Common use of Funds Escrow Account Clause in Contracts

Funds Escrow Account. The funds tendered by you pursuant to this Agreement will be deposited in a special escrow account (the "Fund") at First Arizona Savings and Loan Association ("Funds Escrow Agent"), whose address is Attention: Tom Rose, 4141 North Scottsdale Road, Suite 140, Scottsdale, Arizona 00000, xnd xxxx xx xxxxxxxx xx xxx xxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxxw fees and expenses, if: (a) your subscription for the purchase of Preferred Shares pursuant to this Agreement has not been accepted by the Company or (b) if purchase agreements for the purchase of at least $1,000,000 of Preferred Shares and related funds in the amount of at least $1,000,000 are not deposited in the Fund before the close of business on March 31,1999, which date may be earlier terminated or extended one or more times by the Company in its sole discretion, without notice to you and the Other Purchasers (the "Termination Date"). It is understood and agreed that if this Agreement is accepted by the Company, and a minimum of $1,000,000 of funds are received and accepted by the Company before the close of business on the Termination Date, then at the Closing (as defined below) with respect to the Preferred Shares subscribed for you, the funds tendered herewith (less any fees paid to the Placement Agents), shall be delivered to the Company by the Funds Escrow Agent in payment for the Preferred Shares subscribed for by you, or such lesser amount as may be allocated to you by the Company. If you are allocated less than the full amount of the Preferred Shares subscribed for by you and the full amount of the Preferred Shares subscribed for has been timely paid in full by you, the Company shall instruct the Funds Escrow Agent to remit the over payment of the amount paid, without interest or deduction, to you within fifteen days after such partial acceptance of this Purchase Agreement. The Preferred Shares are being offered by the Company subject to the right of the Company and Placement Agent to reject, at their discretion, any subscription, in whole or in part, For any reason, and to accept subscriptions notwithstanding the order in which they are received.

Funds Escrow Account. The funds tendered by you pursuant to this Agreement will be deposited in a special escrow account (the "Fund") at the First Arizona Savings and Loan Association ("Funds Escrow Agent"), whose address is Attention: Tom Rose4141 Xxxxx Xxxxxxxxxx Xxxx, 4141 North Scottsdale RoadXxxxx 000, Suite 140Xxxxxxxxxx, Scottsdale, Arizona Xxxxxxx 00000, xnd xxxx xx xxxxxxxx xx xxx xxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxxw xxd will be returned to you without interest or deduction for escrow fees and expenses, if: (a) your subscription for the purchase of Preferred Shares Units pursuant to this Agreement has not been accepted by the Company or (b) if purchase agreements Purchase Agreements for the purchase of at least $1,000,000 of Preferred Shares 200 Units and related funds in the amount of at least $1,000,000 1,150,000 are not deposited in the Fund before the close of business on March 31,1999May 31, 1998, which date may be earlier terminated or extended one or more times by agreement of the Company in its sole discretionand the Placement Agents, without notice to you and the Other Purchasers Purchasers, to a date not later than June 30, 1998 (the "Termination Date"). It is understood and agreed that if this Agreement is accepted by the Company, and the funds in payment of a minimum of $1,000,000 of funds 200 Units are received and accepted by the Company before the close of business on the Termination Date, then at the Closing (as defined below) with respect to the Preferred Shares Units subscribed for by you, the funds tendered herewith (less any fees paid to the Placement Agents), shall be delivered to the Company by the Funds Escrow Agent in payment for the Preferred Shares Units subscribed for by you, or such lesser amount as may be allocated to you by the Company. If you are allocated less than the full amount of the Preferred Shares Units subscribed for by you and the full amount of the Preferred Shares Units subscribed for has been timely paid in full by you, the Company shall instruct the Funds Escrow Agent to remit the over payment overpayment of the amount paid, without interest or deduction, to you within fifteen days after such partial acceptance of this Purchase Agreement. The Preferred Shares are being offered by the Company subject to the right of the Company and Placement Agent to reject, at their discretion, any subscription, in whole or in part, For any reason, and to accept subscriptions notwithstanding the order in which they are received.without

Funds Escrow Account. The funds tendered by you pursuant to this Agreement will be deposited in a special escrow account (the "Fund") at First Arizona Savings and Loan Association ("Funds Escrow Agent"), whose address is Attention: Tom RoseXxxx, 4141 North Scottsdale Road0041 Xxxxx Xxxxxxxxxx Xxxx, Suite 140Xxxxx 000, ScottsdaleXxxxxxxxxx, Arizona Xxxxxxx 00000, xnd xxxx xx xxxxxxxx xx xxx xxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxxw xxd will be returned to you without interest or deduction for escrow fees and expenses, if: (a) your subscription for the purchase of Preferred Shares pursuant to this Agreement has not been accepted by the Company or (b) if purchase agreements for the purchase of at least $1,000,000 of Preferred Shares and related funds in the amount of at least $1,000,000 are not deposited in the Fund before the close of business on March 31,1999, which date may be earlier terminated or extended one or more times by the Company in its sole discretion, without notice to you and the Other Purchasers (the "Termination Date"). It is understood and agreed that if this Agreement is accepted by the Company, and a minimum of $1,000,000 of funds are received and accepted by the Company before the close of business on the Termination Date, then at the Closing (as defined below) with respect to the Preferred Shares subscribed for you, the funds tendered herewith (less any fees paid to the Placement Agents), shall be delivered to the Company by the Funds Escrow Agent in payment for the Preferred Shares subscribed for by you, or such lesser amount as may be allocated to you by the Company. If you are allocated less than the full amount of the Preferred Shares subscribed for by you and the full amount of the Preferred Shares subscribed for has been timely paid in full by you, the Company shall instruct the Funds Escrow Agent to remit the over payment of the amount paid, without interest or deduction, to you within fifteen days after such partial acceptance of this Purchase Agreement. The Preferred Shares are being offered by the Company subject to the right of the Company and Placement Agent to reject, at their discretion, any subscription, in whole or in part, For any reason, and to accept subscriptions notwithstanding the order in which they are received.

