REMEDIATION ESCROW FUND. (a) At Closing, Escrow Agent shall withhold from the portion of the Purchase Price paid to Seller at Closing and deposit in an interest bearing escrow account funds to guarantee Seller's obligations in Sections 4.3 and 5.3 and 5.4 of the Agreement and Sections 12 and 20 of the Reservation Conditions (the "Remediation Escrow Fund"). The amount of the funds to be deposited in the Remediation Escrow Fund shall be equal to Xxxxx's estimate of the cost of Remediation of Deferred Parcels.
REMEDIATION ESCROW FUND. On or before October 1, 2012, Purchasers will deposit the Remediation Escrow Amount with the Escrow Agent to be used to reimburse the Seller for costs related to remediation of the J Parcel and as described in Section 5.2 of the Settlement Agreement such additional amounts of up to $500,000 as may be required in Section 5.2.2 of the Settlement Agreement, which together with any and all interest or profit thereon, shall be referred to as the “Remediation Escrow Fund.”
REMEDIATION ESCROW FUND. (i) Unless the City delivers a written Dispute Notice to the Escrow Agent within ten (10) Business Days after receipt of Reimbursement Request, on the first Business Day following the date that is thirty (30) calendar days from receipt of the Reimbursement Request, the Escrow Agent agrees to distribute to Seller from the Remediation Escrow Account the amount requested in the Reimbursement Request. If a Dispute Notice from the City is timely delivered by the City, the Escrow Agent shall distribute to Seller from the Remediation Escrow Account any undisputed amounts requested in the Reimbursement Request on the first Business Day following the date that is thirty (30) calendar days from receipt of the Reimbursement Request and to hold the balance of the amount requested pending receipt of joint instructions from the parties as set forth below.
