HomeMy WebLinkAbout1516 B. All payments up to ten percent (lOS) of the sales
price received by Developer from the purchaser toward the sale price.
C. The name, address and telephone number of the
purchaser who executes a contract of purchase.
D. A copy of this Escrow Agreement signed and accepted
by the purchaser.
3. Receipt of Escrow Monies, Investment by Escrow Agent:
Escrow Agent shall receive the monies mentioned in paragraph 2B of
this Agreement subject to the -following
A. Escrow Agent shall give to the purchaser a receipt
for the deposit upon request.'
B. The escrow funds so received may be deposited in
separate accounts or in common escrow accounts or commingled with
other escrow or trust accounts handled by or received by Escrow Agent.
C. Escrow Agent shall invest the escrow funds in any
one or a combination of the following:
(1) Securities of the United States or any agency
thereof ;
(2) Savings or time deposits in institutions
insured by an agency of the United States.
4. Release and Payment of Escrow Funds: Escrow funds shall
f
E be paid and released by Escrow Agent as follows
E
A. If the purchaser properly terminates the contract
pursuant to the applicable provisions of Chapter 718, Florida
statutes, the funds shall be paid to the purchaser -together with any
interest earned. ~ -
B. If the purchaser defaults in the performance of _h is
~ _ ~
obligations under the contract of purchase and sale,^the funds shall
be paid to Developer together with any interest earned.
C. Interest on the escrowed funds shall be paid to the
purchaser at the closing of the transaction.
D. If the funds of the purchaser have not been pre-
viously disbursed in accordance with the provisions of _this_subsec-
tion, they may be ~di sbursed to Developer by Escrow Agent at the
closing of the transaction, unless prior to the disbursement Escrow'' "
Agent receives from the purchaser written notice of a dispute between
the purchaser and Developer. gppK~~ pAGE~~~
EXHIBIT B TO PURCHASE AGREEMENT
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