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1. Parties. [name] of [address] (Seller) and [name] of [address] (Buyer) have entered into a contract for the sale of Seller's business [name, address, and nature of business], a copy of which is annexed to this Agreement [omitted].
2. Agreement for Funds to Be Placed in Escrow. Seller will pay ---------- dollars ($----------) to be held by [name] as Depositary. This sum shall be paid by [date].
3. Payment of Debts. Seller agrees to pay all outstanding debts of the business. Should Seller fail to make such payments, Buyer may make such payments and Seller will remain liable to Buyer for any such payments made by Buyer.
4. Holding of Escrow Account. Depositary will hold the escrow account until Buyer and Seller provide Depositary with a written statement instructing Depositary as to the disposal of the escrow. Depositary, upon receiving such instruction, may then pay out the escrow as instructed by Buyer and Seller.
[Name] (Depositary) acknowledges the receipt of ---------- dollars ($----------) and agrees to the terms and conditions regarding this sum as set forth by this Escrow Agreement.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____