HomeMy WebLinkAbout0949 2. It shall be the duty and responsibility of the ESCROW ~
AGENT to receive and coll~ct all funds derived from the annual
sale of citrus fruit crops grown ar.d harvested on the real property '
described on Schedule "A" attached hereto and made a part hereof ,
by reference subject to the following terms and conditionse
A. ESCROW AGENT shall keep accurate books of account
for all funds entrusted to ESCROW AGENT under the terms hereof, and
same shall be made available f~r inspection by FIRST PARTY at
reasonable times upon request.
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~ B. None of the crop proceeds shall be disburs~d by ~
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ESCROW AGENT to SECOND PARTY until such time as the ESCROW A~ENT •
either personally pays or receives proof that the annual payment due
FIRST PARTY by SECOND PARTY under the terms of that certain 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 receiving proof of said payment '
having been made,th.e ESCROW AGENT may proceed wi~h disbursement of
those funds remaining in the Escrow Account which represent crvp
proceeds received for"the particular year involved. Notwithstanding
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. approxi-
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 described on Schedule "A"
attached hereto. The crop proceeds subject to this Escrow shall beqin
with proceeds received from the sale of the 1982-83 citrtzs fruit crop
and shall include all crop proceeds up to receipt of the mortgage
payment amount due in September of 1983, commencing with the tirst
dollar received for said crop; future crop proceeds shall be escrowed
and applied in a like manner.
C. The ESCROW AGENT shall be allowed to place said crop
proceeds in interest bearing accou~nts including_certificates of
deposit, bank repurchase paper, savings accounts,and money market fund
accounts with major brokerage investment firms with the interest beinq
earned thereon becoming the sole property of SECOND PARTY.
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