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<br />"'~lll ~l 'r"'Mn~ <br /> <br />,I I-~~-" ' g'w~~M , <br /> <br />~......,........,... <br /> <br />. <br /> <br />. <br /> <br />so as to vest in HeWUA the amounts of such water right to which HCWUA may be entitled under <br />paragraphs 3.1 and 7.2 of the Setllcmmt Agreement. <br /> <br />2. Allocation and Investment of Escrow Account. Funds delivered by HCWUA shall <br />be d~osited into a separate interest-bearing accuunt (the "Escrow M.count"). The principal of thc <br />Escmw Account is considered a public deposit within the meaning of the Public Deposit Protection <br />Act, ~~ I I-IO.SIOI ~,C,R,.S, (Supp. 1996), and shall be subject to the protection of such Act. <br />Any interest accrued n-om the Escrow Account shall be deposited and reinvested in a separate <br />account (the "Interest Accoun1'1. <br /> <br />3. Disbursements. <br /> <br />3.1, Escrow Agmt shall disburse funds from the Interest Account in accordancc <br />with the written inStructiOlls of an authoriZed officer of HeWUA. HCWUA may direct <br />disbursement of funds from Lbe Interest Account for any purpose, including without limitation <br />payment of lease payments tu the Contracting Shareholders or payments to Reid Cattle Company, <br /> <br />3.2. Upon written instruction by an authorized officer of HCWUA for any <br />disbursements from lhe Interest Account, and, additionally, with the written consent and rei case of <br />the eWeB for allY disbursements from the Escrow Account, Escrow Agent shall disburse funds <br />n-om the Escrow Account or the Interest Accotmt to the eontractinS Shareholders or their assigns <br />(including a qualified intennedilll)' under IRe ~ 1031), pro rata to their respective percentage <br />intercsts ill Bux Springs, as set fOM in Schedule 1, for the purposes of allowing HCWUA to lease:: <br />the HCWUA Box Springs Water Right under the Water Lease, Pursuant to the Watcr Lease, the <br />totallll1JOWllllllllually paid by HCWUA ~ rentAl to the Contracting Shareholders or IRC 9 1031 <br />qualified Intermediaries shall be $16,000 for each ot' calendar years 1997 and 1998, $25,000 In <br />calendar year 1999, llnd 530,000 in any year thereafter. No rental payment shall be disbursed from <br />the Escrow """aunt after Escrow Agent receives notice from HCWUA that the Water Leasc hu <br />been terminated, As provided in the CWCBfHCWUA Loan Contract, HCWUA may use up to <br /> <br />-3- <br /> <br />fl" " <br />