Common use of Sale of the Units Clause in Contracts

Sale of the Units. A subscription agreement ("Subscription Agreement") must be completed by each person desiring to purchase Units, or, at your option, by you on behalf of each such person, and returned by you together with any other documents that may be required under state securities laws or by the Managing Member, to the Managing Member at 0000 XxxXxxxxx Xxxx., Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, Attention: Xxxxx X. Xxxxxxx. You shall ascertain that the Subscription Agreement has been properly completed in full and signed by the prospective purchaser prior to its return. All subscription checks shall be made payable to the order of USB ESCROW NO. 13778-GG FOR CORNERSTONE REALTY FUND until the Minimum Subscription Date and thereafter all subscription checks shall be made payable to CORNERSTONE REALTY FUND, LLC. If you receive a check not conforming to the foregoing instructions, you must return such check directly to the subscriber not later than the end of the next business day following its receipt. On or before the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to U.S. Bank, National Association ("Escrow Agent"), at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. Following the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to the Escrow Agent, at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. In the event your final internal supervisory review is conducted at a different location, then checks must be transmitted to your final review office by the end of the next business day following receipt by you and your final review office must in turn, by the end of the next business day following receipt by it, transmit the check for deposit directly to the Escrow Agent on or before the Minimum Subscription Date or to the Fund after the Minimum Subscription Date. Upon receipt of the Subscription Agreement, the Managing Member, on behalf of the Fund, will determine promptly (and in any event within ten (10) days after such receipt) whether it wishes to accept the proposed purchaser as a member in the Fund, it being understood that the Managing Member reserves the right to reject the tender of any Subscription Agreement and to reject all tenders after the Termination Date, in each case in its sole discretion. Should the Managing Member determine to accept the tender of the Subscription Agreement, the Managing Member will promptly advise you of such action. Should the Managing Member determine to reject the tender, it will promptly notify in writing the prospective purchaser and you of such determination and will promptly return the tendered Subscription Agreement and instruct the Escrow Agent to return the purchase price of the Units directly to the prospective purchaser if the determination is made on or before the Minimum Subscription Date or the Fund will return the purchase price of the Units directly to the prospective purchaser if the determination is made after the Minimum Subscription Date. All payments received prior to the Minimum Subscription Date, except as hereinafter provided, from purchasers of Units shall be transmitted directly to the Escrow Agent and deposited in an escrow account (the "Escrow Account") with Escrow Agent. Such funds may be temporarily invested in bank savings accounts, bank or money market accounts, bank short-term certificates of deposit of U.S. banks having a net worth of $100 million, or short-term U.S. government issued or guaranteed obligations. Prior to the Minimum Subscription Closing Date, the Fund will have no right to obtain any funds from the Escrow Agent. Funds for Units purchased on or before the Minimum Subscription Date shall be made available to the Fund, or its order, by the Escrow Agent, on the Minimum Subscription Closing Date. Nothing contained in this Section 1 shall be construed to impose upon the Managing Member the responsibility of assuring that prospective purchasers meet the suitability standards contained in the Prospectus and the Subscription Agreement or to relieve you of the responsibility of complying with the Conduct Rules of the National Association of Securities Dealers, Inc. ("NASD").

