Common use of Disbursement of Escrowed Funds Clause in Contracts

Disbursement of Escrowed Funds. The Escrow Agent shall hold the escrowed funds until it receives written notice from the County as to the amount of impact fees due. The notice from the County shall establish the amount due the County from escrow funds. Within ten (10) days after receipt of notice from the County as to the impact fees due and payable, the Escrow Agent shall disburse the required impact fees to the County and shall disburse the remaining amount, if any, to the Builder. All accrued interest earned on the escrow account shall be prorated between the Builder and the County based upon the amount due to each.

Disbursement of Escrowed Funds. The Escrow Agent shall hold the escrowed funds until it receives written notice from the County as to the amount of impact fees due. The notice from the County shall establish the amount due the County from escrow funds. Within ten (10) days after receipt of notice from the County as to the impact fees due and payable, the Escrow Agent shall disburse the required impact fees to the County and shall disburse the remaining amount, if any, to the Builder. All accrued interest earned on the escrow account shall be prorated between the Builder and the County based upon the amount due to each.