Common use of Additional Extension Fee Clause in Contracts

Additional Extension Fee. In consideration of Seller extending the Closing Date as provided in Paragraph 2 above, Buyer shall pay to Seller an extension fee by depositing in escrow with Escrow Holder, in cash or current funds, a sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional Extension Fee”) by no later than March 23, 2023. Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee. The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3. Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement. If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.

Additional Extension Fee. In consideration of Seller extending the Closing Date as provided in Paragraph 2 above, Buyer shall pay to Seller an extension fee by depositing in escrow with Escrow Holder, in cash or current funds, a sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional Extension Fee”) by no later than March 231, 2023. Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee. The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Ninth Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3. Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement. If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.

Additional Extension Fee. In consideration of Seller extending the Closing Date as provided in Paragraph 2 above, Buyer shall pay to Seller an extension fee by depositing in escrow with Escrow Holder, in cash or current funds, a sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional Extension Fee”) by no later than March 2316, 2023. Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee. The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3. Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement. If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.

Additional Extension Fee. In consideration of Seller extending the Closing Date as provided in Paragraph 2 above, Buyer shall pay to Seller an extension fee by depositing in escrow with Escrow Holder, in cash or current funds, a sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional Extension Fee”) by no later than March 23February 22, 2023. Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee. The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Eighth Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3. Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement. If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.

Additional Extension Fee. In consideration of Seller extending the Closing Date as provided in Paragraph 2 above, Buyer shall pay to Seller an extension fee by depositing in escrow with Escrow Holder, in cash or current funds, a sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional Extension Fee”) by no later than March 23February 15, 2023. Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the each Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee. The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Seventh Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3. Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement. If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.

Additional Extension Fee. In consideration of Seller extending the Closing Date as provided in Paragraph 2 above, Buyer shall pay to Seller an extension fee by depositing in escrow with Escrow Holder, in cash or current funds, a sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional Extension Fee”) by no later than March 238, 2023. Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee. The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Tenth Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3. Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement. If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.