Escrow Specialists Inc. Collection Agreement
PO Box 3287, Ogden, UT 84409
Ogden (801)627-6800 SLC (801)538-0869 Other in state areas 1-800-427-8698
Fax (801) 627-6803 www.escrowspecialists.com
1. The undersigned ______________________________________________________, hereinafter called Landlord,
and ____________________________________________________________________, hereinafter called Tenant,
delivers to Escrow Specialists Inc, hereafter referred to as "ES", the following described documents:
____________________________________________________________________________________________
On which there will be monthly payments of $___________________ beginning on__________________ , 20 ___.
A late fee of $_____or _____% of the monthly payment will be assessed if not received within _____days of the
due date.
2. ES is hereby authorized and instructed to receive any and all payments due or to become due hereunder,
excepting partial payments, which the undersigned understands ES will not accept, providing the landlord accepts
“late payments” under the terms of the agreement attached herewith. It is understood that ES will service this
account according to its current fee schedule, unless otherwise provided herein.
3. All monies received hereunder, less ES's usual fees, shall be disbursed within 3 working days if received in cash,
or within 5 working days if received by check. Disbursements are to be made as instructed below.
4. You may deduct ES's current annual service fee, as such comes due, for each year or partial year ES services this
account. The standard annual service fee is to be paid on a monthly (___) yearly (___) basis and is to be paid by the
tenant (___) landlord (___) 50/50 split (___).
5. In the event of failure to comply with any of the obligations of the tenant, the landlord may, at his/her option,
make written demand upon ES for the delivery to him/her of said documents and property, specifying any one or
more of such defaults as grounds for such demand. ES shall at once deliver to the tenant a copy of said demands
stating the date it was received by ES. If, within 7 days after notice is deposited in the United States mail, the
tenant objects to ES complying with landlords demand ES will notify landlord and withhold delivery of said
documents until notified by both tenant and landlord in writing what disposition to make thereof. If the tenant
does not respond to ES in writing within 7 days ES is authorized to release said documents to the landlord.
6. If ES is required to hold and maintain a reserve account for taxes and /or insurance it is understood that ES will
not pay such taxes or insurance unless ES is presented with billings for such by one of the parties to this
agreement.ES will not be held liable otherwise. Beginning monthly T&I payment:________________ (
if applicable)
7. All funds received hereunder shall be deposited into ES trust account, which may be an interest bearing account.
All interest earned there from may be retained by ES as and for additional consideration for servicing this escrow.
8. These instructions will continue in full force and effect until cancelled or amended in writing by the undersigned,
or until the agreement hereunder has expired. ES may cancel this agreement at any time, without cause, by
delivering to the undersigned a 30 day notice of ES's intent to close the escrow.
9. The landlord agrees to reimburse ES, upon demand, all amounts ES disburses in reliance upon a dishonored
payment ES receives from tenant unless specifically stated under “special instructions” that payment be made in
cash or certified check.
10. The undersigned agrees that should they default, or either of them, in any of the covenants or agreements
herein contained, the defaulting party or parties shall pay all costs and expenses, including a reasonable attorney’s
fee, which may arise or accrue from the enforcing of this agreement, or in pursuing any remedy provided by law,
whether such remedy is pursued by filing suit or otherwise. In the event ES is required to file an interpleader action
in court or resolve a dispute over funds, documents or property held by ES, the undersigned authorize ES to draw
the funds held by ES in escrow in an amount necessary to advance the cost of bringing the interpleader action,
including reasonable attorney’s fees. The undersigned further agree that the defaulting party shall pay the court
costs and attorney’s fees incurred by ES in bringing such action. The undersigned further agree to reimburse ES for
any and all attorney’s fees ES incurs in servicing this escrow so long as ES is acting in good faith and in accordance
with this agreement.
