Exxxxxx Money Deposit. Not later than two (2) business days after the Effective Date, Purchaser shall deliver to Chicago Title Insurance Company, located at 200 Xxxxxxxx Xxxxx, Xxxxx 000, Xxxx Xxxxxxxxxx, Xxxxxxxxxxxx 00000, Attention: Jxx X. Xxxxxxxx (the "Title Company"), Twenty-Five Thousand and No/100 Dollars ($25,000.00) (the "Exxxxxx Money Deposit") in Current Funds, to be held by the Title Company in escrow to be applied or disposed of by the Title Company as is provided in this Contract. In the event Purchaser fails to deposit the Exxxxxx Money Deposit with the Title Company as herein provided, Seller may, at its option, terminate this Contract, in which event neither Seller nor Purchaser shall have any further rights, duties or obligations hereunder except for provisions of this Contract which expressly survive the termination of this Contract. As used in this Contract, the term "Current Funds" shall mean wire transfers, certified funds or a cashier's check in a form acceptable to the Title Company that would permit the Title Company to immediately disburse such funds.
Exxxxxx Money Deposit. Upon Buyer’s receipt of a counterpart of this Agreement fully executed by Buyer and Seller, Buyer shall deposit with Escrow Agent the Exxxxxx Money Deposit hereunder, via wire transfer, to be held and disbursed in accordance with the terms of this Agreement. Escrow Agent shall hold the Exxxxxx Money Deposit in an interest bearing money market account at a federally insured financial institution reasonably acceptable to Buyer and Escrow Agent, and interest earned thereon shall be reported under the United States Taxpayer Identification Number 50-0000000 of Buyer. All interest earned on the Exxxxxx Money Deposit, or any portion thereof, shall be deemed to constitute a portion of the Exxxxxx Money Deposit and shall be disbursed in accordance with the terms of this Agreement. The Exxxxxx Money Deposit shall be credited to the cash due from Buyer at Closing. Buyer shall have the right, at its option during the term of this Agreement, to substitute one or more unconditional letters of credit for all or any portion of the Exxxxxx Money Deposit. The letter(s) of credit shall be drawn on Wachovia Bank, N.A., or any other financial institution reasonably acceptable to Seller, shall name Escrow Agent as beneficiary and shall be otherwise in form and substance reasonably satisfactory to Seller. The letter(s) of credit shall not impose any conditions to the drawing thereof other than a certificate from the Escrow Agent that Escrow Agent is entitled to draw upon the letter of credit pursuant to the terms of this Agreement. If any letter(s) of credit do not have an expiration date of at least thirty (30) days after the Closing Date, then Buyer shall renew or extend such letter(s) of credit at least fifteen (15) days prior to the expiration thereof. If Buyer fails to deliver proper renewals or extension documentation prior to the deadline for same, then Escrow Agent shall draw upon the letter(s) of credit which have not been timely renewed or extended and hold the proceeds thereof as the Exxxxxx Money Deposit under this Agreement. The letter(s) of credit shall be held and disbursed in the same fashion as the Exxxxxx Money Deposit under this Agreement and shall be drawn upon by the Escrow Agent and disbursed in accordance with paragraph 11 herein. Further provided, that Escrow Agent shall be entitled to draw upon any expiring letter(s) of credit which are not timely renewed or extended pursuant to the terms of this Section, in which event Escrow Agent will hold and disburs...
Exxxxxx Money Deposit. Buyer will, within five (5) days after the Effective Date deposit FIVE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS ($500,000.00), and, within one (1) Business Day after the expiration of the Due Diligence Period so long as Buyer has not terminated this Agreement, an additional ONE MILLION AND NO/100 U.S. DOLLARS ($1,000,000.00), (the “Exxxxxx Money Deposit”) with Escrow Agent. The Exxxxxx Money Deposit will be refunded to Buyer if Buyer terminates this Agreement prior to the expiration of the Due Diligence Period as permitted under Section 11.1(a). After the expiration of the Due Diligence Period, the Exxxxxx Money Deposit will be non-refundable to Buyer and will be paid to Seller if this Agreement is terminated for any reason other than Buyer’s termination of this Agreement under Section 11.1(b), Section 11.1(c), Section 11.1(e), Section 11.1(f), Section 11.1(g) or Section 11.2(a)(i). Upon Closing, the Exxxxxx Money Deposit shall be applied to the Purchase Price.
