FUND IMPOUND AGREEMENT
NAME OF ISSUER: Micro Interconnect Technology, Inc.
ESCROW NUMBER: DATE FILED:
EXPIRATION DATE:
THE OFFICERS AND DIRECTORS OF Micro Interconnect Technology,
Inc. HEREBY AGREES TO DELIVER, BY NOON OF THE BUSINESS DAY
AFTER RECEIPT, and with names and addresses of investors at
time deposit is made, funds to be applied to an escrow account
in the amount of:
TO: ST. MARYS BANK $300,000
Bank Name Amount
000 Xxxxxxx Xxxxxx, Xxxxxxxxxx,XX 00000
Address City & State Zip Code
As escrow agent, the papers, money, or property hereinafter
described, to be held and disposed of by said escrow agent in
accordance with the duties, instructions, and upon the terms
and conditions hereinafter set forth to which the undersigned
hereby agree:
1. Above named bank (hereinafter called the "Bank") is not a
party to, or bound by any agreement which may be evidenced
by or arises out of the following instructions.
2. The Bank and its officers, agents, and employees, act
hereunder as a depository only, and are not responsible or
liable in any manner whatever for serving as escrow agent
in this matter or for the sufficiency, correctness,
genuineness or validity of any instrument deposited with
it hereunder, or with respect to the form or execution of
the same, or the identity, authority, or rights of any
person executing or depositing the same.
3. The Bank shall not be required to take or be bound by
notice of any default by any person, or to take any action
with respect to such default involving any expense or
liability, unless notified in writing is given an officer
of the Bank of such default by the undersigned or any of
them, and unless it is indemnified in a manner
satisfactory to it against any such expense or liability.
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4. The Bank shall be protected in acting upon any notice,
request, waiver, consent, receipt or other paper or
document believed by the Bank to be genuine and to be
signed by the proper party or parties.
5. The Bank shall not be liable for any error in judgment or
for any act done or step taken or omitted by it in good
faith or for any mistake or fact or law, or for anything
which it may do or refrain from doing in connection
herewith, except its own willful misconduct.
6. The Bank shall not be answerable for the default or
misconduct of any agent, attorney, or employee acting on
behalf of the Issuer.
7. In the event of any disagreement between the
undersigned(s)or any of them, and/or the person or persons
named in the foregoing instructions, and/or any other
person, resulting in adverse claims and demands being made
in connection with or for any papers, money or property
involved herein or affected hereby, the Bank shall be
entitled at its option to refuse to comply with any such
claim or demand, so long as such disagreement shall
continue, and in so refusing the Bank may make no delivery
or other disposition of any money, papers or property
involved herein or affected hereby and in so doing the
Bank shall not be or become liable to the undersigned or
any of them or to any person named in the foregoing
instructions for its failure or refusal to comply with
such conflicting or adverse demands; and the Bank shall be
entitled to continue so to refrain and refuse so to act
until:
a. The rights of the adverse claimants have been finally
adjudicated in the court assuming and having
jurisdiction of the parties and the money, papers and
property involved herein or affected hereby an/or
b. All differences shall have been adjusted by agreement
and the Bank shall have been notified thereof in
writing signed by all of the interested parties.
8. The papers, documents, money or property subject to this
escrow (if other than already named) are as follows:
Including such items as may be described on attached
schedules.
9. The other duties of the Bank under the terms of this
agreement are as follows:
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10. The Bank will be named as depository only and has not
passed in any way upon the merits or qualifications of the
security and makes no recommendation with regard to its
purchase. The Bank does not authorize the use of its name
by any person for the promotion or sale of the security
11. Special requirements:
12. Fees for the usual services of the Bank under terms of
this agreement are set forth below, All such fees shall be
computed on a fiscal or calendar year period adjusted for
any fractional part thereof except that a fee for any
period shall not be less than the minimum fee indicated.
a. In the event the fees charged and due the Bank remain
unpaid for a period of one year, the bank shall have
the right, and is hereby authorized in its role and
absolute discretion to discontinue the escrow,
terminate all duties hereunder, close all accounting or
other records, and to destroy all documents, records
and files or to retain such items in a dormant account
status subject to the escheat laws of the State of New
Hampshire.
b. All fees charged shall be paid as follows:
c. The initial escrow fee shall be $0.00
d. The minimum escrow fee shall be $0.00 PER DEPOSIT
e. For fee for any check issued in refunding to
subscribers see(13b.
f. In addition to the escrow fee paid or agreed upon at
the inception of this escrow, the parties agree to pay
a reasonable compensation for any extra services
rendered or incurred by the Bank including a reasonable
attorney's fee if disputes arise or litigation is
threatened or commences which requires the Bank to
refer such dispute to its attorneys.
13. If a minimum of $300,000 is not deposited with the Bank by
the date nine months after the effective date of the
Offering or within an additional period of sixty days if
extended by the Company.
a. Issuer shall request termination of escrow and the Bank
shall refund to investors the full amount of
investment.
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b. Issuer agrees to pay a fee of $2.00 per check for
this service if returned to investors or $2.00
for one check made to Micro Interconnect Technology,
Inc.
14. When 100% or more has been deposited with the escrow
agent, and all escrow requirements have been met, the
issuer shall request a release from the Bank setting forth
how funds are to be released pursuant to the terms of the
offering.
15. After release of escrow, the duties, responsibilities and
liability of every kind and character under the escrow
agreement shall cease and terminate.
ISSUER:
Micro Interconnect Technology, Inc.
/s/ N. Xxxxxx Xxxx
N. Xxxxxx Xxxx, President
BANK:
ST Marys Bank
by /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
its Business Development Specialist
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