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f~ 3. Buyer shall submit the State approval to the Escrow Agent in the manner and within the time specified in paragraph 2 herein. 4. Upon timely Buyer's notification, as provided in paragraph 2 herein, and timely submittal of the State approval, as specified in paragraph 3 herein, Escrow Agent shall prepare a certified check, made payable to the Seller, for the amount of the principal and the interest accumulated in the escrow account. The Escrow Agent shall attend the closing at the time and place designated in Buyer's notification and shall, upon further instruction by Buyer to be given at the closing, deliver said certified check to the Seller. 5. Within ten (10) days of Buyer's written notification by certified or registered mail that it will not exercise its option, the Escrow Agent shall disburse the funds in the escrow account as follows: a. The principal in the amount of $ shall be paid directly to the Board by certified check sent to: [BOARD ADDRESS] b. The interest accumulated on the principal shall be paid to the Seller by certified check sent to: [SELLER'S ADDRESS] . 6. If no written notification as set forth in paragraphs 2 and 4 herein or as set forth in paragraph 5 herein is received by the Escrow Agent by October 16, 1996, the Escrow Agent shall .disburse the funds in escrow as provided in paragraph 5 herein. The Escrow Agent shall make such disbursement by no later than October 25, 1996. 7. If not sooner terminated pursuant to the provisions of paragraph 5, this Escrow Agreement shall terminate on October 16, 1996, unless extended by amendment. 8. Any of the terms and conditions of this Escrow Agreement may be changed, amended or modified only pursuant to written agreement executed by the Buyer and the Seller, provided that no such change, amendment or modification shall increase the duties or obligations of the Escrow Agent without the written consent of said Escrow Agent. 9. The Escrow Agent shall be liable as a depository only and shall not be responsible for the sufficiency or accuracy of the form, execution or validity of documents deposited hereunder, or any description of property or other thing herein, nor shall it be liable in any respect on account of the identity, authority or 2