Exxxxxx Money Deposit. Not later than two (2) days following the date on which Buyer shall receive a counterpart of this Agreement fully executed by Buyer and Seller, Buyer shall deposit with Escrow Agent the Exxxxxx Money Deposit hereunder, to be held and disbursed in accordance with the terms of this Agreement. After clearance of funds, Escrow Agent shall hold the Exxxxxx Money Deposit in an interest bearing money market account at a federally insured financial institution reasonably acceptable to Buyer and Escrow Agent, and interest earned thereon shall be reported under the United States Taxpayer Identification Number _______________ of Buyer. All interest earned on the Exxxxxx Money Deposit, or any portion thereof, shall be deemed to constitute a portion of the Exxxxxx Money Deposit and shall be disbursed in accordance with the terms of this Agreement. The principal amount of the Exxxxxx Money Deposit shall be credited to the cash due from Buyer at Closing.
Exxxxxx Money Deposit. Upon execution of this Agreement, Purchaser shall deposit with Fxxxxxxxx, on behalf of the Seller Parties, the sum of Twenty-Five Thousand Dollars ($25,000.00) as a good faith, exxxxxx money deposit (the “Exxxxxx Money Deposit”). The Exxxxxx Money Deposit shall be non-refundable to Purchaser except in the event of Seller Parties’ failure to close that is not the result of any action or inaction attributable to Purchaser, and in such case shall be retained by Seller Parties as liquidated damages for any harm or damages suffered by Seller Parties in connection with the failed Closing. Upon retention of the Exxxxxx Money Deposit by Seller Parties, if Purchaser fails to proceed to Closing, Seller Parties shall have no further claim hereunder and Purchaser shall not bear any further liability to Seller Parties for its failure to Close. If, after receipt of Purchaser’s Closing Notice, the Seller Parties do not make their schedules available for Closing on a date prior to the November 14, 2014 deadline, or if Seller Parties otherwise breach any of their representations in this Agreement prior to Closing, the Exxxxxx Money Deposit shall be returned to Purchasers in its entirety, within five (5) business days of the later of November 14, 2014 or Purchaser’s written request therefor. In such event, should Seller Parties fail to return the Exxxxxx Money Deposit as provided herein, any costs incurred by Purchaser in connection with the collection of such Exxxxxx Money Deposit, including but not limited to reasonable attorney fees and court costs, shall be borne by the Seller Parties and shall be reimbursed to Purchaser.
Exxxxxx Money Deposit. 2.5.1 Within two (2) Business Days of the Effective Date, the Venture shall cause Master REIT 3 to deliver to Escrow Agent, in escrow, the amount of Six Million and 00/100 Dollars ($6,000,000.00) (the “Initial Deposit”), by wire transfer of immediately available funds, pursuant to Escrow Agent’s wire instructions set forth on Schedule 2.8 attached hereto and made a part hereof. On or before the expiration of the Due Diligence Period, provided, that Summit desires to proceed with the transaction and this Agreement is not terminated, the Venture shall cause Master REIT 3 to deliver to Escrow Agent, in escrow, the amount of Six Million and 00/100 Dollars ($6,000,000.00), by wire transfer of immediately available funds, pursuant to Escrow Agent’s wire instructions (the “Additional Deposit”; together with the Initial Deposit and any interest accrued thereon, the “Exxxxxx Money Deposit”). The Exxxxxx Money Deposit shall be held and disbursed by Escrow Agent in accordance with this Agreement. This provision shall survive the termination of this Agreement. 2.5.2 The Exxxxxx Money Deposit shall be held by the Escrow Agent pursuant to this Agreement in a separate, interest-bearing account with a federally insured commercial bank or other financial institution mutually acceptable to Summit and Investor, as security for Summit’s performance of its obligations under this Agreement. The Exxxxxx Money Deposit shall not be withdrawn from such account unless and until it is to be delivered to Investor or Summit pursuant to the provisions of this Agreement. Any interest earned on the Exxxxxx Money Deposit shall be delivered to the party receiving the Exxxxxx Money Deposit.2.5.3 At the Closing, the Exxxxxx Money Deposit and the interest earned thereon shall be paid to Investor and the Exxxxxx Money Deposit shall be credited as partial payment of the Purchase Price.
