NY Deposit Agreement 1
STEWART TITLE INSURANCE COMPANY
TITLE NO. ______________________
AMOUNT SOCIAL SECURITY #
OF DEPOSIT $___________________
SERVICE CHARGE _______________
___________________________________ CITY, TOWN
ADDRESSSEC _______ BLOCK ___________
___________________________________ LOT(S) ___________
_________________________________________, Depository, acknowledges receipt of $_________________________ from Depositor for the PURPOSE INDICATED BELOW, and upon the TERMS mentioned ON THE REVERSE SIDE HEREOF which TERMS hereby are MADE PART OF THIS AGREEMENT.
A. To pay, satisfy, or otherwise dispose of OUT OF SAID SUM the following liens or other charges affecting said premises: ______________________________________
together with any interest, penalties and other charges; returning any balance to Depositor.
B. To hold the said sum as security for the production by Depositor to Depository on or before ______________________ 20_____ of the following: ____________________
The Depository agrees to refund the deposit upon performance satisfactory to it of the Depositor's obligations.
Dated: ____________________ 20_____
To induce Depository to enter into this agreement, the undersigned unconditionally guarantees the performance of all the obligations of Depositor.
DEPOSIT AGREEMENT - REVERSE SIDE
THE FOLLOWING ARE THE TERMS WHICH ARE REFERRED TO IN THE FOREGOING AGREEMENT AND UPON WHICH THE DEPOSIT IS MADE:
In the event that the Depositor fails to comply with any of Depositor's obligations, Depositary may cause compliance therewith to be effected and pay out of the deposit any amount required to effect compliance, including any expense, disbursement, and/or counsel fees incurred in connection therewith. Notwithstanding any provision to the contrary, Depositary is authorized without notice to the Depositor to accelerate Depositor's performance date at any time that the Depositary, in its sole discretion, deems it advisable to do so to protect the title to the insured premises or the marketability thereof.
Depositary will hold this deposit and pay or collect interest and service charges in the manner prescribed by law or regulation.
Depositary may deduct from the deposit any unpaid title charges or other sums due to Depositary for which Depositor is liable. Depositor agrees to pay on demand any deficiency in case the deposit is not sufficient and further agrees to hold Depositary harmless from any loss or expense it may sustain by reason of such insufficiency.
Depositary accepts this deposit at the request of and for the accommodation of Depositor and as an inducement to issue its policy of title insurance to its insured. Depositor agrees to pay all charges and expenses, including Attorney's fees, incurred by Depositary by reason of its having accepted this deposit. Depositary shall have the right to issue reinsurance and indemnifications based on this deposit. In such event, this deposit shall continue to be held in accordance with its terms.
If the deposit remains in the hands of Depositary for more than one year, Depositary shall impose additional service charges of $25.00 per year. This Deposit is also subject to the provisions of the New York Abandoned Property Law, and the Company may be obligated to turn the balance of the Deposit to the State of New York. In such event, an additional service charge of $125.00 will be imposed.
This deposit may not be assigned by Depositor.
This Deposit Agreement constitutes the entire contract between Depositor and Depositary concerning the deposit. No modification of any of depositor's obligations shall be effective unless authorized in writing by Depositary.
If this deposit is taken for more than one purpose, in the absence of an agreement to the contrary, the allocation of funds among the several purposes shall be at the sole discretion of the Depositary.
Depositor acknowledges that the waiver by Depositary of any particular provision of this Agreement shall not constitute a waiver of any other provisions contained herein. Furthermore, in the event that any provision of this Agreement is held to be unenforceable, all other provisions shall remain in full force and effect.
REQUEST TO INVEST ESCROW FUNDS
TITLE NO.: ___________________
By this authorization to invest escrow funds deposited with STEWART TITLE INSURANCE COMPANY ("the Company), on this date and under the above title number, the Company is hereby authorized to deposit the said funds (or $___________
of the said funds) in an interest bearing account in an institution of its choosing.
The account will be opened in the name of STEWART TITLE INSURANCE COMPANY FOR THE BENEFIT OF _______________________________________, who hereby agree(s) to be responsible for interest earned on said deposits. It is understood that the Taxpayer Identification Number or Social Security Number below will be used in opening the account, and the undersigned certifies that the said Taxpayer Identification Number or Social Security Number below is correct.
The undersigned hereby agree(s) to indemnify and save harmless STEWART TITLE INSURANCE COMPANY of and from all liability resulting from said investment, as well as any delay in conversion or reinvestment.
TAXPAYER IDENTIFICATION NUMBER(S) _______________ ______________
or SOCIAL SECURITY NUMBER(S):
The above authorization to invest is hereby accepted.
STEWART TITLE INSURANCE COMPANY
By: ___________________________________ Date: ___________________
TAX INFORMATION FOR INTEREST PAYMENTS
Interest to be paid to: Name: _____________________________________
Taxpayer I.D. No.: _____________________
A $50.00 service charge will be deducted from the escrow deposit upon establishment of the account, and for each year thereafter.
No guidelines are available for this form at this time.