Escrow letter clause samples

(ii) Escrow Letter. As of the date hereof and as of the date of each delivery of a Wet Loan, the Settlement Agent has executed an escrow agreement or letter, copies of which shall be maintained in the possession of Seller and provided to Buyer upon request, if required, stating that in the event of a Rescission of or if for any reason the Loan fails to fund on a given day, the party conducting the closing is holding all funds which would have been disbursed on behalf of the Mortgagor as agent for the benefit of Buyer. Such Escrow Letter inures to the benefit of, and the rights thereunder may be enforced by, the loan originator and its successors and assigns, including Buyer.

(r) Escrow Letter. There is, with respect to such Mortgage Loan, a valid and enforceable escrow letter duly executed by the Settlement Agent.

(r) Escrow Letter. With respect to any newly Originated Eligible Mortgage Loan, there is a valid and enforceable escrow letter duly executed by the related Settlement Agent if required by any applicable Requirement of Law.