Exxxxxx Money Deposit. Buyer is tendering to Seller upon execution of this LOI an exxxxxx-money deposit of $ _____, which shall be refunded in the event Buyer declines to proceed with the Transaction following the Due Diligence Period. When Buyer has completed its due diligence, if Buyer elects to proceed with the Transaction, Buyer shall execute and deliver to Seller the definitive Purchase Agreement together with an additional exxxxxx-money deposit of $ _______. Following the expiration of the Due Diligence Period, the aggregate $ _______ deposit shall be refunded to Buyer only in the event the Transaction does not close due to Seller’s failure to satisfy any applicable conditions to Closing as provided in the Purchase Agreement.]
Exxxxxx Money Deposit. Buyer has delivered to Seller a deposit in the amount of TWO HUNDRED THOUSAND EIGHT HUNDRED FIFTY-ONE AND 79/100 DOLLARS ($200,851.79) (the “Deposit”). SIXTY-SIX THOUSAND NINE HUNDRED FIFTY AND 60/100 DOLLARS ($66,950.60) of the Deposit shall be non-refundable except in the event of a Seller default and shall not be applied against the Purchase Price at Closing. The ONE HUNDRED THIRTY-THREE THOUSAND NINE HUNDRED ONE AND 19/100 DOLLARS ($133,901.19) balance of the Deposit shall be held by Seller as an exxxxxx money deposit (the “Exxxxxx Money Deposit”), applied against the Purchase Price at Closing, and disbursed as provided in this Contract.
Exxxxxx Money Deposit. Within five (5) business days after the date (the "Acceptance Date") on which Purchaser and Seller enter into a legally binding contract for the purchase and sale of the Real Estate, Purchaser shall deposit Twenty-Five Thousand and No/100 Dollars ($25,000.00) (such deposit together with any interest earned thereon is hereinafter referred to collectively as the "Exxxxxx Money") with Chicago Title Insurance Company (the "Title Insurer"). PURCHASER SHALL FORFEIT THE EXXXXXX MONEY TO SELLER IF PURCHASER FAILS OR REFUSES TO PERFORM ITS OBLIGATIONS HEREIN SPECIFIED AND ALL CONDITIONS AND REQUIREMENTS OF THIS CONTRACT HAVE BEEN SATISFIED OR WAIVED. Such forfeiture of Exxxxxx Money shall constitute liquidated damages and shall be Seller's sole remedy at law or in equity. The Exxxxxx Money otherwise shall be refunded or forfeited in accordance with the terms contained in this Contract, and, if all of the terms and conditions of this Contract are satisfied or waived and the transaction is closed, then the Exxxxxx Money shall be applied to the Purchase Price.
Exxxxxx Money Deposit. Within two (2) Business Days after the Acceptance Time, Buyer will, at its sole discretion, deliver either: (i) to the Escrow Agent (as defined in the Escrow Agreement) the sum of $12,150,000 (together with all interest that accrues thereon and all other amounts delivered pursuant to this Section 6.20, the “Exxxxxx Money Deposit”) or (ii) an unconditional letter of credit from an internationally-recognized financial institution reasonably acceptable to the Seller in the amount of $12,150,000 issued to Seller in form and substance acceptable to Seller (each letter of credit delivered pursuant to this Section 6.20, shall be referred to herein as a “Letter of Credit”), each as partial consideration for this Agreement. On the Regulatory Approval Closing Date, Buyer will either, at its sole discretion, deliver either (i) to the Escrow Agent an additional $12,150,000 or (ii) to the Seller an additional Letter of Credit in the amount of $12,150,000. The Exxxxxx Money Deposit will be deposited with the Escrow Agent pursuant to an escrow agreement among the Escrow Agent, Seller and Buyer in the form of Exhibit E and applied to the Purchase Price at Closing (the “Escrow Agreement”).
