Common use of ESCROW ESTABLISHED Clause in Contracts

ESCROW ESTABLISHED. Applicant, Board and Township, in accordance with the provisions of this agreement, hereby create an escrow to be established with the Treasurer of the Township of Burlington and to be maintained in a banking institution or savings and loan association in this State insured by an agency of the federal government, or in any other fund or depository approved for such deposits by the State, in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits.