HomeMy WebLinkAbout0929 ' ~ 2. It shall be the du~y and responsibility of the ESCROW
AGENT to receive and collect al~ funds derived from the annual
sale of citrus fruit crops grown and harvested on the real property
described on Schedule "A" attached hereto and made a part hereof
-by reference subject tio the followinq terms and conditions:
A. ESCROW AGENT shall keep accurate books of account
for all funds entrus~ed to ESCROW AGENT under the terms hereof, and
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same shall be made available ~or inspection by FIRST PARTY at
reasonable times upon request.
r . B. None of the crop proceeds shall be disbursed by
ESCROW AGENT to SECOND PARTY until such time as the ESCROW AGENT •
either personally pays or receives proof that the annual payment due
FIRST PARTY by SECOND PARTY under the terms of that cert~in Second
Purchase Money Mortgage entered into between said parties on ~
September 1982, a true copy of which is attached hereto as
Schedule "B" and made a part hereof by reference, has been made.
Upon either making said payment or receivinq proof of said payment
having been made,the ESCROW AGENT may proceed with disbursement of
those funds remaining in the Escrow Account which represent crop
proceeds received for the particular year involved. Notwithstandinq
the foregoing, the Escrow of crop proceeds shall be limited to the
payment amount due under the terms of the Second Purchase Money
- Mortgage attached hereto as Schedule "B" to FIRST.PARTY (i.e. agproxi-
mately $221,300.00 per year), with crop proceeds.received above this
amount being available to be utilized by SECOND PARTY for maintenance,
caretaking, etc., of the citrus groves descrfbed on Schedule "A"
attached hereto. The crop proceeds sub~ect to this Esc~^ow ehall begfn
with proceeds received from the sale of the 1982-83 citrus fruit crop
' and shall include all crop proceeds up to receipt of the mortqage
payment amount due in September of 1983, commencing with the.first
dollar received foz said crop; future crop proceede shall be escrowed
and applied in a like manner.
C. The ESCROW AGENT shall be allowed to place safd crop
proceeds in interest bearinq accounts including,certifi~ates of
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deposit, bank repurchase paper, savings accounts,and money market fund
accounts w~ith major ~rokeraqe investment ffrms with the interest being
earned thereon becoming the sole praperty of SECOND PARTY.
_2_ B~~OGK ~~8 PACE 9~ ~
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