Common use of ADDITIONAL XXXXXXX MONEY DEPOSIT Clause in Contracts

ADDITIONAL XXXXXXX MONEY DEPOSIT. On or before the Review Period Objection Deadline, Purchaser shall pay to the Title Company an additional sum equal to $ (such additional sum, the “Second Deposit”) so that the Initial Xxxxxxx Money and the Second Deposit together equal twenty percent (20%) 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 such deposits shall not be held in escrow by the Title Company but shall, following the Title Company’s receipt of 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 any of the required Second Deposit as described in this Section 4.b 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. On or before Within forty-five (45) days following the Review Period Objection DeadlineEffective Date, 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 twenty ten percent (2010%) 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 such deposits shall not be held in escrow by the Title Company but shalland, following the Title Company’s receipt of the Second Deposit and without the necessity of any further action by the parties, be released to Seller for the direct benefit of the Condominium Project as described in Section 4.c below. Purchaser's ’s failure to pay any of either the required Initial Xxxxxxx Money or the Second Deposit as described in this Section 4.b 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. On or before the Review Period Objection Deadlinedate falling twenty (20) days after the Effective Date, Purchaser shall pay to the Title Company an additional sum equal to $ (such additional sum, the “Second Deposit”) so that the Initial Xxxxxxx Money and the Second Deposit together equal twenty percent (20%) 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 such deposits deposit shall not be held in escrow by the Title Company but shall, following the Title Company’s receipt of the Second Deposit and without the necessity of any further action by the parties, be released to Seller and may be disbursed by Seller for the direct benefit of the Project as described in Section 4.c below. Purchaser's failure to timely pay any of the required Second Deposit as described in this Section 4.b 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. .