Common use of Deposit of Payment Clause in Contracts

Deposit of Payment. [Insert one of the following three sentences.] [The total amount [if installment payments, insert: of each payment] to be paid pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)] shall be deposited by EPA in the EPA Hazardous Substance Superfund.] [The total amount [of each payment] to be paid pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)] shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [Of the total amount [of each payment] to be paid pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)], [“$___” or “___%”] shall be deposited by EPA in the EPA Hazardous Substance Superfund and [“$___” or “___%”] shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [NOTE: Use the following “net sales proceeds” paragraph if Settling Party is to sell property it owns and is to pay the proceeds of such sale to the United States. This paragraph includes optional provisions to address either one of two situations: (1) the property is to be marketed and sold promptly; or (2) the property is to be marketed and sold at some future time. The latter situation generally applies when a cleanup is underway at the property and, in order to maximize the recovery, EPA desires that the property be sold after the cleanup is substantially complete.] [Payment of Net Proceeds of Sale of Property Appraisal of Property. [Insert either: “Within [30] days after the Effective Date” or “Within [30] days after receipt of a written request from EPA” or “Prior to any sale of the Property”], Settling Party shall submit to EPA the names of one or more appraisers. The appraisers identified shall be certified to meet the Uniform Standards of Professional Appraisal Practice by a nationally recognized organization of professional real estate appraisers. EPA may, within [30] days thereafter, disapprove the proposed appraiser(s). If all proposed appraisers are disapproved by EPA, Settling Party shall, within [15] days after such disapproval, submit names of additional appraisers, which shall be subject to EPA’s disapproval as provided above. Any appraisers not disapproved by EPA shall be deemed to be approved. Settling Party shall, within [60] days after the deadline for EPA’s disapproval of the proposed appraisers, obtain an appraisal of the Property. The appraisal shall be performed by any appraiser deemed to be approved. Settling Party shall be responsible for all appraisal fees. Settling Party shall submit a copy of the appraisal to EPA. If the Property is not sold within one year of the date of the appraisal, and if EPA so requests, Settling Party shall obtain a new appraisal of the Property, in accordance with this Paragraph. [NOTE: If the appraisal is unusually expensive or if the Property is difficult to value, the Region may omit the appraisal requirement.] Maintenance of the Property. Until the Property is sold, Settling Party shall, at its own expense: (i) maintain and make necessary repairs to the Property; (ii) keep the Property insured against loss from casualty and liability; (iii) timely pay or cause to be paid all real property taxes; and (iv) timely pay all water and sewer bills regarding the Property. [NOTE: Insert the following subparagraph if you expect rental income from the Property and that income was not considered in assessing Settling Party’s ability to pay EPA’s response costs.] [Rental Income. Rental income from the Property may be used to pay expenses described in Paragraph 16.b (Maintenance of Property). [All / __% of the] rental income earned from the date of Settling Party’s signature on this Settlement Agreement until the sale of the Property to the extent not required to pay the expenses described in Paragraph 16.b shall be deemed to be proceeds from the sale of the Property and shall be disbursed pursuant to Paragraph 16.g. Settling Party shall not enter into any lease or rental agreement for the Property unless the agreement allows a purchaser of the Property to terminate the lease or rental agreement within [90 days] of taking title to the Property.]