Sale of the Units. A subscription agreement ("Subscription Agreement") must be completed by each person desiring to purchase Units, or, at your option, by you on behalf of each such person, and returned by you together with any other documents that may be required under state securities laws or by the Managing Member, to the Managing Member at 0000 XxxXxxxxx Xxxx., Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, Attention: Xxxxx X. Xxxxxxx. You shall ascertain that the Subscription Agreement has been properly completed in full and signed by the prospective purchaser prior to its return. All subscription checks shall be made payable to the order of USB ESCROW NO. 1377812563-GG FOR CORNERSTONE REALTY FUND until the Minimum Subscription Date and thereafter all subscription checks shall be made payable to CORNERSTONE REALTY FUND, LLC. If you receive a check not conforming to the foregoing instructions, you must return such check directly to the subscriber not later than the end of the next business day following its receipt. On or before the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to U.S. Bank, National Association ("Escrow Agent"), at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. Following the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to the Escrow Agent, at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. In the event your final internal supervisory review is conducted at a different location, then checks must be transmitted to your final review office by the end of the next business day following receipt by you and your final review office must in turn, by the end of the next business day following receipt by it, transmit the check for deposit directly to the Escrow Agent on or before the Minimum Subscription Date or to the Fund after the Minimum Subscription Date. Upon receipt of the Subscription Agreement, the Managing Member, on behalf of the Fund, will determine promptly (and in any event within ten (10) days after such receipt) whether it wishes to accept the proposed purchaser as a member in the Fund, it being understood that the Managing Member reserves the right to reject the tender of any Subscription Agreement and to reject all tenders after the Termination Date, in each case in its sole discretion. Should the Managing Member determine to accept the tender of the Subscription Agreement, the Managing Member will promptly advise you of such action. Should the Managing Member determine to reject the tender, it will promptly notify in writing the prospective purchaser and you of such determination and will promptly return the tendered Subscription Agreement and instruct the Escrow Agent to return the purchase price of the Units directly to the prospective purchaser if the determination is made on or before the Minimum Subscription Date or the Fund will return the purchase price of the Units directly to the prospective purchaser if the determination is made after the Minimum Subscription Date. All payments received prior to the Minimum Subscription Date, except as hereinafter provided, from purchasers of Units shall be transmitted directly to the Escrow Agent and deposited in an escrow account (the "Escrow Account") with Escrow Agent. Such funds may be temporarily invested in bank savings accounts, bank or money market accounts, bank short-term certificates of deposit of U.S. banks having a net worth of $100 million, or short-term U.S. government issued or guaranteed obligations. Prior to the Minimum Subscription Closing Date, the Fund will have no right to obtain any funds from the Escrow Agent. Funds for Units purchased on or before the Minimum Subscription Date shall be made available to the Fund, or its order, by the Escrow Agent, on the Minimum Subscription Closing Date. Nothing contained in this Section 1 shall be construed to impose upon the Managing Member the responsibility of assuring that prospective purchasers meet the suitability standards contained in the Prospectus and the Subscription Agreement or to relieve you of the responsibility of complying with the Conduct Rules of the National Association of Securities Dealers, Inc. ("NASD").

Sale of the Units. A subscription agreement ("Subscription Agreement") must be completed by each person desiring to purchase Units, or, at your option, by you on behalf of each such person, and returned by you together with any other documents that may be required under state securities laws or by the Managing Member, to the Managing Member at 0000 XxxXxxxxx Xxxx., Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, Attention: Xxxxx X. Xxxxxxx. You shall ascertain that the Subscription Agreement has been properly completed in full and signed by the prospective purchaser prior to its return. All subscription checks shall be made payable to the order of USB SCB ESCROW NO. 1377812563-GG FOR CORNERSTONE REALTY FUND until the Minimum Subscription Date and thereafter all subscription checks shall be made payable to CORNERSTONE REALTY FUND, LLC. If you receive a check not conforming to the foregoing instructions, you must return such check directly to the subscriber not later than the end of the next business day following its receipt. On or before the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to U.S. Bank, {Southern California Bank }[US Bank National Association Association] ("Escrow Agent"), at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. Following the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to {Southern California Bank ("Escrow Agent")} [the Escrow Agent], at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. In the event your final internal supervisory review is conducted at a different location, then checks must be transmitted to your final review office by the end of the next business day following receipt by you and your final review office must in turn, by the end of the next business day following receipt by it, transmit the check for deposit directly to the Escrow Agent on or before the Minimum Subscription Date or to the Fund {fund} [Fund] after the Minimum Subscription Date. Upon receipt of the Subscription Agreement, the Managing Member, on behalf of the Fund, will determine promptly (and in any event within ten (10) days after such receipt) whether it wishes to accept the proposed purchaser as a member in the Fund, it being understood that the Managing Member reserves the right to reject the tender of any Subscription Agreement and to reject all tenders after the Termination Date, in each case in its sole discretion. Should the Managing Member determine to accept the tender of the Subscription Agreement, the Managing Member will promptly advise you of such action. Should the Managing Member determine to reject the tender, it will promptly notify in writing the prospective purchaser and you of such determination and will promptly return the tendered Subscription Agreement and instruct the Escrow Agent to return the purchase price of the Units directly to the prospective purchaser if the determination is made on or before the Minimum Subscription Date or the Fund will return the purchase price of the Units directly to the prospective purchaser if the determination is made after the Minimum Subscription Date. All payments received prior to the Minimum Subscription Date, except as hereinafter provided, from purchasers of Units shall be transmitted directly to the Escrow Agent and deposited in an escrow account (the "Escrow Account") with Escrow Agent. Such funds may be temporarily invested in bank savings accounts, bank or money market accounts, bank short-term certificates of deposit of U.S. banks having a net worth of $100 million, or short-term U.S. government issued or guaranteed obligations. Prior to the Minimum Subscription Closing Date, the Fund will have no right to obtain any funds from the Escrow Agent. Funds for Units purchased on or before the Minimum Subscription Date shall be made available to the Fund, or its order, by the Escrow Agent, on the Minimum Subscription Closing Date. Nothing contained in this Section 1 shall be construed to impose upon the Managing Member the responsibility of assuring that prospective purchasers meet the suitability standards contained in the Prospectus and the Subscription Agreement or to relieve you of the responsibility of complying with the Conduct Rules of the National Association of Securities Dealers, Inc. ("NASD").

