Common use of Interest on Funds Received and Held by Escrow Clause in Contracts

Interest on Funds Received and Held by Escrow. Buyer further agrees that all funds received by Escrow may be held together with other monies received by Escrow. If Buyer so elects, all such funds received by Escrow may be deposited into an interest bearing account or accounts in a federally insured bank or savings and loan institution selected by Seller, in its sole discretion, with its principal place of business in Honolulu, Hawaii. Buyer shall pay all costs and expenses incurred or charged by Escrow for the purpose of setting up, maintaining and closing such interest bearing account(s). In connection with and as a condition to the set up of any interest bearing account(s), Buyer shall provide Escrow with an executed W-9 Form to verify Buyer’s social security number, federal tax identification number and/or passport number for purposes of reporting any interest earned on Buyer’s deposit account(s). Except as provided in Paragraph 14 below, all interest earned from such account(s) from the date of Seller's acceptance of this Agreement shall be credited to Buyer's account; provided that no interest shall be credited to Buyer (i) for the period prior to Seller's acceptance of this Agreement; or (ii) on funds held by Escrow for less than sixty (60) calendar days after Seller's acceptance of this Agreement; or (iii) on funds held by Escrow during the sixty (60) calendar days immediately preceding the Scheduled Closing Date. Any interest earned on funds in escrow which is not required by the terms of this Agreement to be credited to the account of Buyer shall be paid to Seller. Buyer and Seller hereby jointly instruct Escrow pursuant to the provisions of §402-8 and §449-16.5, Hawaii Revised Statutes, as amended, to credit the interest earned on all funds received by Escrow in accordance with this paragraph.

Interest on Funds Received and Held by Escrow. Buyer further agrees that all funds received by Escrow may be held together with other monies received by Escrow. If Buyer so elects, all such funds received by Escrow may be deposited into an interest bearing account or accounts in a federally insured bank or savings and loan institution selected by Seller, in its sole discretion, with its principal place of business in Honolulu, Hawaii. Buyer shall pay all costs and expenses incurred or charged by Escrow for the purpose of setting up, maintaining and closing such interest bearing account(s). In connection with and as a condition to the set up of any interest bearing account(s), Buyer shall provide Escrow with an executed W-9 Form to verify Buyer’s social security number, federal tax identification number and/or passport number for purposes of reporting any interest earned on Buyer’s deposit account(s). Except as provided in Paragraph 14 Section 15 below, all interest earned from such on funds while they are held in Buyer’s deposit account(s) from the date of Seller's ’s acceptance of this Agreement shall be credited to Buyer's ’s account; provided that no interest shall be credited to Buyer Buyer’s account (i) for the period prior to Seller's ’s acceptance of this Agreement; or (ii) on funds held by Escrow for less than sixty (60) calendar days after Seller's ’s acceptance of this Agreement; or (iii) on funds held by Escrow during the sixty (60) calendar days immediately preceding the Scheduled Closing Date. Any interest earned on funds in escrow Escrow which is not required by the terms of this Agreement to be credited to the account of Buyer shall be paid to Seller. Buyer and Seller hereby jointly instruct Escrow pursuant to the provisions of §402-8 and HRS §449-16.5, Hawaii Revised Statutes, as amended, to credit the interest earned on all funds received by Escrow in accordance with this paragraphsection.

Interest on Funds Received and Held by Escrow. Buyer further agrees that all funds received by Escrow may be held together with other monies received by Escrow. If Buyer so elects, all such funds received by Escrow may be deposited into an interest bearing account or accounts in a federally insured bank or savings and loan institution selected by Seller, in its sole discretion, with its principal place of business in Honolulu, Hawaii. Buyer shall pay all costs and expenses incurred or charged by Escrow for the purpose of setting up, maintaining and closing such interest bearing account(s). In connection with and as a condition to the set set-up of any interest bearing account(s), Buyer shall provide Escrow with an executed W-9 Form to verify Buyer’s social security number, federal tax identification number and/or passport number for purposes of reporting any interest earned on Buyer’s deposit account(s). Except as provided in Paragraph 14 below, all interest earned from such account(s) from the date of Seller's acceptance of this Agreement shall be credited to Buyer's account; provided that no interest shall be credited to Buyer (i) for the period prior to Seller's acceptance of this Agreement; or (ii) on funds held by Escrow for less than sixty (60) calendar days after Seller's acceptance of this Agreement; or (iii) on funds held by Escrow during the sixty (60) calendar days immediately preceding the Scheduled Closing Date. Any interest earned on funds in escrow which is not required by the terms of this Agreement to be credited to the account of Buyer shall be paid to Seller. Buyer and Seller hereby jointly instruct Escrow pursuant to the provisions of §402-8 and §449-16.5, Hawaii Revised Statutes, as amended, to credit the interest earned on all funds received by Escrow in accordance with this paragraph.