Common use of Applicable Terms; Failure to Make Deposit Clause in Contracts

Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected to terminate this Agreement and, if Seller elects such option, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 5 contracts

Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Resource Real Estate Opportunity REIT, Inc.), Purchase and Sale Agreement (Grubb & Ellis Apartment REIT, Inc.)

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Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected to terminate this Agreement and, if Seller elects such option, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 3 contracts

Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust Inc), Purchase and Sale Agreement (Wells Real Estate Fund X L P), Purchase and Sale Agreement (Cornerstone Growth & Income REIT, Inc.)

Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on at the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Exhibit C. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Second Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected Seller may elect to terminate this Agreement Agreement, in which event the First Deposit shall be paid to Buyer and, if Seller elects such optionthereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Strategic Hotels & Resorts, Inc)

Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s 's option, Buyer shall be deemed to have elected to terminate this Agreement and, if Seller elects such option, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Brookdale Senior Living Inc.)

Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available fundsfunds for Escrow Agent to hold in accordance herewith. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on the at Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Exhibit C. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected Seller may elect to terminate this Agreement Agreement, in which event the First Deposit, if made, shall be paid to Buyer, and, if Seller elects such optionthereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (KBS Legacy Partners Apartment REIT, Inc.)

Applicable Terms; Failure to Make Deposit. The Deposit with respect to the Phase I Property shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on allocable to the Phase I Property at the Closing Date with respect to the Phase I Closing and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Exhibit C. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected Seller may elect to terminate this Agreement Agreement, and, if Seller elects such optionthereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Mack Cali Realty L P)

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Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available fundsfunds by wire transfer. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s option, Buyer Seller shall be deemed to have elected the right to terminate this Agreement andby written notice to Buyer given at any time prior to the time Buyer makes the Deposit, if Seller elects and following any such option, termination the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Inland American Real Estate Trust, Inc.)

Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on at the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13. Exhibit C. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected Seller may elect to terminate this Agreement Agreement, in which event the First Deposit (except for the Non-Refundable Deposit, which shall be paid to Seller), if made, shall be paid to Buyer and, if Seller elects such optionthereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Preferred Apartment Communities Inc)

Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on at the Closing Date and shall otherwise be held and delivered 7 by Escrow Agent in accordance with the provisions of Article 13. Exhibit C. Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Second Deposit as provided herein, at Seller’s option, Buyer shall be deemed to have elected Seller may elect to terminate this Agreement Agreement, in which event the First Deposit shall be paid to Buyer and, if Seller elects such optionthereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement.. 2.3

Appears in 1 contract

Samples: Purchase and Sale Agreement

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