Common use of Non-Refundable Payment Clause in Contracts

Non-Refundable Payment. On the Contract Date, as consideration for Seller’s agreement to enter into this Agreement and as a condition precedent to the effectiveness of this Agreement, Purchaser shall deliver directly to Seller, by wire transfer, immediately available funds in the amount of One Hundred Dollars ($100) (the “Non-Refundable Payment”). The Non-Refundable Payment shall be fully earned and retained by Seller immediately upon receipt and, notwithstanding any provisions of this Agreement to the contrary, the Non-Refundable Payment shall not be returned to Purchaser in any circumstance except if Closing fails to occur solely due to a material default by Seller under this Agreement. On the Closing Date, the amount of the Non-Refundable Payment, without interest, shall be applied to the Purchase Price. The Non-Refundable Payment shall not constitute a part of the Deposit. Purchaser acknowledges that Seller would not have entered into this Agreement had Purchaser not made the bargained for Non-Refundable Payment to Seller on the terms set forth in this Section 2.2.

Non-Refundable Payment. On A portion of the Contract Date, as consideration for Seller’s agreement to enter into this Agreement and as a condition precedent to the effectiveness of this Agreement, Purchaser shall deliver directly to Seller, by wire transfer, immediately available funds Initial Deposit in the amount of One Hundred Dollars ($100) (the “Non-Refundable Payment”)) shall serve as independent consideration for Seller’s execution of this Agreement and agreement to sell the Property to Purchaser on and subject to the terms and conditions of this Agreement, including, without limitation, the grant to Purchaser of the right to conduct its due diligence investigations of the Property. The Non-Refundable Payment shall be fully earned and retained immediately released to Seller by Seller immediately upon receipt Title Company and, notwithstanding any provisions of this Agreement to the contrary, the Non-Refundable Payment shall not be returned to Purchaser in any circumstance except if Closing fails to occur solely due to a material default by Seller under this Agreement. On the Closing Date, the amount of the Non-Refundable Payment, without interest, shall be applied to the Purchase Pricecircumstance. The Non-Refundable Payment shall not constitute a part of the DepositDeposit but shall be applied toward the Purchase Price upon Closing, should Closing occur. Purchaser acknowledges that Seller would not have entered into this Agreement had Purchaser not made the bargained for Non-Refundable Payment to Seller on the terms set forth in this Section 2.2.