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
Kansas Indemnification Agreement establishing Escrow Reserve
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US-CC-17-217
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How to fill out Indemnification Agreement Establishing Escrow Reserve?
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FAQ
An escrow agreement refers to a contract that outlines the terms and conditions of a transaction for something of value ? such as a bond, deed, or asset ? which is held by a third party until all conditions have been met.
The escrow company acts as a neutral third party to collect the required funds and documents involved in the closing process, including the initial earnest money check, the loan documents, and the signed deed.
In general terms, the escrow agreement should include: The identity of the escrow agent. The duties of both the escrow agent and the parties to the escrow agreement. The beneficiary of the escrow, which is commonly one of the parties entering the escrow agreement.
In real estate, escrow is typically used for two reasons: To protect the buyer's good faith deposit so the money goes to the right party ing to the conditions of the sale. To hold a homeowner's funds for property taxes and homeowners insurance.
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.
An indemnification clause is a contractual provision pursuant to which one party (the ?indemnifying party?) agrees to make another party (the ?indemnified party?) financially whole if the indemnified party suffers economic damages or losses due to specific events agreed upon by the parties.
Essential elements of a valid escrow arrangement are: A contract between the grantor and the grantee agreeing to the conditions of a deposit; Delivery of the deposited item to a depositary; and. Communication of the agreed conditions to the depositary.