Common use of Investment of Escrowed Funds Clause in Contracts

Investment of Escrowed Funds. Escrow Agent shall invest the Escrowed Funds, from time to time, in 30-day United States Treasury obligations or certificates of deposit having a maturity not to exceed 30 days, any governmental mutual funds, or such other investments jointly designated in writing by Buyer and Seller. The proceeds of all investments made hereunder shall be distributed in accordance with this Agreement. Escrow Agent shall deliver monthly statements to Buyer and Seller in accordance with Escrow Agent's regular practice; the parties hereby agree that, except for the foregoing, Escrow Agent shall have no obligations to monitor, or advise the parties with respect to, such investments. All interest or other income earned on the Escrow Funds shall be paid to Buyer on a monthly basis.

Investment of Escrowed Funds. Escrow Agent shall invest the Escrowed Funds, from time to time, in 30-day United States Treasury obligations or certificates of deposit having a maturity not to exceed 30 days, any governmental mutual funds, or such other investments jointly designated in writing by Buyer and Seller. The proceeds of all investments made hereunder shall be distributed in accordance with this Agreement. Escrow Agent shall deliver monthly statements to Buyer and Seller in accordance with Escrow Agent's regular practice; the parties hereby agree that, except for the foregoing, Escrow Agent shall have no obligations to monitor, or advise the parties with respect to, such investments. All interest or other income earned on the Escrow Funds shall be paid to Buyer Seller on a monthly basis.