SSUR Americas Inc Standard Terms and Conditions of Sale

STANDARD CONDITIONS OF ACCEPTANCE OF ESCROW

, Escrow No.

In the matter of sale of premises known as:

by
, hereinafter known as Seller, to:
hereinafter known as Buyer.

Instructions for escrow have been deposited in the form of Sale Agreement dated and/or Escrow Instructions dated herein, with

IN CONSIDERATION of the acceptance of the above escrow by (hereinafter known as the Company) all of the parties agree that said acceptance is predicated upon the following conditions and stipulations (except as expressly modified) therein and that any modification of said escrow instructions shall also be subject to the following provisions:

1. If one or more of the parties to this escrow failed to deposit on or before ( ) days from and after the date hereof or the date expressly set forth in instructions, whichever is later, the funds or documents required by the terms of the instructions; or with ( ) day after written notice from the Company one or more of the parties hereto have failed to deposit additional funds or documents necessary to perform the conditions and requirements of the instructions; then the non-defaulting party may, upon written demand, terminate this escrow, or the Company at its option may terminate this escrow and all funds and documents will be returned to the parties depositing them. Absence of written demand shall be construed as an extension of time.

2. The Company shall be liable for only such funds and instruments as are actually deposited and received by it for the purpose of this escrow and shall have a lien on all funds and instruments deposited with it for the purpose of securing any fees, costs, or other charges incurred by it for the performance of any act enjoined upon it by the terms of the escrow agreement submitted herein. Any cash or checks required by the terms of the instructions and received by the Company may be deposited to the credit of the Company's escrow account in any depository which it may select, and the Company shall not be liable for any loss or damage which may occur by reason of such deposit. All disbursements shall be made by the issuance of checks on such account. The Company shall not be liable for the payment of any funds in the event it shall be prevented from making payment by operation of law or otherwise. Funds in escrow shall not be entitled to dividends or interest. Any and all funds, documents or property deposited by others than Seller and Buyer shall be subject to the instructions of such depositing parties.

3. The Company assumes no responsibility as to:

(a) validity, collectibility, genuineness of signature, negotiability, or marketability of any stocks, bonds, currency, passbooks, checks, documents or negotiable instruments deposited in escrow;

(b) any mechanics' lien or attested accounts which may be filed subsequent to the date of title examination;

(c) the existence, condition or identity of any buildings, fixtures, improvements or installation located or presumed to be located upon the premises;

(d) the existence, sufficiency or transfer of any insurance thereon, the condition, title or delivery of any personal property;

(e) the rights of any parties in possession whose interest do not appear of record;

(f) any restrictions upon the use of the premises created by zoning ordinance, or any other exercises of the so-called "police power" by a governmental authority;

(g) the identity of parties or the sufficiency of any agency; any agency created at the direction of a party to this escrow concerning anything required to be done for its completion by anyone other than the Company;

(h) possession being given to the premises which are the subject of the escrow;

(i) legal highways or improvements on or adjacent to the premises;

(j) delay of this escrow due to fires, acts of God, acts of governmental authorities, strikes, or any other cause beyond the control of the Company;

(k) any examination, adjustment or payment of special taxes or assessments or respreads of assessments of any kind, or additions hereafter made, if any, unless specifically instructed;

(l) any matter or thing except as herein specifically imposed or assumed in these Standard Conditions of Acceptance of Escrow.

4. Phrases such as "to date of transfer", "as of date of filing", and the like shall be construed to mean to and including date title documents are filed for record. For the purposes of prorations, the Seller shall be considered the owner through the day of title transfer. Adjustments shall be made on a thirty day month basis. "Water rent" and other services charges, including utilities, will not be adjusted, except upon an agreed amount furnished in writing by the parties prior to the filing of documents for record. Information secured by the Company relative to taxes, assessments, insurance, rents, interest, and balance due on mortgages or other encumbrances, may be relied upon in making payments or adjustments in accordance with the terms of the instructions and shall be conclusive against the parties hereto. Taxes and assessments to be adjusted shall be calculated on the basis of a calendar year using the amount shown on the last available County Treasurer's tax duplicate that has been certified by the County Auditor as of the date of transfer of title in this escrow. If title is being conveyed subject to a mortgage and the principal balance is greater or smaller than the recited in the instructions, such difference shall by adjusted between the parties in the escrow disbursements.

5. Where the holder of a mortgage requires the consent for the assumption thereof, the Company may withhold filing of documents until such consent is furnished or written waiver or such consent is furnished by the party assuming the payment of such mortgage.

6. The Company is not required to commence any title examination until all funds and documents necessary to the completion of this transaction shall have been deposited in escrow.

Provided the terms of the escrow can be complied with, the Company will not withhold completion and settlement of the escrow unless restrained by Order of Court, and in so doing the Company shall not be or become liable to either the Buyer or Seller for its failure or refusal to comply with conflicting or adverse claims or demands.

7. Unless otherwise specified in the instructions, Seller shall be chargeable with the cost of the following items: examination of title and title evidence, revenue stamps, one half of escrow fee, all taxes, and assessments due and payable to the County Treasurer at the date of filing the instruments for record in the within escrow, and costs of satisfying of record liens or encumbrances not specifically assumed by Buyer according to instructions herein. Unless otherwise specified in the instructions, Buyer shall be chargeable with the cost of the following items: one half escrow fee, cost of recording deed and Buyer's mortgage or mortgages, and any item of additional expense required by the Buyer or his mortgage not otherwise provided for herein. The cost of any extraordinary services or expense shall be borne by the party benefited thereby.

8. The responsibility of the Company as to insurance shall be limited to proration of the premium therefore and issuance of orders of transfer thereof when required by the instructions. The Company may rely on information provided to it on loan questionnaires or an original or memorandum policies delivered into escrow prior to transfer of title, and any errors or omissions in such information shall be adjusted between the parties outside of escrow. Unless specifically authorized in writing by Buyer, the Company shall have no responsibility to prorate premiums of or to transfer policies which provide liability protection or insure chattels or personal property.

9. Seller to pay all of the necessary charges payable by the buyer by reason of any governmental regulation.