Bidder Deposit Agreement
Global Data Services, Inc., as servicing agent "Servicer" will act as Bidder's servicing agent for the purpose of holding funds for the purpose identified in the Agreement. Parties to this Bidder Deposit Agreement are Global Data Services, Inc., and the Bidder identified below, "Bidder".
Authorized Entity Rep:
City, State, Zip:
**If a Bidder Deposit is to be returned, please provide bank information below**
Bidder Deposit Amount
Bidder Deposit Terms
1. (“Bidder Deposit Amount”). Any Bidder Deposit Amount must be received by the Servicer (and not subject to chargeback or recall) at least one (1) business day before Bidder intends to submit a bid for any property in this agreement (“Property”). Servicer shall have no liability for any Bidder Deposit Amount not timely received.
2. Bidder directs the Servicer to provide CREXi with the details of this Agreement and the fact of receipt of Bidder Deposit Instructions and the Bidder Deposit Amount.
3. The Bidder Deposit Amount will be held in Servicer’s non-interest bearing escrow trust account.
4. Bidder has the option at any time prior to submitting a bid to withdraw as a Bidder and request that the Bidder Deposit Amount be returned by contacting the Servicer’s office with a mailed/faxed written statement of cancellation and request for the return of the Bidder Deposit Amount.
5. If Bidder is not the winning bidder for a Property, the Bidder Deposit Amount for such Property shall be returned to the Bidder within three (3) business days after the close of the Auction event for such Property.
6. Bidder hereby irrevocably agrees that if Bidder is the winning bidder for any Property, Servicer may transfer the Bidder Deposit Amount associated with such Property to the designated escrow/closing agent immediately following the conclusion of the marketing event for such Property without further authorization or direction from Bidder. In addition, if Bidder fails to (1) timely execute and return the purchase documentation for such Property as required by the Auction Terms or (2) timely submit the required Earnest Money Deposit for such Property as required by the Auction Terms, then Servicer may release to CREXi or its designee the Bidder DepositAmount for such Property without further authorization or direction from Bidder. Any remaining balances shall be returned to the Bidder within three (3) business days after the close of the marketing event for the Property.
Terms of Service
1. Relationship. Bidder recognizes and agrees that Servicer has no authority, express or implied, to act as agent for Bidder other than for the limited purpose of holding and disbursing funds in accordance with the terms of this Agreement. Bidder agrees that Bidder has no right or authority to direct or control the actions of Servicer other than Servicer’s limited actions as set forth in this Agreement.
2. Notices. Any notices or communications required or permitted to be given by this Agreement must be (i) given in writing and (ii) personally delivered or mailed, by prepaid, certified mail or overnight courier, or transmitted by facsimile or electronic mail transmission (including PDF), to the party to whom such notice or communication is directed, to the mailing address or regularly-monitored electronic mail address of such party as follows: Michael Hass, MHaas@mahco.com. Any such notice or communication shall be deemed to have been given on (i) the day such notice or communication is personally delivered, (ii) three (3) days after such notice or communication is mailed by prepaid certified or registered mail, (iii) one (1) working day after such notice or communication is sent by overnight courier, or (iv) the day such notice or communication is faxed or sent electronically, provided that the sender has received a confirmation of such fax or electronic transmission.
3. Rights, Duties and Responsibilities of Servicer. Servicer is holding and disbursing funds in accordance with the provisions of this Agreement and Servicer is not responsible or liable in any manner for the correctness, genuineness, or authenticity of any instrument or for the identity, authority, or rights of any person executing or depositing funds. Not withstanding any provision herein incorporating other instruments by reference, Servicer shall not be charged with notice of the terms of any such instruments, and its duties, responsibilities, and immunities shall be determined solely by reference to this Agreement.
4. Dispute. In the event of a Dispute between the Parties, the Parties will first attempt to resolve such dispute by negotiation and consultation between themselves. If there are conflicting claims to the funds held pursuant to this Agreement, Bidder expressly agrees that Servicer shall have the right, at its election, to discontinue any acts or services under this Agreement, terminate this Agreement, or commence an interpleader action in the appropriate court requiring the claimants to answer and litigate their several claims and rights among themselves, and Servicer is authorized to deposit with the clerk of the court all documents and funds held on behalf of Bidder pursuant to this Agreement. If such an action is filed, Bidder agrees to pay all cancellation charges and costs, expenses and reasonable attorneys' fees which Servicer is required to expend or incur in such interpleader action, the amount thereof to be fixed and judgment therefore to be rendered by the court. Upon the filing of an interpleader action, Servicer shall be fully and completely absolved from all further obligation or liability under this Agreement.
5. Attorneys’ Fees. In the event any party is required to engage the services of any attorneys for the purpose of enforcing thisAgreement, or any provision, the Bidder agrees that Bidder is severally liable to Servicer for all attorneys’ fees and costs incurred by it relating to this Agreement or the underlying transaction, whether or not suit is filed, including any attorneys’ fees and costs incurred as part of any court, bankruptcy, arbitration proceeding, or appeal. This Agreement shall be governed by and construed in accordance with the laws of the State of California. Bidder agrees that jurisdiction and venue for any court action shall be in the Superior Court of California, County of Orange.
6. Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall been forceable in accordance with its term.
7. Electronic Signatures. Copies of documents, documents executed, scanned and transmitted electronically, and electronic signatures shall be deemed original signatures for purposes of this Agreement and all matters related there to, scanned and electronic signatures having the same legal effect as original signatures.
8. Entire Agreement. This Agreement constitutes the entire understanding between Servicer and Bidder. No amendment or modification of this Agreement shall be effective unless set forth in writing and signed by both Servicer and Bidder.
It is understood by Bidder and Servicer signing this Agreement that the Agreement sets forth the complete instructions between Servicer and Bidder for the transaction embodied in the Agreement.
Servicer: Global Data Services, Inc.
Bidder must reference each Property Address that relates to the Wire Bid Deposit when submitting the wire
City National Bank
Global Data Services, Inc.