Common use of Release of the Funds Clause in Contracts

Release of the Funds. Escrow Agent shall hold the Funds for the following: A. On receipt of written instructions from two officers of the Developer directing Escrow Agent to disburse the Funds to the service provider for performance of the Improvements in Exhibit A, the Escrow Agent shall disburse the Fund as directed in such notice. B. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before March 31, 2024 (“End Date”), Escrow Agent shall continue to hold the Funds until the first of the following events: i. Receipt by Escrow Agent of joint written instructions from Depositor and Developer to disburse the Funds to a Service provider (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); ii. Return of the Funds by Escrow Agent to the Depositor with 5% per annum interest if the Depositor elects to cancel the Deposit Agreement at the End Date, subject to reasonable processing time not to exceed six (6) months and/or; iii. Release of Funds to the Community when the Depositor enters into a Lease Agreement with the Community.

Release of the Funds. Escrow Agent shall hold the Funds for the following: A. On receipt of written instructions from two officers of the Developer directing Escrow Agent to disburse the Funds to the service provider for performance of the Improvements in Exhibit A, the Escrow Agent shall disburse the Fund as directed in such notice. B. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before March 31, 2024 2025 (“End Date”), Escrow Agent shall continue to hold the Funds until the first of the following events: i. Receipt by Escrow Agent of joint written instructions from Depositor and Developer to disburse the Funds to a Service provider (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); ii. Return of the Funds by Escrow Agent to the Depositor with 5% per annum interest if the Depositor elects to cancel the Deposit Agreement at the End Date, subject to reasonable processing time not to exceed six (6) months and/or; iii. Release of Funds to the Community when the Depositor enters into a Lease Agreement with the Community.

Release of the Funds. Escrow Agent shall hold the Funds for the following: A. On receipt of written instructions from two officers of the Developer directing Escrow Agent to disburse the Funds to the service provider for performance of the Improvements in Exhibit A, the Escrow Agent shall disburse the Fund as directed in such notice. B. In the event Escrow Agent does not receive joint written instructions under Section 3(A), above, on or before March 31, 2024 (“End Date”), Escrow Agent shall continue to hold the Funds until the first of the following events: i. Receipt by Escrow Agent of joint written instructions from Depositor and Developer to disburse the Funds to a Service provider (upon receipt of such notice, Escrow Agent shall make the disbursement as directed in the notice); ii. Return of the Funds by Escrow Agent to the Depositor with 5% per annum interest if the Depositor elects to cancel the Deposit Agreement at the End Date, subject to reasonable processing time not to exceed six (6) months and/ormonths; iii. Release of Funds to the Community when the Depositor enters into a Lease Agreement with the Community.