Deposit of Payment. [Insert one of the following three sentencessentences here.] [The total amount [if installment payments, insert: of each payment] to be paid by Settling Parties pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)] 11 shall be deposited by EPA in the EPA Hazardous Substance Superfund.] [The total amount [of each payment] to be paid pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)] 11 shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [Of the total amount [of each payment] to be paid by Settling Parties pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)]11, [“$___” or “___%”] shall be deposited by EPA in the EPA Hazardous Substance Superfund and [“$___” or “___%”] shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [NOTE: Use If SFAs are making payments, insert the following “net sales proceeds” paragraph if Settling Party is to sell property it owns and is to pay the proceeds of such sale to the United States. This paragraph includes optional provisions to address either one of two situations: (1) the property is to be marketed and sold promptly; or (2) the property is to be marketed and sold at some future time. The latter situation generally applies when a cleanup is underway at the property and, in order to maximize the recovery, EPA desires that the property be sold after the cleanup is substantially completeparagraph.] [Payment of Net Proceeds of Sale of Property Appraisal of Property. [Insert either: “Within [30] days Payments by Settling Federal Agencies As soon as reasonably practicable after the Effective Date, the United States, on behalf of Settling Federal Agencies, shall: Pay to the EPA $______. [Insert one of the following three sentences.] [The total amount to be paid on behalf of Settling Federal Agencies pursuant to this Paragraph shall be deposited by EPA in the EPA Hazardous Substance Superfund.] [The total amount to be paid on behalf of Settling Federal Agencies pursuant to this Paragraph shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [Of the total amount to be paid on behalf of Settling Federal Agencies pursuant to this Paragraph, [“$___” or “Within ___%”] shall be deposited by EPA in the EPA Hazardous Substance Superfund and [30] days after receipt of a written request from EPA“$___” or “Prior to any sale of the Property___%”], Settling Party shall submit to EPA the names of one or more appraisers. The appraisers identified ] shall be certified to meet the Uniform Standards of Professional Appraisal Practice by a nationally recognized organization of professional real estate appraisers. EPA may, within [30] days thereafter, disapprove the proposed appraiser(s). If all proposed appraisers are disapproved by EPA, Settling Party shall, within [15] days after such disapproval, submit names of additional appraisers, which shall be subject to EPA’s disapproval as provided above. Any appraisers not disapproved deposited by EPA shall be deemed in the [Site name] Special Account to be approved. Settling Party shallretained and used to conduct or finance response actions at or in connection with the Site, within [60] days after the deadline for EPA’s disapproval of the proposed appraisers, obtain an appraisal of the Property. The appraisal shall be performed by any appraiser deemed or to be approved. transferred by EPA to the EPA Hazardous Substance Superfund.] [Pay to Settling Party shall be responsible for all appraisal fees. Parties $______, in reimbursement of Settling Party shall submit a copy of the appraisal to EPA. If the Property is not sold within one year of the date of the appraisalParties’ Past Response Costs and Settling Parties Future Response Costs, and if EPA so requests, Settling Party shall obtain a new appraisal of the Property, by Automated Clearinghouse (ACH) Electronic Funds Transfer in accordance with this Paragraph. [NOTE: If the appraisal is unusually expensive or if the Property is difficult to value, the Region may omit the appraisal requirement.] Maintenance of the Property. Until the Property is sold, instructions provided by Settling Party shall, at its own expense: (i) maintain and make necessary repairs to the Property; (ii) keep the Property insured against loss from casualty and liability; (iii) timely pay or cause to be paid all real property taxes; and (iv) timely pay all water and sewer bills regarding the Property. [NOTE: Insert the following subparagraph if you expect rental income from the Property and that income was not considered in assessing Settling Party’s ability to pay EPA’s response costs.] [Rental Income. Rental income from the Property may be used to pay expenses described in Paragraph 16.b (Maintenance of Property). [All / __% of the] rental income earned from the date of Settling Party’s signature on this Settlement Agreement until the sale of the Property to the extent not required to pay the expenses described in Paragraph 16.b shall be deemed to be proceeds from the sale of the Property and shall be disbursed pursuant to Paragraph 16.g. Settling Party shall not enter into any lease or rental agreement for the Property unless the agreement allows a purchaser of the Property to terminate the lease or rental agreement within [90 days] of taking title to the PropertyParties.]

