Common use of Additional Deposit Clause in Contracts

Additional Deposit. If Purchaser does not terminate this Agreement as and in the manner provided in Section 2(c) hereof, then no later than the two business days after the date of expiration of the Feasibility Period, Purchaser shall deliver to Commercial Property Title, LLC, attention Xxxxxxx XxXxxx, as agent of First American Title Insurance Company (the “Escrow Agent”), immediately available funds in the amount of SEVEN MILLION DOLLARS ($7,000,000.00) (the “Additional Deposit”) as an additional xxxxxxx money deposit hereunder, which Additional Deposit, together with all interest and/or other income earned thereon and the proceeds thereof, shall be held and invested, and applied or released by the Escrow Agent in accordance with Section 3(a) hereof; provided, however, if for any reason Purchaser shall fail to deliver the Additional Deposit as and in the manner provided in the preceding sentence, then and in such event and notwithstanding any provision of this Agreement express or implied to the contrary, this Agreement thereupon automatically shall terminate, the Initial Deposit shall be fully earned by Seller and neither party shall have any further rights against or obligations to the other hereunder except as expressly provided in this Agreement. The Additional Deposit shall be non-refundable to Purchaser except in the event of a default by Seller under this Agreement or failure of a condition under Section 11(a) hereof, and shall be applied to the Purchase Price at Closing. As used herein, the term “Deposit” shall mean, collectively, the Initial Deposit, and, if and when paid, the Additional Deposit (and all interest and/or other income earned thereon and all proceeds thereof).

Additional Deposit. If Purchaser does not terminate Unless Buyer terminates this Agreement as and in accordance with the manner provided in terms of Section 2(c) hereof4.2, then no later than upon the two business days after the date of expiration of the Feasibility Period, Purchaser shall deliver to Commercial Property Title, LLC, attention Xxxxxxx XxXxxx, as agent of First American Title Insurance Company Due Diligence Deadline: (the “Escrow Agent”), immediately available funds in the amount of SEVEN MILLION DOLLARS ($7,000,000.00a) (the “Additional Deposit”) as an additional xxxxxxx money deposit hereunder, which Additional Deposit, together with all interest and/or other income earned thereon and the proceeds thereof, shall be held and invested, and applied or released by the Escrow Agent in accordance with Section 3(a) hereof; provided, however, if for any reason Purchaser shall fail to deliver the Additional Deposit as and in the manner provided in the preceding sentence, then and in such event and notwithstanding any provision of this Agreement express or implied to the contrary, this Agreement thereupon automatically shall terminate, the Initial Deposit shall be fully earned by Seller and neither party shall have any further rights against become non-refundable to Buyer except in the event of the Seller's breach or obligations to the other hereunder except as otherwise expressly provided in this Agreement. The , and (b) within two (2) Business Days after the expiration of the Due Diligence Deadline, Buyer shall deposit the Additional Deposit with Escrow Holder by wire transfer of immediately available funds and the Additional Deposit shall be non-refundable to Purchaser Buyer except in the event of a default by Seller under Seller's breach or as otherwise expressly provided in this Agreement or failure of a condition under Section 11(a) hereofAgreement. The Initial Deposit and, and shall be applied to the Purchase Price at Closing. As used hereinwhen made, the term “Deposit” shall mean, collectively, the Initial Additional Deposit, and, if made, the Extension Deposit, are collectively referred to herein as the "Deposit" and when paidshall include all interest which accrues thereon while held by Escrow Holder. Upon the Closing, the Deposit shall be credited to the Purchase Price. Unless Buyer terminates this Agreement in accordance with the terms of Section 4.2, then upon the expiration of the Due Diligence Deadline if Buyer thereafter fails to deliver the Additional Deposit into the Escrow Account strictly as and when contemplated herein or if Buyer fails to deliver the “Additional Deposit” into Escrow as defined in and set forth in the Parallel Agreement, such failure shall constitute a material breach of this Agreement by Buyer and Seller shall have the right, by delivering written notice to Escrow Holder and Buyer within five (5) days after such failure, to terminate this Agreement and all interest and/or other income earned thereon receive and all proceeds thereof)retain the Initial Deposit as liquidated damages pursuant to Section 5.1 below, and thereafter neither party shall have any further rights or obligations hereunder except for the Surviving Obligations.

Additional Deposit. If Purchaser does elects not to terminate this Agreement as and in under Section 5.5, Purchaser shall, prior to the manner provided in Section 2(c) hereof, then no later than the two business days after the date of expiration of the Feasibility Period, deposit ONE MILLION THREE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,300,000.00) (the "Additional Deposit") with Escrow Agent in immediately available federal funds, and if the Initial Deposit was in the form of a letter of credit, Purchaser shall deliver to Commercial Property Title, LLC, attention Xxxxxxx XxXxxx, as agent also replace such letter of First American Title Insurance Company (the “Escrow Agent”), credit by depositing immediately available federal funds in the amount of SEVEN ONE MILLION THREE HUNDRED THOUSAND AND NO/100 DOLLARS ($7,000,000.001,300,000.00) (the “Additional Deposit”) as an additional xxxxxxx money deposit hereunder, which Additional Deposit, together with all interest and/or other income earned thereon Escrow Agent and the proceeds thereof, shall be held and invested, and applied or released by the Escrow Agent shall, upon receipt of such funds, return the letter of credit to Purchaser – it being agreed that the total amount of the Initial Deposit and the Additional Deposit must equal TWO MILLION SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($2,600,000.00) in accordance with Section 3(a) hereof; provided, however, if for any reason immediately available funds. If Purchaser shall fail to deliver deposit the Additional Deposit as and (and, if the Initial Deposit was in the manner form of a letter of credit, replace same with cash of equal amount) within the time period provided for above, Seller may at any time prior to the deposit of the Additional Deposit (and, if applicable, replacement), terminate this Agreement, in the preceding sentence, then which case this Agreement shall be null and void ab initio and in such event and notwithstanding any provision of this Agreement express or implied to the contrary, this Agreement thereupon automatically Escrow Agent shall terminate, immediately deliver the Initial Deposit shall be fully earned by Seller to Purchaser and thereafter, neither party shall have any further rights against or obligations to the other hereunder hereunder, except as expressly provided otherwise set forth in this Agreement. The Additional Deposit shall be non-refundable to Purchaser except in the event of a default by Seller under this Agreement or failure of a condition under Section 11(a) hereof, and shall be applied to the Purchase Price at Closing. As used herein, the term “Deposit” shall mean, collectively, means the Initial Deposit and the Additional Deposit, and, if and when paid, the Additional Deposit (and together with all interest and/or other income earned thereon and all proceeds thereof)accrued thereon.