INTEREST BEARING TRUST ACCOUNT. (check if applicable ) Escrow Agent is directed to deposit trust funds hereunder in an interest bearing account with the interest thereon accruing for the benefit of the . In the event of default by the Buyer, any accrued interest on funds so held shall be treated as an additional xxxxxxx money and shall be disbursed according to the terms of Paragraphs 16 and 20 of this agreement.
INTEREST BEARING TRUST ACCOUNT. (check if applicable _)
INTEREST BEARING TRUST ACCOUNT. Any interest accruing on trust funds deposited in the IOLTA trust account of Seller’s attorney is payable to the State of Iowa.
INTEREST BEARING TRUST ACCOUNT. By execution of this agreement, the County will establish an interest bearing trust account (the “Trust Account”) into which all rent or other revenues generated by County Properties shall be deposited. It is the intention of the County that 50% of the principal and interest in the Trust Account for the property shall be available at any time to fund work related to planning and implementing general management, agricultural management, maintenance, operation and improvements on the County Properties in a manner consistent with restoration, enhancement and protection of the natural features and communities found on the County Properties and neighboring properties. The amount and timing of Trust Account expenditures shall be in the sole discretion and control of the County. For purposes of preparing pro forma business plans for the Long Term Plan and for purposes of preparing each Annual Plan (as described in EXHIBIT B), BLM may assume (a) that all rents and other revenues generated by the County Properties will be deposited into the Trust Account; and (b) that 50% of the principal and interest at any time in the Trust Account for the County Properties, together with 50% of the projected revenues to be generated by the County Properties that season shall be available for expenditure for operational or capital improvements that will be contained in BLM’s Annual Plan and Budget.
