Construction Deposit. Upon the execution hereof, Buyer shall deposit the Construction Deposit with Seller. The Construction Deposit shall be used by Seller, in its sole and absolute discretion, to pay for the construction of improvements on the Premises. Seller shall hold the Construction Deposit in its general account and may commingle such funds with other funds. The Construction Deposit is used to pay for the Premises and for items selected by Buyer, and is therefore not part of any appraisal contingency. If items being paid for by the deposit are reflected in the Purchase Price, the Construction Deposit shall be credited to Buyer at Closing.
Appears in 3 contracts
Sources: Real Estate Purchase Agreement, Real Estate Purchase Agreement, Real Estate Purchase Agreement