Laserfiche WebLink
ESCROW AGREEMENT <br />Escrow Number: <br />THIS ESCROW AGREEMENT (this "Agreement") is made and <br />entered into this day of September, 1994 by and among <br />AXIAL BASIN RANCH COMPANY, a delaware general partnership <br />("ABR"), H-G COAL COMPANY, a Delaware general partnership <br />("H-G" and referred to herein together with ABR as the "Seller"), <br />PEABODY DEVELOPMENT COMPANY, a Delaware corporation ("Buyer"), <br />and TRANSAMERICA TITLE INSURANCE COMPANY (the "Escrow Agent"). <br />RECITALS <br />This Agreement is made with respect to the following facts: <br />A. Buyer and Seller are the parties to the <br />Agreement for Sale of Real Property dated August 2, 1995 <br />(the "Sale Contract), whereby Seller agreed to sell to Buyer, <br />and Buyer agreed to purchase from Seller, certain real property <br />located in Routt County, Colorado, on and subject to the terms <br />and conditions set forth in the Sale Contract. A copy of the <br />• Sale Contract is attached hereto as Exhibit A and by this <br />reference made part hereof. <br />B. Pursuant to the terms of the Sale Contract, Buyer <br />has agreed to pay an earnest money deposit to be held in escrow <br />pending either the closing of the transaction contemplated in the <br />Sale Contract or the termination of the Sale Contract. <br />AGREEMENT <br />In consideration of the Sale Contract and the <br />obligations of the parties thereunder, and in consideration of <br />the promises and agreements of the parties set forth herein, the <br />receipt and sufficiency of which are hereby acknowledged by each <br />of the parties hereto, Seller, Buyer, and the Escrow Agent each <br />hereby promise and agree as follows: <br />1. Acknowledgement by Escrow Agent. The Escrow Agent <br />hereby acknowledges receipt of (the "Funds") from <br />Buyer delivered pursuant to the terms of the Sale Contract. <br />The Escrow Agent shall hold and disburse the Funds in accordance <br />with the terms set forth in this Agreement. <br />2. Funds to be Deposited. The Escrow Agent shall <br />• deposit the Funds in a federally-insured interest-bearing savings <br />account or money market fund (the "Account"); provided, however, <br />G:U)ATA\PUBLUMCG\477677.2 <br />Scplcmber I, 1995 S:SOpm <br />