Xxxxxxx Money Disbursement. The Xxxxxxx Money shall be held by Escrow Agent, in trust, and disposed of only in accordance with the following provisions:
Xxxxxxx Money Disbursement. The Xxxxxxx Money shall be held by the Title Insurer, in trust, and disposed of only in accordance with the following provisions:
Xxxxxxx Money Disbursement. The parties understand and agree that disbursement of the xxxxxxx money deposit can only occur at closing or upon default by Buyer(s) or Seller, or upon failure of a loan approval if expressly contained herein. Notwithstanding the foregoing, in the event of a dispute regarding disbursement of the xxxxxxx money deposit, the holder thereof shall have the right to file an interpleader action and deposit such funds with the court and thereafter have no responsibility with respect to such funds.
Xxxxxxx Money Disbursement. In the event that any condition hereto is not satisfied, then the Xxxxxxx Money shall be refunded to Buyer. In the event that Seller accepts a third-party offer to purchase the Property, resulting from the “Negotiated Offer, Advertisement and Upset Bid” Process contemplated by N.C.G.S. 160A-269, then the Xxxxxxx Money shall be immediately refunded to Buyer. In the event of breach of this Agreement by Seller, the Xxxxxxx Money shall be refunded to Buyer upon Buyer’s request, but such return shall not affect any other remedies available to Buyer for such breach. In the event of breach of this Agreement by Buyer, the Xxxxxxx Money Deposit shall be paid to Seller as liquidated damages and as Seller’s sole and exclusive remedy for such breach, but without limiting Seller’s rights under Section 6(e) or Section 22 of this Agreement. It is acknowledged by the parties that payment of the Xxxxxxx Money to Seller in the event of a breach of this Agreement by Buyer is compensatory and not punitive, such amount being a reasonable estimation of the actual loss that Seller would incur as a result of such breach. The payment of the Xxxxxxx Money to Seller shall not constitute a penalty or forfeiture but actual compensation for Seller's anticipated loss, both parties acknowledging the difficulty determining Seller’s actual damages for such breach.
Xxxxxxx Money Disbursement. In the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then Buyer may terminate this Agreement by written notice to Seller, and the Xxxxxxx Money shall he returned to Buyer. In the event that Buyer terminates this Agreement due to Seller’s breach of this Agreement, then, in addition to the return of the Xxxxxxx Money, Buyer’s sole remedy shall be to recover from Seller Buyer’s reasonable and documented costs paid to third parties in the negotiation of or in reliance upon this Agreement, not to exceed a total amount of $25,000.00. In the event this offer is accepted and Buyer breaches this Agreement, then the Xxxxxxx Money shall be forfeited as Seller’s liquidated damages and sole remedy (except with respect to Buyer’s indemnity obligations set forth in Section 6, for which Seller shall have all rights and remedies provided at law or in equity). The parties agree that the Xxxxxxx Money is a fair and reasonable measure of the damages to be suffered by Seller in the event of a breach by Buyer, and that the exact amount of Seller’s damages is incapable of ascertainment. NOTE: In the event of a dispute between Seller and Buyer over the return or forfeiture of Xxxxxxx Money held in escrow by a licensed real estate broker, the broker is required by state law to retain said Xxxxxxx Money in its trust or escrow account until it has obtained a written release the parties consenting to its disposition or until disbursement is ordered by a court of competent jurisdiction, or alternatively, the party holding the Xxxxxxx Money may deposit the disputed monies with the appropriate clerk of court in accordance with the provisions of N.C.G.S. §93A-12.
Xxxxxxx Money Disbursement. In the event this offer is not accepted, or in the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then the Xxxxxxx Money shall be returned to Buyer. In the event this offer is accepted and Buyer breaches this Agreement, then the Xxxxxxx Money shall be forfeited. NOTE: In the event of a dispute between Seller and Buyer over the return or forfeiture of Xxxxxxx Money in its trust or escrow account until it has obtained a written release from the parties consenting to its disposition or until disbursement is ordered by a court of competent jurisdiction.
Xxxxxxx Money Disbursement. In the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then the Xxxxxxx Money, if any, shall be returned to Buyer, but such return shall not affect Buyer having the right to obtain specific performance from Seller.
Xxxxxxx Money Disbursement. In the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then the Xxxxxxx Money shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for such breach. In the event Buyer breaches this Agreement, then the Xxxxxxx Money shall be forfeited, but such forfeiture shall not affect any other remedies available to Seller for such breach. In the event of any dispute between the Parties concerning the disbursement of the Xxxxxxx Money, the agent holding the Xxxxxxx Money may deposit the disputed monies with the appropriate clerk of court in accordance with North Carolina General Statutes.
Xxxxxxx Money Disbursement. The Xxxxxxx Money shall be held by the Title Insurer, in trust, and disposed of only in accordance with the following provisions: (a) Upon receipt of the Xxxxxxx Money, Title Insurer shall deliver to Seller and Buyer written notice confirming Title Insurer’s receipt of the Xxxxxxx Money, the date on which Title Insurer received the Xxxxxxx Money and that the Xxxxxxx Money has been deposited as required by this Agreement. The Title Insurer shall invest the Xxxxxxx Money in a money market account reasonably satisfactory to Buyer, and shall promptly provide Buyer and Seller with confirmation of the investments made. (b) If the Closing occurs, the Title Insurer shall deliver the Xxxxxxx Money to Seller together with all accrued interest thereon at Closing and the same shall be credited against the Purchase Price. If for any reason the Closing does not occur, the Title Insurer shall deliver the Xxxxxxx Money together with all accrued interest thereon to Seller or Buyer only upon receipt of a written demand therefor from such party, except where this paragraph expressly provides for notice only from Buyer. Subject to the last sentence of this clause (b), if for any reason the Closing does not occur and either party makes a written demand (the “Demand”) upon the Title Insurer for payment of the Xxxxxxx Money, the Title Insurer shall give written notice to the other
Xxxxxxx Money Disbursement. Section 10 of the Agreement is deleted and in lieu thereof shall read: In the event this offer is not accepted, or in the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, Buyer's remedies shall be limited to (a) the right to xxx for specific performance or (b) the return of its Xxxxxxx Money and Buyer shall have no additional rights hereunder, either in equity or in law. In the event this offer is accepted and Buyer breaches this Agreement, then the Xxxxxxx Money shall be forfeited as full liquidated damages and Seller shall have no additional rights hereunder, either in equity or at law, excepted however, are any rights due to Buyer's indemnification obligations contained in Section 6(c) of the Agreement.
