Escrow Agreement
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13ESCROW AGREEMENT
This Escrow Agreement (“Escrow Agreement”) dated this _______day of ________ by and
between:
1.
__________________________, a company incorporated under the provisions of
Companies
Act,
1956,
with
its
corporate
office
at
______________________________________ (hereinafter referred to as the “Buyer”
which expression shall, unless repugnant to or inconsistent with the context, mean and
include their successors and permitted assigns) of the FIRST PART.
AND
2.
______________________________, a company incorporated under the provisions of the
Companies
Act,
1956
with
its
registered
office
at
______________________________________ (hereinafter referred to as “Seller”, which
expression shall unless repugnant to the context or meaning thereof, be deemed to mean
and include its successor or successors and permitted assigns) of the SECOND PART.
AND
3.
_________________________________,
a
banking
company
incorporated
in
England
by
Royal
Charter
in
1853,
having
its
principal
office
at
_________________________________,
and
having
its
branch
office
at
____________________________________________, (hereinafter referred to as the
“Escrow Agent”, which expression shall, unless repugnant to the context or meaning
thereof, be deemed to mean and include, its legal heirs, administrators, successors and
permitted assigns) of the THIRD PART.
(The Buyer, Seller and the Escrow Agent are hereinafter collectively referred to as the “Parties”
and individually as a “Party”)
WHEREAS:
A.
The Seller and the Buyer have executed an agreement to sell of even date pursuant to
which the Buyer has agreed to acquire ___________ acres of land from the Seller at a rate
of Rs _____________/- (Rupees ________________ only) per acre. (“Agreement to
Sell”)
C.
Pursuant to the Agreement to Sell, Buyer and the Seller have entered into certain
arrangements in terms of which the Buyer has agreed to deposit the sale consideration of
Rs
__________________/-
(Rupees
_______________________
only)
(“Escrow
Amount” or “Escrowed Amount”) in the Escrow Account with the Escrow Agent.
D.
It is in this connection that the Buyer and the Seller have agreed to appoint the Escrow
Agent upon the terms and conditions of this Escrow Agreement.
E.
The Escrow Agent has agreed to its appointment in terms of this Escrow Agreement.
Accordingly, in consideration of the foregoing and other consideration, the sufficiency and
adequacy of which is hereby acknowledged, and intending to be legally bound hereby, the Parties
agree as follows:
Article 1
Definitions and Interpretation
1.1
Definitions
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