Loading...
HomeMy WebLinkAbout0147 . ft. :L ~ 11 PAGE141 ST. LUtlE COUNTY, FLA. entoroe.ent shall be held in trust by theparty receiving .aid proceeds tor the p~ent ot the .aid "',000.00 note, And all legal documents pertaining thereto auat be surrendered to the said Escrow Agent tor approval and .ecurit.J for ~he .aid "',000.00 note. _ ~ 1'. That the Becrow Agent ehall not be required to take notice of any default or to take anT action with reepect to euch default involving. any expanee or liability unless notice in writing ot euch default is given to the Escrl,)w Agent and unless he i8 indemnified in a manner satisfactory to bia against such expens. or ]ability. 14~ That the Escrow Agent .hall be protected in acting upon any written notice, request, waiver, consent, ~eceipt or other paper or document signed by the proper party or parties. 15. That the Escrow Agent sh&ll not be liable tor any error or judgment, or for any act done or step taken or omitted by hi. in good faith, or for any mistake of fact or law, or for anything which he aay do or refrain fro. doing in connection herewith, except his own willful misconduct. 16. That the Escrow Agent shall not b. &nswerable for the default or mi.cnnduct of any agent or attorney employed or appointed by him it such agent or attorney ahall have been Bl~cted with reasonable care. 17 f That the Escrow Agent may canfer with legal coUnsel in the event of any dispute or question &s to the construction ot any of 1he provisions hereof or his duties hereunder, and he sh&ll incur no liability and shall be fully protected in acting in accordance with the opinion and instruction of such counself 18. That in the event of any disagreement between any of the parties to this agreement, or between them Or either of them and any person, resulting ill adverse claims and demands being made in connection with or for any property involved herein or affected hereby the Escrow Agent shall be entitled, at his option, to refuse to comply with any claims or demands on him, as long as such disagreement shall continue, and in 80 refusing, the Escrow Agent may make no delivery or other disp08~on of any property involved herein or affected hereby, and in so doing the Escrow Agent shall not be or become liable in anyway or to any person for his failure or refusal to comply with ~uoh conflicting or adverse demands; and he shall be entitled to continue so to refrain from acting and so to ~efuse to act until (a) the right of adverse claimants shall have been finally Rdjudicated in a court assuming and having jurieidiction ot the property involved herein or aftected hereby or (b) all differences shall have been adjusted by agree.ent and the Escrow Agen~ shall have been notified thereof in writing signed by all persons interested. 19. That the parties hereto agree that the 10 day notice in writing referred to above i8 for the pupose of enabling SUNSET PARK DEVELOPMENT CORPf, to correct any defaults then existing and then being complained of; and that the said Eacrow Agent is not entitled to surrender the collateral security to ST. LUCIE MORTGAGE COMPANY if the said SUNSET PARK DEVELOPMENT CORP., should correct this difficulty within the 10 day period. 20f That at the tia. the interest on said "',000.00 note is due, the said SUNSET PARK DEVELOPMENT CORP. shall furnish monthly reports as to the status ot the collateral mortgages involved, tog.ther with any other information that is pertinent to the security of the .aid "',000.00 note.