventional loans, however, they're optional.
A Standard Clause that sets out the basic terms and conditions by which the contract parties agree to hold a portion of the contract consideration such as the purchase price with a third-party escrow agent to satisfy the seller's indemnification, warranty, or other contract obligations.
Escrows are useful for transactions where a large amount of money is involved, and several obligations must be fulfilled before payment is released. For example, escrow is used in real estate for the sale and purchase of a property. It is also often used in mergers and acquisitions and other corporate transactions.
The funds are deposited into an escrow account with a bank, trust company, title company, credit union, or saving and loan. Escrow accounts in Florida are usually held with a title company.
