Common use of Escrow Provision Clause in Contracts

Escrow Provision. Applicant agrees to establish and escrow in the initial amount of $1,000.00 with the Village from which the consultants fees will be paid. The escrow will be separately accounted for, will not bear interest, and will be replenished, if its balance falls below 25% of the initial escrow, upon notification by the Village in increments of up to 50% of the original escrow within 10 days of request by Village. Any additional sums needed to pay the Village's consultants shall be paid prior to final action on the application and issuance of certificates of compliance and certificates of occupancy. The Village may suspend processing the application and any required inspections if there is a deficiency in the escrow. The applicant shall be entitled to examine the escrow billing (unless containing confidential information, which such confidential information shall be redacted) and payment records upon written notice to the village. In the event of a dispute, such dispute shall be governed by the Village Taxpayer Protection Act Local Law No. 6-2012 Paragraph 4. Any unused escrow amounts will be returned to the Applicant within 60 days of final approval or issuance of Certificate of Occupancy or Compliance.

Escrow Provision. Applicant agrees to establish and escrow in the initial amount of $1,000.00 $ with the Village from which the consultants fees will be paid. The escrow will be separately accounted for, will not bear interest, and will be replenished, if its balance falls below 25% of the initial escrow, upon notification by the Village in increments of up to 50% of the original escrow within 10 days of request by Village. Any additional sums needed to pay the Village's consultants shall be paid prior to final action on the application and issuance of certificates of compliance and certificates of occupancy. The Village may suspend processing the application and any required inspections if there is a deficiency in the escrow. The applicant shall be entitled to examine the escrow billing (unless containing confidential information, which such confidential information shall be redacted) and payment records upon written notice to the village. In the event of a dispute, such dispute shall be governed by the Village Taxpayer Protection Act Local Law No. 6-2012 Paragraph 4. Any unused escrow amounts will be returned to the Applicant within 60 days of final approval or issuance of Certificate of Occupancy or Compliance.