Construction Deposits Sample Clauses

Construction Deposits. Buyer agrees to deposit $ with Keystone Homes, Inc. for the construction of Home. The deposit (“Deposit”) will be credited toward the Purchase Price of Home at closing. Buyer agrees Deposit is not xxxxxxx money and is not refundable if Buyer does not close on Home by the Closing Date stated in Paragraph 3, Page 1 of this Agreement. This non-refundable Construction Deposit is not subject to the provisions of Paragraph 4 B of this Agreement. The Construction Deposit is not refundable regardless of whether the Buyer’s mortgage loan is approved or not approved as provided in Paragraph 4 B above. Construction Deposits are not subject to any VA or FHA amendments. If Seller does not receive Deposit within five (5) business days of Agreement acceptance, Seller may terminate Agreement. If Buyer uses Lender not on Seller’s approved list and Closing Date is delayed, other than a delay because Seller has not obtained a Certificate of Occupancy for Property, then Seller shall retain $50 per day of Deposit as liquidated damages. Any and all amounts retained by Seller because of Closing Date delays shall not be credited toward the Purchase Price of Property.
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Construction Deposits. The Construction Deposits are withheld by the Originator and will be paid out in case certain conditions are met. The Issuer and the Seller will agree in the Mortgage Receivables Purchase Agreement that the Issuer will be entitled to withhold from the Initial Purchase Price on the Closing Date an amount equal to the aggregate Construction Deposits on or around the Closing Date or, in case of a purchase and assignment of any New Mortgage Receivables, on the relevant Purchase Date. Such amounts will be deposited on the Construction Deposit Account. On or around each Mortgage Collection Payment Date, the Issuer will release from the Construction Deposit Account such part of the Initial Purchase Price which equals the positive difference between the balance standing to the credit of the Construction Deposit Account and the aggregate Construction Deposits and pay such amount to the Seller. Pursuant to the Mortgage Conditions in respect of the Mortgage Loans, Construction Deposits have to be paid out within 12 (in the case of existing Mortgaged Assets) to 18 months (in the case of newly built Mortgaged Assets). After such relevant period, if any remaining Construction Deposit is lower than EUR 5,000 it is paid to the Borrower and if it exceeds EUR 5,000, will be set-off against the relevant Mortgage Receivable, up to the amount of the remaining Construction Deposit, in which case the Issuer shall have no further obligation towards the Seller to pay the remaining corresponding part of the Initial Purchase Price and an amount equal to such part of the Initial Purchase Price will be debited from the Construction Deposit Account and will form part of the Available Principal Funds on the immediately succeeding Notes Payment Date. Receivables Proceeds Distribution Agreement: On or before the Closing Date, the Issuer will become a party to the Receivables Proceeds Distribution Agreement under which, inter alia, the Collection Foundation undertakes to transfer all amounts received on the Collection Foundation Account in respect of the Mortgage Receivables, to the Issuer Collection Account.
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Construction Deposits. Buyer acknowledges and agrees that (i) Seller (or Affiliates thereof, including without limitation the General Contractor) has provided (or, in Seller's sole discretion may provide) certain security and other deposits, sureties, bonds and/or other similar items in connection with the completion of the Construction Projects (collectively, “Construction Deposits”), including without limitation those set forth on Schedule 8.10 attached hereto, and (ii) the Seller shall be entitled to the entirety of any refund or return of any such Construction Deposits, and for the avoidance of doubt, such amounts shall not be prorated.
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Construction Deposits. 5.2.1 Unless otherwise agreed upon by the Parties and set forth In Exhibit B, Seller shall, upon execution of Exhibit B, deposit the estimated cost of Nevada's Facilities with Nevada. Seller's cost for the design and construction of that portion of Nevada's Facilities for which Seller has deposited the estimated cost with Nevada shall be adjusted to Nevada's actual cost after the facilities have been completed. If Seller's construction deposits exceed Nevada's actual cost, Nevada shall refund the excess deposits to Seller within sixty (60) days of the completion of those Facilities. If Nevada's actual cost exceeded Seller's construction deposits, Nevada shall render a bill to Seller for the excess cost.
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Related to Construction Deposits

  • Security Deposits The Owner hereby grants the Agent power to collect security deposits from the tenants on the Property. Returning said security deposit shall be the responsibility of the: (check one) ☐ - Agent for returning to vacating tenants. ☐ - Owner for returning to vacating tenants.

  • Initial Deposits On the Closing Date and on each Addition Date thereafter, the Servicer will deposit (in immediately available funds) into the Collection Account all Collections received after the applicable Cut-Off Date and through and including the Closing Date or Addition Date, as the case may be, in respect of Eligible Assets being transferred to and included as part of the Collateral on such date.

  • Escrow Deposits All escrow deposits and escrow payments currently required to be escrowed with the Mortgagee pursuant to each Mortgage Loan (including capital improvements and environmental remediation reserves) are in the possession, or under the control, of the Mortgage Loan Seller or its servicer, and there are no delinquencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required under the related Mortgage Loan documents are being conveyed by the Mortgage Loan Seller to the Depositor or its servicer (or, in the case of a Non-Serviced Mortgage Loan, to the related depositor under the Non-Serviced PSA or Non-Serviced Master Servicer for the related Non-Serviced Trust).

  • BIDDING DEPOSIT Subject to Clause 5.1 below, all intending bidders shall deposit with the Auctioneer, prior to the auction sale, a bank draft or cashier’s order drawn in favour of AmBank (M) Berhad for the a/c of IKHMAS JAYA SDN BHD, a Bidding Deposit equivalent to ten per cent (10%) of the Reserve Price or a minimum of RM2,000.00 whichever is higher. Online Bidders are subject to the provisions of Clause(s) 2.4, 2.5 and 2.6 of the Terms and Conditions on xxxx.xxxxxxxx.xxx.xx for the manner of payment of the deposit.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”).

  • Additional Deposits (a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables.

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

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