RELEASE OF XXXXXXX MONEY. In the event a dispute arises prior to the release of xxxxxxx money held in escrow, the escrow holder shall retain said xxxxxxx money until one of the following occur:
RELEASE OF XXXXXXX MONEY. In the event of a dispute regarding Xxxxxxx Money, where Buyer and Seller 228. cannot agree upon written, mutual cancellation, Buyer and Seller agree to participate in meditation. 229. Mediation must be initiated within seven (7) days of written cancellation by either party. In the event 230. mediation is not initiated within seven (7) days, Xxxxxxx Money shall be returned to the Buyer.
RELEASE OF XXXXXXX MONEY. In the event a dispute arises prior to the release of the Xxxxxxx Money, the Escrow Holder shall retain said Xxxxxxx Money until the earlier to occur of (i) a written release is executed by Xxxxx and Seller agreeing to its disbursement, by agreement or mediation; or (ii) interpleader or legal action is filed, at which time the Xxxxxxx Money shall be deposited with the Court Clerk.
RELEASE OF XXXXXXX MONEY. In the event of a dispute between Buyer and Seller regarding xxxxxxx money deposited with Escrow Company, Buyer and Seller authorize Escrow Company to release xxxxxxx money pursuant to the terms and conditions of this Contract. Buyer and Seller specifically authorize Escrow Company to act in its sole and absolute discretion in the release of xxxxxxx money. Buyer and Seller agree to hold harmless and indemnify Escrow Company against any claim, action or lawsuit of any kind, and from any loss, judgment, or expense, including costs and attorneys’ fees, arising from or relating in any way to the release of xxxxxxx money. Mediation: Buyer and Seller agree to mediate any dispute or claim arising out of or relating to this Contract, any alleged breach of this Contract, or services provided in relation to this Contract before resorting to court action. Any agreement signed by the parties pursuant to the mediation conference shall be binding. All mediation costs will be paid equally by the parties to the Contract. Disputes shall include claims for xxxxxxx money or representations made by the Buyer or Seller in connection with the sale, purchase, financing, condition, or other aspect of the Premises to which this Contract pertains, including, without limitation, allegations of concealment, misrepresentation, negligence and/or fraud. >> 287. 288. 289. 290. 291. 292. 293. 294. 295. 296. 297. 298. 299. 300. 301. 302. 303. 304. 305. 306. 307. 308. 309. 310. 311. 312. 313. 314. 315. 316. 317. 318. 319. Exclusions from Mediation: The following matters are excluded from mediation hereunder: (a) any action brought in the Small Claims Division of an Arizona Justice Court (up to $3,500), so long as the matter is not thereafter transferred or removed from the Small Claims Division; (b) judicial or nonjudicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage, or agreement for sale; (c) an unlawful entry or detainer action; (d) the filing or enforcement of a mechanic’s lien; or (e) any matter that is within the jurisdiction of a probate court. The filing of a judicial action to enable the recording of a notice of pending action, or order of attachment, receivership, injunction, or other provisional remedies shall not constitute a waiver of the obligation to mediate under this provision, nor shall it constitute a breach of the duty to mediate. UNDER ARIZONA REVISED STATUTES SECTION §32-1155, A BUYER OF A DWELLING HAS THE RIGHT TO FILE A WRITTEN COMPL...
RELEASE OF XXXXXXX MONEY. In the event of any dispute over the Xxxxxxx Money Deposit, the Parties acknowledge that the xxxxxxx money will not be released to either party by the Escrow Agent without written authorization signed by both Parties or court order.
RELEASE OF XXXXXXX MONEY. The Escrow Agent shall release the Xxxxxxx Money now held by the Escrow Agent directly to Lender not later than two Business Days after the date of this Amendment, pursuant to wire instructions to be delivered by Lender to the Escrow Agent. The release of the Xxxxxxx Money to Lender shall be deemed a release of the Xxxxxxx Money to Seller, subject to the terms and conditions of the Purchase Agreement as amended by this Amendment. Seller will instruct Lender to (a) apply the Xxxxxxx Money to reduce Seller’s outstanding indebtedness to Lender under the loan secured by the Mortgage, and to acknowledge in writing the receipt and application of the Xxxxxxx Money for such purpose to Seller and Purchaser within three Business Days after the Escrow Agent releases the Xxxxxxx Money to Lender pursuant to this Section 2.2. Upon the Escrow Agent’s release of the Xxxxxxx Money to Lender pursuant to this Section 2.2, the Escrow Agent’s obligations under Article 9 of the Purchase Agreement with respect to holding and disbursing the Xxxxxxx Money shall terminate. Upon the release of the Xxxxxxx Money to Lender pursuant to this Section 2.2, the Xxxxxxx Money shall not be refundable to Purchaser except as provided in Section 2.4.
RELEASE OF XXXXXXX MONEY. Upon execution of this Second Amendment, Escrow Agent is hereby instructed to release to Seller the Xxxxxxx Money currently held in escrow, which the parties acknowledge is an amount equal to One Million Six Hundred Thousand and No/100 Dollars ($1,600,000.00) pursuant to the wire instructions attached hereto (the “Wire Instructions”), and incorporated herein by reference, as Schedule I. Promptly following receipt of the Closing Extension Deposit II, and in all events within one (1) business day thereafter, Escrow Agent shall release the Closing Extension Deposit II to Seller pursuant to the Wire Instructions. To the extent that Escrow Agent is obligated under this Second Amendment to refund the Xxxxxxx Money to Purchaser, Seller shall instead be obligated to do the same as the holder of the Xxxxxxx Money.
RELEASE OF XXXXXXX MONEY. Upon waiver of the Feasibility Contingency as described in this Agreement below, the Xxxxxxx Money (subject only to Seller's subsequent default hereunder) shall be completely non-refundable to Purchaser. Upon Seller's notice to the Title Company that Purchaser has waived the Feasibility Contingency, and that Seller has cured any Purchaser objections as described in Article 3 below, the Title Company shall immediately release the Xxxxxxx Money to Seller without need for further consent or instruction from Purchaser; it being agreed by Seller and Purchaser that the terms of this agreement shall constitute irrevocable escrow instructions (absent further written agreement signed by both Purchaser and Seller) to the Title Company to act as provided herein. ARTICLE 3.
RELEASE OF XXXXXXX MONEY. Upon the expiration of the Due Diligence Period, all xxxxxxx money deposits previously made in escrow shall be released from escrow and delivered to Seller.
RELEASE OF XXXXXXX MONEY. Upon receipt of a written request by Xxxxx or Seller for return or delivery of the xxxxxxx money, or failure of the transaction to close as provided for in this Contract, the holder shall promptly give the other party a copy of the request, and provide both parties a statement of how the holder proposes to distribute the xxxxxxx money. If the holder does not receive written objection to the proposed distribution from Buyer or Seller within fourteen (14) days from service of the request and statement, the holder may proceed to distribute the xxxxxxx money in accordance with the proposed distribution. The Buyer and Xxxxxx instruct the holder of the xxxxxxx money that in the event of any dispute regarding the right to the xxxxxxx money, the holder shall retain the funds until receipt of joint written instruction from both Seller and Buyer or Order of Court. Alternatively, the holder may interplead any funds held into the Court for distribution after resolution of the dispute between Xxxxxx and Xxxxx, and the holder may retain from the funds the amount necessary to reimburse holder for court costs and reasonable attorney’s fees incurred due to the interpleader. If the amount held is inadequate to reimburse holder for court costs and attorney’s fees, Xxxxx and Seller shall jointly and severally indemnify holder for additional costs and fees incurred.
