Common use of Additional Purchase Consideration Clause in Contracts

Additional Purchase Consideration. Purchaser shall pay Seller an additional Ten Million, Five Hundred Thousand and No/100 Dollars ($10,500,000.00) paid upon sale of homes or equivalent dwelling units evidenced by the sale of a home by the builder of that home to a homeowner as evidenced by the water meter no longer being in the homebuilder’s name within the Subject Territories (Schedule 2,3.2) after April 14,2005, to be paid as follows unless the Initial Payment Date has not occurred: (a) $2,500,000 paid upon the Sale of 2,500 Homes; and, (b) $3,750,000 at the Sale of an additional 2,500 Homes; and, (c) $4,250,000 at the Sale of an additional 5,000 Homes. If the Initial Payment Date has not occurred at the time that any payment in this section 2.3.2 becomes due and owing, such payment shall be deferred at GWR’s election and made at the time of payment of the Initial Purchase Price with interest at 7.5% annualized from the date such payment would have been due until the payment is made.

Additional Purchase Consideration. Purchaser shall pay Seller an additional Ten Million, Five Hundred Thousand and No/100 Dollars ($10,500,000.00) paid upon sale of homes or equivalent dwelling units evidenced by the sale of a home by the builder of that home to a homeowner as evidenced by the water meter no longer being in the homebuilder’s name within the Subject Territories (Schedule 2,3.22.3.2) after April 14,200514, 2005, to be paid as follows unless the Initial Payment Date has not occurred: (a) $2,500,000 paid upon the Sale of 2,500 Homes; and, (b) $3,750,000 at the Sale of an additional 2,500 Homes; and, (c) $4,250,000 at the Sale of an additional 5,000 Homes. If the Initial Payment Date has not occurred at the time that any payment in this section 2.3.2 becomes due and owing, such payment shall be deferred at GWR’s election and made at the time of payment of the Initial Purchase Price with interest at 7.5% annualized from the date such payment would have been due until the payment is made.