Common use of Disposition of Xxxxxxx Money Clause in Contracts

Disposition of Xxxxxxx Money. In the event of a termination of this Agreement by either Seller or Purchaser, Title Company is authorized to deliver the Xxxxxxx Money to the party hereto entitled to same pursuant to the terms hereof on or before the fifth (5th) business day following receipt of written notice of such termination by the Title Company and non-terminating party from the terminating party, unless the non-terminating party notifies the Title Company that it disputes the right of the terminating party to receive the Xxxxxxx Money. In such event, the Title Company shall have the right to interplead the Xxxxxxx Money into a court of competent jurisdiction in Davidson County, Tennessee. All attorneys' fees and costs and Title Company's costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution. Notwithstanding the foregoing, in the event this Agreement is terminated and Purchaser is entitled to receive the Xxxxxxx Money, Title Company is not authorized to deliver the Xxxxxxx Money to Purchaser unless and until Purchaser deposits with Title Company, Purchaser's written certification, addressed to Seller and Title Company, that Purchaser has delivered to Seller the Purchaser's Information together with a waiver of any and all of Purchaser's claims against Seller in connection with this Agreement.

Disposition of Xxxxxxx Money. The Xxxxxxx Money shall be applied as a credit to the Purchase Price at Closing (as hereinafter defined). However, if Buyer elects to terminate (or is deemed to have terminated) this Agreement prior to the expiration of the Inspection Period (as hereinafter defined) as permitted under this Agreement (except as otherwise contemplated in Section 4.02), the Title Company shall pay the entire Xxxxxxx Money to Buyer one (1) Business Day following the termination (or deemed termination) of this Agreement, and no notice to or approval from Seller shall be required for such payment of the Xxxxxxx Money to Buyer and Seller waives any right to dispute or delay the disbursement of the Xxxxxxx Money to Buyer in this event. In the event of a termination of this Agreement by either Seller or PurchaserSeller, the Title Company is authorized to deliver the Xxxxxxx Money to the party hereto entitled to same pursuant to the terms hereof on or before the fifth (5th) business day Business Day following receipt by the Title Company and Buyer of written notice of such termination by the Title Company and non-terminating party from the terminating party, unless the non-terminating party Buyer notifies the Title Company that it disputes in good faith the right of the terminating party Seller to receive the Xxxxxxx Money. In the event of such eventa dispute, the Title Company shall have the right to may interplead the Xxxxxxx Money into a court of competent jurisdiction in Davidson County, Tennesseethe county in which the Xxxxxxx Money has been deposited. All attorneys' ’ fees and costs and the Title Company's ’s costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money Money, or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution. Notwithstanding the foregoing, in the event this Agreement is terminated and Purchaser is entitled to receive the Xxxxxxx Money, Title Company is not authorized to deliver the Xxxxxxx Money to Purchaser unless and until Purchaser deposits with Title Company, Purchaser's written certification, addressed to Seller and Title Company, that Purchaser has delivered to Seller the Purchaser's Information together with a waiver of any and all of Purchaser's claims against Seller in connection with this Agreement.

Disposition of Xxxxxxx Money. In the event of a termination of this Agreement Contract by either Seller Sellers or Purchaser, the Title Company is authorized to deliver the Xxxxxxx Money to the party hereto entitled to same pursuant to the terms hereof on or before the fifth tenth (5th10th) business day following receipt by the Title Company and the nonterminating party of written notice of such termination by the Title Company and non-terminating party from the terminating party, unless the non-terminating other party hereto notifies the Title Company that it disputes the right of the terminating other party to receive the Xxxxxxx MoneyMoney prior to the expiration of such ten (10) day period; provided, however, in the event Purchaser delivers a Termination Notice in accordance with Section 3.3 hereof, the Title Company shall immediately return the Xxxxxxx Money to Purchaser in accordance with Section 3.3. In such event, event the Title Company shall have the right to hold such funds until it receives further mutual direction from Sellers and Purchaser or to interplead the Xxxxxxx Money into a court of competent jurisdiction in Davidson County, Tennesseethe county in which the Property is located. All attorneys' fees and costs and expenses of the Title Company's costs and expenses Company incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money in the event that such Xxxxxxx Money is interplead or otherwise pursuant to a court order or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution. Notwithstanding the foregoing, in the event this Agreement is terminated and Purchaser is entitled to receive the Xxxxxxx Money, Title Company is not authorized to deliver the Xxxxxxx Money to Purchaser unless and until Purchaser deposits with Title Company, Purchaser's written certification, addressed to Seller and Title Company, that Purchaser has delivered to Seller the Purchaser's Information together with a waiver of any and all of Purchaser's claims against Seller in connection with this Agreement.

Disposition of Xxxxxxx Money. In the event of a termination of this Agreement by either Seller or Purchaser, Title Company is authorized to deliver delver the Xxxxxxx Money to the party hereto entitled to same pursuant to the terms hereof on or before the fifth seventh (5th7th) business day following receipt of written notice of such termination by the Title Company and non-terminating party from the terminating party, unless the non-terminating party not receiving the Xxxxxxx Money notifies the Title Company that it disputes the right of the terminating other party to receive the Xxxxxxx Money. In such event, event the Title Company shall have the right to interplead the Xxxxxxx Money into a court of competent jurisdiction in Davidson Xxxxxx County, TennesseeTexas. All attorneys' ’ fees and costs cost and Title Company's ’s costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution. Notwithstanding the foregoing, in the event this Agreement is terminated and Purchaser is entitled to receive the Xxxxxxx Money, Title Company is not authorized to deliver the Xxxxxxx Money to Purchaser unless and until Purchaser deposits with Seller notifies Title Company, Purchaser's written certification, addressed to Seller and Title Company, Company in writing that Purchaser it has delivered to Seller received the Purchaser's Information together with a waiver ’s Information. Seller agrees to deliver such notice promptly following its receipt of any and all of the Purchaser's claims against Seller in connection with this Agreement’s Information.