Common use of Earnest Money Clause in Contracts

Earnest Money. 3.▇ ▇▇▇n execution of this Contract, Purchaser shall deposit with American Title Company located at 4950 Westgrove, Suite ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ Ann Sutton (hereinaft▇▇ ▇▇▇▇▇▇▇d to as the "Title Company"), cash in the amount of $25,000.00 (the "Initial Deposit") to assure prompt observance of this Contract by Purchaser. 3.2 On the date of the expiration of the Inspection Period (as that term is defined in Paragraph 6.1 herein) and if Purchaser has not terminated this Contract pursuant to Paragraph 6.1 herein, then Purchaser shall deposit an additional Twenty-Five Thousand Dollars ($25,000.00) as earnest money with th▇ ▇▇▇▇▇ Company (the "Additional Deposit"). The Additional Deposit together with the Initial Deposit shall be collectively referred to herein as the "Earnest Money Deposit". 3.3 The Earnest Money Deposit ▇▇▇▇▇ be deposited by the Title Company and placed in an interest bearing account. All interest accruing thereon shall be for the benefit of Purchaser. 3.4 The Earnest Money Deposit ▇▇▇▇▇ apply to the Purchase Price at Closing.