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(B) A delayed like kind exchange, whereby the
purchase price shall be paid by Buyer to
Coastal Savings Bank of Portland, Maine (the
“Escrow Agent”), as escrow holder, for a term
of one hundred eighty (180) days after
settlement (the “Exchange Period”) and the
deed conveyed to Buyer and the settlement
otherwise consummated as elsewhere herein
provided. The entire purchase price shall be
held by the Escrow Agent in an interest-
bearing account. Within forty-five (45) days
of the settlement (the “Designation Period”),
the Sellers may designate in writing the
Exchange Property to be acquired by Buyer
with the escrowed money, the costs of which
are to be paid from the escrowed money. If
the Sellers fail to designate an Exchange
Property within the Designation Period, then
upon the expiration of the Designation
Period, the Escrow Agent shall pay to the
Sellers the escrowed money and all interest
accrued thereon. If the Sellers designate
the Exchange Property during the Designation
Period, but the Exchange Property is not
transferred to the Sellers before the end of
the Exchange Period, then upon termination of
the Exchange Period, the Escrow Agent shall
pay to the Sellers the escrowed money and all
interest accrued thereon. The Sellers shall
have no right to receive the escrowed money
or interest accrued thereon prior to the
earlier of (i) settlement on the Exchange
Property, (ii) termination of the Designation
Period without the Sellers having designated
the Exchange Property, or (iii) termination
of the Exchange Period. All funds remaining
in the escrow upon termination of the
Exchange Period or after settlement on the
Exchange shall, after paying the Exchange
Price, be paid to the Sellers.
(C) Any other arrangement mutually satisfactory
to the Sellers and Buyer whereby the Exchange
Property is conveyed to the Sellers and the
Property is conveyed to Buyer.
Two checks in the amount of $390,500.30, made payable to the
order of Coastal Savings Bank-Escrow Agent (escrow agent), were
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Last modified: May 25, 2011