Funds Escrow Account. The funds tendered by you pursuant to this Agreement will be deposited in a special escrow account (the "Fund") at the First Arizona Savings and Loan Association ("Funds Escrow Agent"), whose address is Attention: Tom Rose, 4141 North Scottsdale Road, Suite 140, Scottsdale, Arizona 0000085251, xnd anx xxxx xx xxxxxxxx xx xxx xxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxxw xxxxow fees and expenses, if: (a) your subscription for the purchase of Preferred Shares Units pursuant to this Agreement has not been accepted by the Company or (b) if purchase agreements Purchase Agreements for the purchase of at least $1,000,000 of Preferred Shares 125 Units and related funds in the amount of at least $1,000,000 are not deposited in the Fund before the close of business on March 31,1999November 14, 1997, which date may be earlier terminated or extended one or more times by agreement of the Company in its sole discretionand the Placement Agents, without notice to you and the Other Purchasers Purchasers, to a date not later than December 31, 1997 (the "Termination Date"). It is understood and agreed that if this Agreement is accepted by the Company, and the funds in payment of a minimum of $1,000,000 of funds 125 Units are received and accepted by the Company before the close of business on the Termination Date, then at the Closing (as defined below) with respect to the Preferred Shares Units subscribed for by you, the funds tendered herewith (less any fees paid to the Placement Agents), shall be delivered to the Company by the Funds Escrow Agent in payment for the Preferred Shares Units subscribed for by you, or such lesser amount as may be allocated to you by the Company. If you are allocated less than the full amount of the Preferred Shares Units subscribed for by you and the full amount of the Preferred Shares Units subscribed for has been timely paid in full by you, the Company shall instruct the Funds Escrow Agent to remit the over payment overpayment of the amount paid, without interest or deduction, to you within fifteen days after such partial acceptance of this Purchase Agreement. The Preferred Shares Units are being offered by the Company subject to the right of the Company and Placement Agent Agents to reject, at their discretion, any subscription, in whole or in part, For for any reason, and to accept subscriptions notwithstanding the order in which they are received.

Funds Escrow Account. The funds tendered by you pursuant to this Agreement will be deposited in a special escrow account (the "Fund") at the First Arizona Savings and Loan Association ("Funds Escrow Agent"), whose address is Attention: Tom Rose4141 Xxxxx Xxxxxxxxxx Xxxx, 4141 North Scottsdale RoadXxxxx 000, Suite 140Xxxxxxxxxx, Scottsdale, Arizona Xxxxxxx 00000, xnd xxxx xx xxxxxxxx xx xxx xxxxxxx xxxxxxxx xx xxxxxxxxx xxx xxxxxw xxd will be returned to you without interest or deduction for escrow fees and expenses, if: (a) your subscription for the purchase of Preferred Shares Units pursuant to this Agreement has not been accepted by the Company or (b) if purchase agreements Purchase Agreements for the purchase of at least $1,000,000 of Preferred Shares 125 Units and related funds in the amount of at least $1,000,000 are not deposited in the Fund before the close of business on March 31,1999November 14, 1997, which date may be earlier terminated or extended one or more times by agreement of the Company in its sole discretionand the Placement Agents, without notice to you and the Other Purchasers Purchasers, to a date not later than December 31, 1997 (the "Termination Date"). It is understood and agreed that if this Agreement is accepted by the Company, and the funds in payment of a minimum of $1,000,000 of funds 125 Units are received and accepted by the Company before the close of business on the Termination Date, then at the Closing (as defined below) with respect to the Preferred Shares Units subscribed for by you, the funds tendered herewith (less any fees paid to the Placement Agents), shall be delivered to the Company by the Funds Escrow Agent in payment for the Preferred Shares Units subscribed for by you, or such lesser amount as may be allocated to you by the Company. If you are allocated less than the full amount of the Preferred Shares Units subscribed for by you and the full amount of the Preferred Shares Units subscribed for has been timely paid in full by you, the Company shall instruct the Funds Escrow Agent to remit the over payment overpayment of the amount paid, without interest or deduction, to you within fifteen days after such partial acceptance of this Purchase Agreement. The Preferred Shares Units are being offered by the Company subject to the right of the Company and Placement Agent Agents to reject, at their discretion, any subscription, in whole or in part, For for any reason, and to accept subscriptions notwithstanding the order in which they are received.