Common use of Conditions of Escrow Clause in Contracts

Conditions of Escrow. The following conditions shall apply to the account contemplated under this Agreement. a. City Administrative hourly rates for processing applications shall be determined at two times the normal hourly rate including all benefits and overhead incurred by the City. b. Payment shall be made to City consultants, including but not limited to engineering, legal and planning, in the amounts actually billed to the City, according to the customary consulting rates in effect at that time. Such consulting services or costs shall reasonably and necessarily relate to the subject matter of the applications for payment as determined by the City. c. The City shall not be responsible for paying interest on the money deposited under this agreement. d. If in the discretion of the City, there is deemed to be an inadequate balance in the deposit account to pay for all the fees and costs incurred by the City, the City will notify the Applicant and Owner of the need for additional deposits. The Applicant and/or Owner agree to make such additional deposit within ten (10) days of receipt of such notice. For purposes hereof, receipt shall be deemed made upon the depositing of the notice in the U. S. Mail, postage paid.