Common use of ADDITIONAL XXXXXXX MONEY DEPOSIT Clause in Contracts

ADDITIONAL XXXXXXX MONEY DEPOSIT. Within five (5) days following written notice to Purchaser that Seller has completed the structural framing of the building comprising the Project, Purchaser shall pay to the Title Company an additional sum equal to five percent (5%) of the Purchase Price (such additional sum, the “Second Deposit”) so that the Initial Xxxxxxx Money and the Second Deposit together equal fifteen percent (15%) of the Purchase Price (the Initial Xxxxxxx Money and the Second Deposit are referred to collectively herein as the “Xxxxxxx Money Deposit”). Purchaser understands and agrees that the Second Deposit is being paid to the Title Company for tracking purposes only and that the Second Deposit shall not be held in escrow by the Title Company but shall, following the Title Company’s receipt of each such deposit and without the necessity of any further action by the parties, be released to Seller for the direct benefit of the Project as described in Section 4.c below. Purchaser’s failure to pay either the Initial Xxxxxxx Money or the Second Deposit on the applicable date shall constitute a material default by Purchaser under Section 14 below. The Xxxxxxx Money Deposit shall be consideration for Seller reserving the Unit for Purchaser, and Seller agreeing not to sell the Unit to anyone other than Purchaser prior to the date set for Closing in Section 10 below.

ADDITIONAL XXXXXXX MONEY DEPOSIT. Within five (5) days following written notice to Purchaser that Seller has completed the structural framing commenced construction of the building comprising Project, which for purposes of this Agreement shall mean that Seller has commenced site work for the ProjectProject and has secured a related permit from the Town, Purchaser shall pay to the Title Company an additional sum equal to five percent (5%) of the Purchase Price (such additional sum, the “Second Deposit”) so that the Initial Xxxxxxx Money and the Second Deposit together equal fifteen ten percent (1510%) of the Purchase Price (the Initial Xxxxxxx Money and the Second Deposit are referred to collectively herein as the “Xxxxxxx Money Deposit”). Purchaser understands and agrees that As with the Initial Xxxxxxx Money, the Second Deposit is being shall be paid to the Title Company for tracking purposes only and that the Second Deposit shall not be held in escrow by the Title Company but shalland, following the Title Company’s receipt of each such deposit the Second Deposit and without the necessity of any further action by the parties, be released to Seller for the direct benefit of the Project as described in Section 4.c below. Purchaser’s failure to pay either the Initial Xxxxxxx Money or the Second Deposit on the applicable date shall constitute a material default by Purchaser under Section 14 below. The Xxxxxxx Money Deposit shall be consideration for Seller reserving the Unit for Purchaser, and Seller agreeing not to sell the Unit to anyone other than Purchaser prior to the date set for Closing in Section 10 below.

ADDITIONAL XXXXXXX MONEY DEPOSIT. Within five (5) days following written notice to Purchaser that Seller has completed the structural framing of the building comprising the Project, Purchaser shall pay to the Title Company an additional sum equal to five percent (5%) of the Purchase Price (such additional sum, the “Second Deposit”) so that the Initial Xxxxxxx Money and the Second Deposit together equal fifteen percent (15%) of the Purchase Price (the Initial Xxxxxxx Money and the Second Deposit are referred to collectively herein as the “Xxxxxxx Money Deposit”). Purchaser Xxxxxxxxx understands and agrees that the Second Deposit is being paid to the Title Company for tracking purposes only and that the Second Deposit shall not be held in escrow by the Title Company but shall, following the Title Company’s receipt of each such deposit and without the necessity of any further action by the parties, be released to Seller for the direct benefit of the Project as described in Section 4.c below. Purchaser’s failure to pay either the Initial Xxxxxxx Money or the Second Deposit on the applicable date shall constitute a material default by Purchaser under Section 14 below. The Xxxxxxx Money Deposit shall be consideration for Seller reserving the Unit for Purchaser, and Seller agreeing not to sell the Unit to anyone other than Purchaser prior to the date set for Closing in Section 10 below.