Common use of Payment at Closing Clause in Contracts

Payment at Closing. The balance of the Purchase Price, subject to the prorations and adjustments set forth in this Contract, shall be paid (i) by Purchaser to Seller by wire transfer to the closing attorney’s account not less than one business day prior to the Closing Date in accordance with closing attorney’s separate wiring instructions, and (ii) by the closing attorney to Seller by wire transfer to Seller's account immediately upon Closing. Neither Seller nor any entity related to Seller in any way or for which Seller acts as a conduit for financing has any obligation to finance Purchaser's purchase of the Property. Wired funds must be received in the closing attorney’s account prior to 2:00 p.m. Eastern time on the Closing Date in order for Seller to receive the benefit of such funds. Accordingly, if funds are received after 2:00 p.m. Eastern time on any day, they shall not be deemed received until the following Business Day. If the closing attorney does not receive the funds on the Closing Date and Seller elects not to exercise any of its default remedies, Purchaser shall pay interest on the Purchase Price from the Closing Date until the funds are deemed to have been received, at the rate of fifteen percent (15%) per annum.