5. Investment of deposit pending completion

The Seller and the Buyer authorise and direct that the deposit shall be invested by the Stakeholder with [1] and the interest accrued thereon shall be distributed as follows:

(a) if the contract is completed then the Seller and the Buyer shall be entitled to such interest equally;
(b) if the contract is rescinded or terminated as a result of the default of the Buyer then the Seller shall be entitled to the whole of such interest;
(c) if the contract is rescinded or terminated other than as a result of the default of the Buyer then the Buyer shall be entitled to the whole of such interest.

Legend
[1] bank or building society where monies to be placed or invested.

NOTE: If agent is the stakeholder investing the deposit then it must be for a minimum of sixty (60) days. If solicitor is the Stakeholder investing the deposit then no time limitation.