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Páginas: 4 (911 palabras) Publicado: 8 de noviembre de 2012
Escrow Agreement
(Disbursement of Funds)
Escrow agreement between Financiera Bannorth S.A. with license No. 1290706-1-602988, of Ocean Business Plaza 13th Floor, Republic of Panama, regulated byarticle 4 of law number 42 of 23 of July of 2001 (Escrow Agent) Represented by L.A. Rancharán; and Supermercado Torre Fuerte Cali Campestre S.A.S. (Client) of Av.5 Norte # 22- 25,   Barrio Versalles,Cali, Colombia, whit NIT # 900252892-9, represented by Guillermo León Ospina Carballo.
Purpose: Escrow is for Cash receipts, disbursement and the Escrow Agent, as escrow agent. The use of the singularin this agreement shall be deemed to include the plural, and vice versa, whenever the context requires. This agreement covers the obligations of the agents and shall be joint and several.
1. TheEscrow Agent and Client have entered into agreement to escrow funds in the Escrow Agents bank account at Banco Universal, Panama Account number 2006010100002236.
2. As a term of the contract of escrow,the Escrow Agent is obligated to provide the Client with statement of account every month and receipts of payments.
3. To safeguard the cash or monies from loss, the Escrow Agent and Client, agree tothe escrow arrangement set forth in this agreement. For that purpose, this agreement designates the Escrow Agent and Client as "escrow beneficiary";
4. Escrow agent acknowledges the receipt of theescrow deposit in the amount of $50,000.00 Fifty Thousand United States dollars in the account of Financiera Bannorth in Banco Universal, in the Republic of Panama.
5. Escrow agent acknowledges theirfiduciary obligations to the escrow beneficiary to safeguard the escrow deposit in the bank account, and the funds shall be used to secure an investment opportunity where the escrow beneficiary willbenefit financially. Escrow Agent will provide a complete accounting of all financial transactions relating to that escrow deposit.
6. Escrow agent agrees to release and assign a bond or financial...
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