A Utah Fund Impound Agreement is a legal contract between a lender and borrower agreeing to the terms of an escrow account. The funds will be held in this account and used to cover specific costs related to the loan. There are two types of Utah Fund Impound Agreement; a single-loan agreement and a multi-loan agreement. The single-loan agreement is used to cover all costs associated with a single loan, whereas a multi-loan agreement covers all costs associated with multiple loans. The agreement states that the lender will hold the funds in an escrow account and use them to pay taxes, insurance, and other loan related costs. Both parties are required to sign the agreement and the borrower must provide proof of insurance before the funds can be released. The agreement also outlines how the funds will be disbursed and when payments will be due.