This text was obtained via automated optical character recognition.
It has not been edited and may therefore contain several errors.
(9) Escrow Agent. (a) The duties and responsibilities of Escrow Agent hereunder shall be limited to those expressly set forth in this Agreement, and Escrow Agent shall not be bound in any way by any other contract or agreement between Seller and Buyer, whether or not Escrow Agent has knowledge of any such contract or agreement or of the terms or conditions thereof. (b) Escrow Agent shall not be liable to anyone for any damages, losses, or expenses incurred as a result of any act or omission of Escrow Agent, unless such damages, losses, or expenses are caused by Escrow Agent's willful misconduct or gross negligence. Accordingly, Escrow Agent shall not incur any such liability with respect to (i) any action taken or omitted in good faith upon the advice of counsel for Escrow Agent given with respect to any question relating to the duties and responsibilities of Escrow Agent under this Agreement or (ii) any action taken or omitted in reliance upon any instrument, including any written notice or instruction provided for herein, not only as to its due execution by an authorized person and as to the validity and effectiveness of such instrument, but also as to the truth and accuracy of any information contained therein that Escrow Agent shall in good faith believe to be genuine, to have been signed by a proper person or persons and to conform to the provisions of this Agreement. (c) In the event of a dispute between any of the parties hereto sufficient in the discretion of Escrow Agent to justify its doing so, Escrow Agent shall be entitled to tender the Escrow Fund (and any other amounts in the Escrow Account) into the registry or custody of any court of competent jurisdiction, to initiate such legal proceedings as it deems appropriate, and thereupon to be discharged from all further duties and liabilities under this Agreement. Any such legal action may be brought in any such court as Escrow Agent shall determine to have jurisdiction over the Escrow Fund. The filing of any such legal proceedings shall not deprive Escrow Agent of its compensation hereunder earned prior to such filing. (d) No part of the Escrow Fund shall be subject to the claims of the creditors of Seller prior to disbursement to Seller pursuant to Section 6(a). However, if for any reason all or any part of the Escrow Fund (and any other amounts in the Escrow Account) shall be attached, garnished or levied upon pursuant to any court order, or the delivery thereof shall be stayed or enjoined by a court order, or any other order, judgment or decree shall be made or entered by any court affecting the Escrow Account, 3
Paddlewheel Productions Document (041)