Amount and Delivery. Within two Business Days after the Effective Date, Buyer shall deliver into Escrow cash in the amount of $7,500,000.00 (the "Initial Deposit"), as a good faith deposit. Within five days after the Approval Date, if Buyer elects to proceed with the purchase of the Hotel, Buyer shall deliver into Escrow an additional cash deposit of $10,000,000.00 (the "Additional Deposit," bringing the total deposited to $17,500,000). The Initial Deposit, together with the Additional Deposit when and if made, is and all interest earned on the deposited funds while in Escrow, shall comprise the "Deposit."
Appears in 1 contract
Samples: Agreement of Purchase and Sale (CNL Hospitality Properties Inc)
Amount and Delivery. Within two three (3) Business Days after the Effective Date, Buyer shall deliver into Escrow cash in the amount of $7,500,000.00 500,000.00 (the "“Initial Deposit"”), as a good faith deposit. Within five days after On or before the Approval Date, if Buyer elects to proceed with the purchase of the Hotel, Buyer shall deliver into Escrow an additional cash deposit of $10,000,000.00 2,500,000.00 (the "“Additional Deposit," bringing the total deposited to $17,500,000”). The Initial Deposit, together with the Additional Deposit when and if made, is and all interest earned on the deposited funds while in Escrow, shall comprise the "“Deposit."”
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Chesapeake Lodging Trust)
Amount and Delivery. Within two Business Days after the Effective Date, Buyer shall deliver into Escrow cash in via wire transfer of funds the amount of $7,500,000.00 1,000,000.00 (the "“Initial Deposit"”), as a good faith deposit. Within five days one Business Day after the Approval Date, if Buyer elects to proceed with the purchase of the Hotel, Buyer shall deliver into Escrow via wire transfer of funds an additional cash deposit of $10,000,000.00 2,000,000.00 (the "“Additional Deposit," bringing the total deposited to $17,500,000”). The Initial Deposit, together with the Additional Deposit when and if made, is and all interest earned on the deposited funds while in Escrow, shall comprise the "“Deposit."”
Appears in 1 contract
Samples: Agreement of Purchase and Sale (Pebblebrook Hotel Trust)
Amount and Delivery. Within two Business Days after the Effective Date, Buyer shall deliver into Escrow cash in via wire transfer of funds the amount of $7,500,000.00 1,000,000.00 (the "“Initial Deposit"”), as a good faith deposit. Within five days one Business Day after the Approval Date, if Buyer elects to proceed with the purchase of the Hotel, Buyer shall deliver into Escrow via wire transfer of funds an additional cash deposit of $10,000,000.00 2,000,000.00 (the "“Additional Deposit," bringing the total deposited to $17,500,000”). The Initial Deposit, together with the Additional Deposit when and if made, is and all interest earned on the deposited funds while in Escrow, shall comprise the "“Deposit."” 3.3.2
Appears in 1 contract
Samples: Agreement of Purchase and Sale of Real Property and Joint Escrow Instructions