Sale of the Units. A subscription agreement ("“Subscription Agreement"”) must be completed by each person desiring to purchase Units, or, at your option, by you on behalf of each such person, and returned by you together with any other documents that may be required under state securities laws or by the Managing Member, to the Managing Member at 0000 XxxXxxxxx Xxxx., Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, Attention: Xxxxx X. Xxxxxxx. You shall ascertain that the Subscription Agreement has been properly completed in full and signed by the prospective purchaser prior to its return. All subscription checks shall be made payable to the order of USB ESCROW NO. 13778-GG ___________ FOR CORNERSTONE REALTY FUND until the Minimum Subscription Date and thereafter all subscription checks shall be made payable to CORNERSTONE REALTY FUND, LLC. If you receive a check not conforming to the foregoing instructions, you must return such check directly to the subscriber not later than the end of the next business day following its receipt. On or before the Minimum Subscription Date, checks Checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to U.S. Bank, National Association ("Escrow Agent"), Dealer Manager at 0000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. Following the Minimum Subscription Date, checks conforming to the foregoing instructions shall be transmitted by you for deposit directly to the Escrow Agent, at 0000 Xxxxxxx XxxxxXxxXxxxxx Xxxx., Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 by the end of the next business day following receipt by you. In the event your final internal supervisory review is conducted at a different location, then checks must be transmitted to your final review office by the end of the next business day following receipt by you and your final review office must in turn, by the end of the next business day following receipt by it, transmit the check for deposit directly to the Escrow Agent on or before the Minimum Subscription Date or to the Fund after the Minimum Subscription DateDealer Manager. Upon receipt of the Subscription Agreement, the Managing Member, on behalf of the Fund, will determine promptly (and in any event within ten (10) days after such receipt) whether it wishes to accept the proposed purchaser as a member in the Fund, it being understood that the Managing Member reserves the right to reject the tender of any Subscription Agreement and to reject all tenders after the Termination Date, in each case in its sole discretion. Should the Managing Member determine to accept the tender of the Subscription Agreement, the Managing Member will promptly advise you of such action. Should the Managing Member determine to reject the tender, it will promptly notify in writing the prospective purchaser and you of such determination and will promptly return the tendered Subscription Agreement and instruct the Escrow Agent to return the purchase price of the Units directly to the prospective purchaser if the determination is made on or before the Minimum Subscription Date or the Fund will return the purchase price of the Units directly to the prospective purchaser if the determination is made after the Minimum Subscription Date. All payments received prior to the Minimum Subscription Date, except as hereinafter provided, from purchasers of Units shall be transmitted directly to the Escrow Agent and deposited in an escrow account (the "“Escrow Account"”) with Escrow Agent. Such funds may be temporarily invested in bank savings accounts, bank or money market accounts, bank short-term certificates of deposit of U.S. banks having a net worth of $100 million, or short-term U.S. government issued or guaranteed obligations. Prior to the Minimum Subscription Closing Date, the Fund will have no right to obtain any funds from the Escrow Agent. Funds for Units purchased on or before the Minimum Subscription Date shall be made available to the Fund, or its order, by the Escrow Agent, on the Minimum Subscription Closing Date. Nothing contained in this Section 1 shall be construed to impose upon the Managing Member the responsibility of assuring that prospective purchasers meet the suitability standards contained in the Prospectus and the Subscription Agreement or to relieve you of the responsibility of complying with the Conduct Rules of the National Association of Securities Dealers, Inc. ("“NASD"”).