Fill and Sign the Legacy09 Acquisition Forms Oil Ampampamp Gas Legal Forms

ESCROW AGREEMENT (For Sale of Undivided Interest in Oil and Gas Leases) Seller: (Name and Address) Buyer: (Name and Address) Agent: (Name and Address) Effective Date: Seller, named above, has entered into an agreement with Buyer, named above, entit led “____” dated ____ (the “Agreement”) in which Buyer has agreed to purchase an undivided ____% interest in the oil and gas leases, described on Exhibit “A” attached to the Agreement (the “Interests”). A photocopy of the executed Agreement is attached to this Escrow Agreement . Seller and Agent, named above, are entering into this Escrow Agreement for the purpose of setting forth the terms and provisions by which Agent will act as trustee, and hold earnest money paid by Buyer to Seller under the Agreement. Accordingly, Seller and Agent agree as follows: 1. Simultaneously with the execution of the Agreement and as consideration for the execution of the Agreement by Seller, Buyer is delivering to Agent the cash sum of $____ . T his cash sum is being delivered to and will be held by Agent in accordance with the terms and provisions of this Escrow Agreement. 2. Buyer will tender to Agent by bank wire transfer to ____ (name and address of bank) Account No. ____ styled “____” (name of account), to the attention of ____ (name of bank officer), the sum of ____ Dollars ($____) (the “Cash Sum”). The Cash Sum shall be held by Agent in accordance with the provisions of paragraph 3 below. 3. The Cash Sum shall be held by Agent for a period of ____ days from the Effective Date of this Escrow Agreement. If, on or before the expiration of the ____-day period, Seller and Buyer successfully close the sale of the Interests of Seller to Buyer, then, upon written verification of the closing, by both Seller and Buyer, Agent shall deliver to Seller a c heck payable to Seller drawn on the Account described in paragraph 2 in the amount of the Cash Sum plus any accrued interest up to the date of withdrawal of the funds. The written verifica tion of the successful sale of the Interests of Seller to Buyer shall be the delivery to Age nt of a fully executed and acknowledged Assignment by Seller and Buyer of the Interests (the “Assignment”). Agent shall not deliver to Seller the sum of money contained in the Acc ount until Agent has been furnished with the original of the Assignment. If closing does not occur within the ____-day period provided in 3 above, Agent shall continue to hold the Cash Sum until written instructions are received from Seller a nd Buyer directing the manner in which Agent should dispose of the Cash Sum. All interest accruing to the Cash Sum, while in Agent's possession, shall be paid to the party to whom the Cash Sum is paid. For the purpose of determining the actual commencement and conclusion of the ____-day period, the first day of such ____-day period shall commence at l2:0l a.m. on the day followi ng the Effective Date of this Escrow Agreement and shall end at ll:59 p.m. on the ____th day. 4. It is understood and agreed by Seller, Buyer, and Agent that the Cash Sum will never be withdrawn from the Account, except upon the happening of one of the two events provided for in paragraph 3 above. 5. Upon the execution of this Escrow Agreement and the successful bank wire transfer of the Cash Sum in accordance with paragraph 2 above, Agent shall deliver to Buyer a receipt verifying that the Cash Sum was successfully deposited in the Account. Seller, Buyer, and Agent acknowledge this Escrow Agreement encompasses the full agreement between them and supersedes any other contract or agreement, written or oral, between the parties to this Escrow Agreement. This Escrow Agreement is signed by Seller, Buyer, and Agent as of the date of acknowledgment of their respective signatures below, but is effective for all purposes as of t he Effective Date stated above. Seller Buyer Agent [Exhibit “A”: Description of Oil and Gas Leases] [Attachment: Copy of Agreement between Seller and Third Party]