Common use of Title Transfer and Payment of Purchase Price Clause in Contracts

Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller's obligations hereunder have been satisfied, Seller agrees to convey the Property to Buyer upon confirmation of receipt of the Purchase Price by the Escrow Agent as set forth below. Provided all conditions precedent to Buyer's obligations hereunder have been satisfied, Buyer agrees to pay the amount specified in Article 3 by timely delivering the same to the Escrow Agent no later than 2:00 p.m. Eastern Time on the Closing Date and unconditionally directing the Escrow Agent to deposit the same in Seller's designated account by 3:00 p.m. Eastern Time on the Closing Date. For each full or partial day after 3:00 p.m. Eastern Time on the Closing Date that Seller has not received in its account the payment specified in Article 3, Buyer shall pay to Seller one (1) day's interest on the unpaid funds at the rate per annum equal to the "prime rate" as such rate is reported in the "Money Rates" section of The Wall Street Journal, as published and distributed in New York, New York, in effect from time to time.

Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller's ’s obligations hereunder have been satisfied, Seller agrees to convey the Property to Buyer upon confirmation of receipt of the Purchase Price by the Escrow Agent as set forth below. Provided all conditions precedent to Buyer's ’s obligations hereunder have been satisfied, Buyer agrees to pay the amount specified in Article 3 by timely delivering the same to the Escrow Agent no later than 2:00 3:00 p.m. Eastern Central Time on the Closing Date and unconditionally directing the Escrow Agent to deposit the same in Seller's ’s designated account by 3:00 4:00 p.m. Eastern Central Time on the Closing Date. For each full or partial day after 3:00 4:00 p.m. Eastern Central Time on the Closing Date that Seller has not received in its account the payment specified in Article 3, Buyer shall pay to Seller one (1) day's ’s interest on the unpaid funds at the rate per annum equal to the "“prime rate" ” as such rate is reported in the "“Money Rates" ” section of The Wall Street Journal, as published and distributed in New York, New York, in effect from time to time.