Xxxxxxx Money definition

Xxxxxxx Money shall have the meaning assigned thereto in Section 2.3.

Xxxxxxx Money means Five Hundred Thousand Dollars ($500,000.00). The Xxxxxxx Money shall be delivered to Escrow Agent within three (3) business days after the Effective Date. The Xxxxxxx Money shall be deposited by Buyer in escrow with Escrow Agent, to be applied as part payment of the Purchase Price at the time the sale is closed, or disbursed as agreed upon in accordance with the terms of this Agreement. Seller and Buyer each shall pay one-half of all reasonable escrow fees charged by Escrow Agent.

Xxxxxxx Money. Shall have the meaning given to it in Section 3.01(a).

Examples of Xxxxxxx Money in a sentence

• Buyer forever waives and releases any right to sue Seller, Auctioneer/Broker, or Escrow Agent to recover the Xxxxxxx Money Deposit, or any part thereof, on the grounds that it is unreasonable in amount, or that its retention by Seller and Auctioneer/Broker is wrongful or a penalty not agreed upon by the parties as reasonable liquidated damages.

• Except as expressly provided in this Agreement to the contrary, if this Agreement is terminated pursuant to the terms hereof, the Xxxxxxx Money shall be returned to Purchaser and upon such return the respective rights of Purchaser and Seller arising out of this Agreement shall immediately cease with the exception of (a) the provisions of Section 7.1 and 7.2 , (b) the indemnity in Section 8.1, and (c) the indemnity under Article 10.

• If Buyer defaults in the performance of any term or obligation herein and Closing does not timely occur as a result, Seller will give written notice to Buyer that the Xxxxxxx Money Deposit will be immediately forfeited to Seller and Auctioneer/Broker as reasonable liquidated damages and not as a penalty against Buyer.

• In the case of any default by Seller, Purchaser’s remedies shall be (a) termination of this Agreement as provided above, in which event the Xxxxxxx Money shall be returned to Purchaser, (b) waive such default and consummate the transactions contemplated hereby in accordance with the terms of this Agreement, or (c) any remedy available to Purchaser at law including, but not limited to, specific performance.

• In the case of any default by Purchaser, Seller’s remedies shall be (a) termination of this Agreement as provided above and the Xxxxxxx Money shall be promptly forfeited to Seller as liquidated damages (b) waive such default and consummate the transactions contemplated hereby in accordance with the terms of this Agreement, or (c) any remedy available to Seller at law including, but not limited to, specific performance.

More Definitions of Xxxxxxx Money

Xxxxxxx Money has the meaning specified in Section 2.2.

Xxxxxxx Money means the Initial Xxxxxxx Money, together with any Additional Xxxxxxx Money actually paid by Purchaser to Escrow Agent hereunder, and together with all interest which accrues thereon as provided in Section 2.3(c) hereof and in the Escrow Agreement.

Xxxxxxx Money shall have the meaning assigned thereto in Section 2.3. “Effective Time” shall have the meaning assigned thereto in Article X.

Xxxxxxx Money is defined in Section 3.3.

Xxxxxxx Money means the sum of Two Hundred Fifty Thousand and NO/100 Dollars ($250,000.00), together with all interest accrued thereon.

Xxxxxxx Money means, at the time in question, the amounts then deposited with Escrow Agent in respect of the Deposit, together with all interest and any other amounts earned thereon.

Xxxxxxx Money means, the Initial Deposit, the Additional Deposit and the Extension Deposit, if applicable, all together with all accrued interest thereon.