Hard Deposit Sample Clauses
A Hard Deposit clause defines a portion of a deposit that becomes non-refundable once paid, regardless of whether the transaction closes. In practice, this means that after a specified point—such as the end of a due diligence period or upon contract execution—the buyer cannot recover this part of the deposit if they back out of the deal. This clause provides the seller with assurance of the buyer's commitment and compensates the seller for taking the property off the market, thereby discouraging frivolous offers and protecting the seller from potential losses if the buyer fails to complete the transaction.
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Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $175,000 of the Initial Deposit (the “Hard Deposit”) shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). The Hard Deposit shall be paid to Seller upon any termination of this Agreement by either party; provided, however, that Buyer shall be entitled to a return of the Hard Deposit in the case of a termination by Buyer: (I) under Section 3(b)(ii) (Seller Default), (II) prior to expiration of the Inspection Period under Section 6(b) (Title and Survey), (III) prior to expiration of the Inspection Period if Buyer provides evidence to Seller that Buyer is unable to obtain mortgage financing due to an environmental condition described in a Phase I environmental report prepared for Buyer or its prospective lender, (IV) prior to expiration of the Inspection Period, if Buyer requests permission to perform a Phase II environmental site assessment pursuant to a recommendation from Buyer’s environmental consultant and Seller refuses to grant permission for such intrusive physical testing, or (V) under Section 13 (Casualty) or Section 14 (Condemnation). This provision shall survive termination of this Agreement.
Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $300,000 of the Deposit (the “Hard Deposit”) shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). The Hard Deposit shall not be held by Escrow Holder but instead shall be delivered directly to Seller no later than one (1) business day after the Effective Date; provided, however, that Buyer shall be entitled to a return of the Hard Deposit from Seller in the case of a termination by Buyer under (I) Section 3(b)(ii) (Seller 3 Default), (II) Section 13(a) (Casualty) or (III) Section 14 (Eminent Domain). This provision shall survive termination of this Agreement.
Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $150,000 of the Initial Deposit (the “Hard Deposit”) shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). The Hard Deposit shall be paid to Seller upon any termination of this Agreement by either party; provided, however, that Buyer shall be entitled to a return of the Hard Deposit in the case of a termination by Buyer: (I) under Section 3(b)(ii) (Seller Default), Section 13 (Casualty) or Section 14 (Eminent Domain), (II) under Section 6(b) (Title and Survey), or (III) prior to expiration of the Inspection Period if Buyer provides commercially reasonable evidence to Seller that an environmental condition exists with respect to the Property that Buyer reasonably determines would (A) affect Buyer’s ability to sell the Property or (B) otherwise materially diminish the value of the Real Property. This provision shall survive termination of this Agreement.
Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that the Initial Deposit (the “Hard Deposit”) shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). The Hard Deposit shall be paid to Seller upon any termination of this Agreement by either party; provided, however, that Buyer shall be entitled to a return of the Hard Deposit in the case of a termination by Buyer: (I) under Section 3(b)(ii) (Seller Default), (II) prior to expiration of the Inspection Period under Section 6(b) (Title and Survey), or (III) prior to expiration of the Inspection Period if Buyer provides evidence verified by Seller that a material and adverse environmental condition exists with respect to the Property that would reasonably affect Buyer’s ability to finance, sell or operate the Property. This provision shall survive termination of this Agreement.
Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that the Initial Deposit shall be considered a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). The Initial Deposit shall be paid to Seller upon any termination of this Agreement by either party; provided, however, that Buyer shall be entitled to a return of the Initial Deposit (less the Independent Contract Consideration) in the case of a termination by Buyer: (I) under Section 3(b)(ii) (Seller Default), (II) prior to expiration of the Inspection Period under Section 6(b) (Title and Survey), (III) prior to expiration of the Inspection Period if Buyer provides satisfactory evidence to Seller that a Recognized Environmental Condition (as defined in ASTM standard E1527-13) (A) exists with respect to the Property and (B) either (1) was not previously disclosed in that certain Phase I Environmental Site Assessment for the Property, dated August 25, 2003, prepared by HBC/Terracon as Report No. 96037420 (the “Existing Environmental Report”), a copy of which Existing Environmental Report Buyer hereby acknowledges and confirms having received from Seller, or (2) has materially adversely changed since being disclosed in the Existing Environmental Report, (IV) under Section 5(a) if Seller refuses to allow intrusive physical testing that prohibits environmental assessment of the Property, (V) under Section 13 (Casualty), or (VI) under Section 14 (Eminent Domain).. This provision shall survive termination of this Agreement.
Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that the Initial Deposit (the “Hard Deposit”) shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(f). The Hard Deposit shall be paid to Seller upon any termination of this Agreement by either party; provided, however, that Buyer shall be entitled to a return of the Hard Deposit in the case of a termination by Buyer: (I) under Section 3(b)(ii) (Seller Default), (II) under Section 13(a)(Casualty), or (III) under Section 14 (Condemnation). This provision shall survive termination of this Agreement.
Hard Deposit. Buyer hereby acknowledges and agrees that the Initial Deposit shall be considered a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). Notwithstanding any provision herein to the contrary, the Initial Deposit shall be paid to Seller upon any termination of this Agreement by either party; provided, however, that Buyer shall be entitled to a return of the Initial Deposit in the case of a termination by Buyer: (I) under Section 3(b)(ii) (Seller Default), or (II) prior to expiration of the “Title, Survey, ESA Period” if Buyer is not satisfied with the Hard Deposit Due Diligence Deliveries in its sole discretion. For purposes of this Section, the “Hard Deposit Due Diligence Deliveries” shall mean: (i) the Title Commitment (as defined in Section 6(a)), together with copies of all documents referenced therein to the extent available in the public records; (ii) Seller’s existing survey of the Property; and (iii) Seller’s most recent environmental report(s) prepared for Seller with respect to the Property. Seller shall deliver to Buyer the Hard Deposit Due Diligence Deliveries within one (1) business day after the Effective Date. For purposes of this Section, the “Title, Survey, ESA Period” shall mean the period of time commencing on the Effective Date and expiring at 6:00 p.m. (Eastern) on the fifth (5th) business day after Buyer’s receipt of the Hard Deposit Due Diligence Deliveries. This provision shall survive termination of this Agreement.
Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that the Hard Deposit shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e); provided, however, that Buyer shall be entitled to a return by Seller of the Hard Deposit in the case of a termination by Buyer under Section 3(b)(ii) (Seller Default). This provision shall survive termination of this Agreement.