Deposit of Payment. [Insert one of the following three sentencessentences here.] [The total amount [if installment payments, insert: of each payment] to be paid by Settling Parties pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)] 11 shall be deposited by EPA in the EPA Hazardous Substance Superfund.] [The total amount [of each payment] to be paid pursuant to Paragraph 12 (Payment of Response Costs) [and Paragraph 16 (Payment of Net Proceeds of Sale of Property)] 11 shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [Of the total amount [of each payment] to be paid by Settling Parties pursuant to Paragraph 12 (Payment 11, [“$___” or “___%”] shall be deposited by EPA in the EPA Hazardous Substance Superfund and [“$___ or “___%”] shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [If SFAs are making payments, insert the following paragraph.] [Payments by Settling Federal Agencies As soon as reasonably practicable after the Effective Date, the United States, on behalf of Response Costs) Settling Federal Agencies, shall: Pay to the EPA $______. [Insert one of the following three sentences.] [The total amount to be paid on behalf of Settling Federal Agencies pursuant to this Paragraph shall be deposited by EPA in the EPA Hazardous Substance Superfund.] [The total amount to be paid on behalf of Settling Federal Agencies pursuant to this Paragraph shall be deposited by EPA in the [Site name] Special Account to be retained and Paragraph 16 (Payment used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [Of the total amount to be paid on behalf of Net Proceeds of Sale of Property)]Settling Federal Agencies pursuant to this Paragraph, [“$___” or “___%”] shall be deposited by EPA in the EPA Hazardous Substance Superfund and [“$___” or “___%”] shall be deposited by EPA in the [Site name] Special Account to be retained and used to conduct or finance response actions at or in connection with the Site, or to be transferred by EPA to the EPA Hazardous Substance Superfund.] [NOTE: Use the following “net sales proceeds” paragraph if Pay to Settling Party is to sell property it owns and is to pay the proceeds of such sale to the United States. This paragraph includes optional provisions to address either one of two situations: (1) the property is to be marketed and sold promptly; or (2) the property is to be marketed and sold at some future time. The latter situation generally applies when a cleanup is underway at the property andParties $______, in order to maximize the recoveryreimbursement of Settling Parties’ Past Response Costs, EPA desires that the property be sold after the cleanup is substantially complete.] [Payment of Net Proceeds of Sale of Property Appraisal of Property. [Insert either: “Within [30] days after the Effective Date” or “Within [30] days after receipt of a written request from EPA” or “Prior to any sale of the Property”], Settling Party shall submit to EPA the names of one or more appraisers. The appraisers identified shall be certified to meet the Uniform Standards of Professional Appraisal Practice by a nationally recognized organization of professional real estate appraisers. EPA may, within [30] days thereafter, disapprove the proposed appraiser(s). If all proposed appraisers are disapproved by EPA, Settling Party shall, within [15] days after such disapproval, submit names of additional appraisers, which shall be subject to EPA’s disapproval as provided above. Any appraisers not disapproved by EPA shall be deemed to be approved. Settling Party shall, within [60] days after the deadline for EPA’s disapproval of the proposed appraisers, obtain an appraisal of the Property. The appraisal shall be performed by any appraiser deemed to be approved. Settling Party shall be responsible for all appraisal fees. Settling Party shall submit a copy of the appraisal to EPA. If the Property is not sold within one year of the date of the appraisal, and if EPA so requests, Settling Party shall obtain a new appraisal of the Property, Automated Clearinghouse (ACH) Electronic Funds Transfer in accordance with this Paragraph. [NOTE: If the appraisal is unusually expensive or if the Property is difficult to value, the Region may omit the appraisal requirementinstructions provided by Settling Parties.] Maintenance of the Property. Until the Property is sold, Settling Party shall, at its own expense: (i) maintain and make necessary repairs to the Property; (ii) keep the Property insured against loss from casualty and liability; (iii) timely pay or cause to be paid all real property taxes; and (iv) timely pay all water and sewer bills regarding the Property. [NOTE: Insert the following subparagraph if you expect rental income from the Property and that income was not considered in assessing Settling Party’s ability to pay EPA’s response costs.] [Rental Income. Rental income from the Property may be used to pay expenses described in Paragraph 16.b (Maintenance of Property). [All / __% of the] rental income earned from the date of Settling Party’s signature on this Settlement Agreement until the sale of the Property to the extent not required to pay the expenses described in Paragraph 16.b shall be deemed to be proceeds from the sale of the Property and shall be disbursed pursuant to Paragraph 16.g. Settling Party shall not enter into any lease or rental agreement for the Property unless the agreement allows a purchaser of the Property to terminate the lease or rental agreement within [90 days] of taking title to the Property.]