Common use of Payment of Escrow Amount Clause in Contracts

Payment of Escrow Amount. The Purchaser hereby delivers to, and the Escrow Agent hereby acknowledges receipt of payment from the Purchaser, the amount of $148,000.00 payable to the Escrow Agent. The Escrow Agent shall forthwith invest the said sum of $148,000.00 in an interest bearing U.S. dollar account with the Bank of Montreal. Such sum of $148,000.00, together with interest accrued thereon during the term of this Agreement, less any payments made as contemplated by this Agreement, is hereinafter referred to as the “Escrow Amount”.