Saturn Title LLC
|[pic] |
|1030 W. Higgins Road Suite 365 |
|Park Ridge, IL 60068 |
|Tel: 847-696-1000 Fax: 847-696-1001 |
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AGENCY/ESCROW DISBURSEMENT AGREEMENT
REFINANCE
Date: __________________________
RE: File No: ___________________
RE: Property Address:
1. THE UNDERSIGNED BORROWER(S) HEREBY DIRECT YOU TO MAKE DISBURSEMENTS FOR THE SUBJECT
TRANSACTION PURSUANT TO THE ATTACHED CLOSING STATEMENT.
2. THE UNDERSIGNED BORROWER(S) DIRECTS YOU TO MAKE SUCH DISBURSEMENTS ONLY WHEN YOU ARE
IN A POSITION TO ISSUE YOUR ALTA LOAN TITLE INSURANCE POLICY INSURING
_______________________________ LIEN STATUS AS THE MORTGAGEE SUBJECT TO THE FOLLOWING:
A. GENERAL REAL ESTATE TAXES FOR THE YEARS ______________________________,
WITH THE _____________________ INSTALLMENT OF ______________ TAXES PAID.
B. THE SCHEDULE B EXCEPTIONS NUMBERED _____________________________________.
C. THE MORTGAGE MADE BY THE BORROWER(S) AS PART OF THIS TRANSACTION.
D. THE FOLLOWING ADDITIONAL MATTERS:
3. THE BORROWER(S) HEREIN ACKNOWLEDGE THAT SATURN TITLE LLC, (hereinafter referred to as
“THE COMPANY”) WILL DEPOSIT ALL FUNDS RECEIVED IN THIS ESCROW TO ONE OR MORE OF THE
COMPANY’S GENERAL ACCOUNTS WITH ANY BANK OR SAVINGS AND LOAN ASSOCIATION. THE
GENERAL ACCOUNTS MAY INCLUDE INTEREST BEARING ACCOUNTS. ANY INTEREST EARNED ON THE
FUNDS DEPOSITED SHALL ACCRUE TO THE BENEFIT OF THE COMPANY.
4. THE BORROWER(S) HEREIN ACKNOWLEDGE THAT THE COMPANY REPRESENTS THEM AS A DISBURSING
AGENT FOR THE LENDING INSTITUTION ONLY, AND IS NOT A SUBSTITUTE FOR QUALIFIED LEGAL COUNSEL.
5. THE FEE OF $________________FOR THIS SERVICE WILL BE PAID BY BORROWER(S) UNLESS OTHERWISE
STATED.
6. PLEASE BE ADVISED THAT CHECKS ISSUED AT CLOSING MUST BE DEPOSITED WITHIN 90 DAYS OR MAY
BE SUBJECT TO INVALIDATION. REPLACEMENT CHECKS FOR THESE FUNDS WILL BE SUBJECT TO A RE-
ISSUE FEE OF $40.00 PER CHECK. ANY STOP PAYMENT OF CHECKS WILL ALSO BE SUBJECT TO A $40.00
STOP PAYMENT FEE.
___________________________________________ ___________________________________________
BORROWER BORROWER
___________________________________________
CLOSING OFFICER
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