Common use of Additional Escrow Clause in Contracts

Additional Escrow. a. The Escrow deposit is an estimate of the professional review fees that will be incurred (Engineering, Legal, Planning, Stenographic, etc.) by the Board to review the Application for Development. These Escrows are established on the basis of the Applicant submitting completed Applications and Plans in conformance with applicable Ordinance Provisions. Any further submissions required on behalf of the Applicant shall be deemed re-submissions, and the Applicant shall be required to post additional fees totaling 50% of the original escrow deposit for each plan submitted after the original submittal. b. If, as a result of the Applicant’s failure to replenish the escrow account, the account contains insufficient sums to pay current plus anticipated additional review fees, the Board will not conduct further hearings on the application until the applicant replenishes the escrow account as directed. In addition, the Applicant’s failure to replenish the escrow account will be deemed an extension of the Board’s time to act on the application or, the Board may deny the application without prejudice.