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
Arizona 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
Is an escrow account required if I'm buying a house without a mortgage? No. Mortgage escrow accounts are typically only required with certain types of loans ? if you're not financing your home purchase with a mortgage loan, it's not a requirement.
Escrows are useful for transactions where a large amount of money is involved, and several obligations must be fulfilled before payment is released. For example, escrow is used in real estate for the sale and purchase of a property. It is also often used in mergers and acquisitions and other corporate transactions.
Basically, this is a small portion of the purchase price held in escrow that can serve as a fund to satisfy indemnification claims against the seller. Escrow amounts are typically calculated as a percentage of the purchase price, and can range from less than 5% to greater than 15%.
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.
The escrow fees may vary depending on the company you choose. However, the fees are generally $2 for every $1,000 of the property's sale price. Some escrow companies may provide a flat fee regardless of the price of the property.
All monies entrusted to the broker must be deposited into a neutral escrow depository in Arizona unless otherwise agreed to in writing by all parties to the transaction (A.R.S. § 32-2151).
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.
The majority of states require real estate attorneys to deal with property transactions. The homebuying and selling process is fairly different in Arizona, where they do not require real estate attorneys to oversee the transaction. Instead, they use an escrow agent.