Common use of Application and Interest Clause in Contracts

Application and Interest. Purchaser and Seller agree that the Exxxxxx Money shall be credited towards the Purchase Price if the transactions contemplated by this Agreement close. In the event of a termination of this Agreement for any reason by Purchaser prior to expiration of the Inspection Period in accordance with the provisions of this Agreement, the Title Company is authorized to deliver the Exxxxxx Money to Purchaser on or before the second (2nd) Business Day following delivery by the Purchaser to the Title Company and Seller of written notice from the Purchaser of such termination. If this Agreement is terminated by Purchaser or Seller after the expiration of the Inspection Period in accordance with the provisions of this Agreement, the Title Company is authorized to deliver the Exxxxxx Money to Purchaser or Seller on (or before based on joint written direction of the Parties) the tenth (10th) Business Day following receipt by the Title Company and the non-terminating Party of written notice from the terminating Party of such termination; provided, however, that, if the non-terminating party, before the end of the ninth (9th) Business Day following receipt by the Title Company and the non-terminating Party of written notice from the terminating Party of such termination, notifies the Title Company that the non-terminating party disputes the right of terminating party to receive the Exxxxxx Money, then the Title Company shall retain the Exxxxxx Money in escrow and may, in the Title Company’s discretion, interplead the Exxxxxx Money into a state or federal court of competent jurisdiction in the county or district in which the Exxxxxx Money has been deposited, and all attorneys’ fees and costs and the Title Company’s costs and expenses incurred in connection with such interpleader shall be assessed against the Party that is not awarded the Exxxxxx Money. All interest earned on the Exxxxxx Money is part of the Exxxxxx Money, to be applied or disposed of in the same manner as the Exxxxxx Money under this Agreement and shall be applied against the Purchase Price at Closing. By their entry into this Agreement, the Parties agree that the foregoing provisions of this Section 4.2 shall constitute their respective written instructions to the Title Company to distribute the Exxxxxx Money in accordance herewith.

Application and Interest. Purchaser and Seller Sellers agree that the Exxxxxx Money shall be credited towards the Purchase Price if the transactions contemplated by this Agreement close. In the event of a termination of this Agreement for any reason by Purchaser prior to expiration of the Inspection Period in accordance with the provisions of this Agreement, the Title Company is authorized to deliver the Exxxxxx Money to Purchaser on or before the second (2nd) Business Day following delivery by the Purchaser to the Title Company and Seller of written notice from the Purchaser of such termination. If this Agreement is terminated by Purchaser or Seller Sellers after the expiration of the Inspection Period in accordance with the provisions of this Agreement, the Title Company is authorized to deliver the Exxxxxx Money to Purchaser or Seller Sellers on (or before based on joint written direction of the Parties) the tenth (10th) Business Day following receipt by the Title Company and the non-terminating Party of written notice from the terminating Party of such termination; provided, however, that, if the non-terminating party, before the end of the ninth (9th) Business Day following receipt by the Title Company and the non-terminating Party of written notice from the terminating Party of such termination, notifies the Title Company that the non-terminating party disputes the right of terminating party to receive the Exxxxxx Money, then the Title Company shall retain the Exxxxxx Money in escrow and may, in the Title Company’s discretion, interplead the Exxxxxx Money into a state or federal court of competent jurisdiction in the county or district in which the Exxxxxx Money has been deposited, and all attorneys’ fees and costs and the Title Company’s costs and expenses incurred in connection with such interpleader shall be assessed against the Party that is not awarded the Exxxxxx Money. All interest earned on the Exxxxxx Money is part of the Exxxxxx Money, to be applied or disposed of in the same manner as the Exxxxxx Money under this Agreement and shall be applied against the Purchase Price at Closing. By their entry into this Agreement, the Parties agree that the foregoing provisions of this Section 4.2 shall constitute their respective written instructions to the Title Company to distribute the Exxxxxx Money in accordance herewith.

Application and Interest. Purchaser and Seller Sellers agree that the Exxxxxx Money shall be credited towards the Purchase Price if the transactions contemplated by this Agreement close, in which case the Exxxxxx Money shall be deemed allocated among the Assets comprising the Property as set forth in Schedule 4.2 attached hereto and made a part hereof. In the event of a termination of this Agreement for any reason by Purchaser prior to expiration of the Inspection Period in accordance with the provisions of this Agreement, the Title Company is authorized to deliver the Exxxxxx Money to Purchaser on or before the second (2nd) Business Day following delivery by the Purchaser to the Title Company and Seller of written notice from the Purchaser of such termination. If this Agreement is terminated by Purchaser or Seller Sellers after the expiration of the Inspection Period in accordance with the provisions of this Agreement, the Title Company is authorized to deliver the Exxxxxx Money to Purchaser or Seller Sellers on (or before based on joint written direction of the Parties) the tenth (10th) Business Day following receipt by the Title Company and the non-terminating Party of written notice from the terminating Party of such termination; provided, however, that, if the non-terminating party, before the end of the ninth (9th) Business Day following receipt by the Title Company and the non-terminating Party of written notice from the terminating Party of such termination, notifies the Title Company that the non-terminating party disputes the right of terminating party to receive the Exxxxxx Money, then the Title Company shall retain the Exxxxxx Money in escrow and may, in the Title Company’s discretion, interplead the Exxxxxx Money into a state or federal court of competent jurisdiction in the county or district in which the Exxxxxx Money has been deposited, and all attorneys’ fees and costs and the Title Company’s costs and expenses incurred in connection with such interpleader shall be assessed against the Party that is not awarded the Exxxxxx Money. All interest earned on the Exxxxxx Money is part of the Exxxxxx Money, to be applied or disposed of in the same manner as the Exxxxxx Money under this Agreement and shall be applied against the Purchase Price at Closing. By their entry into this Agreement, the Parties agree that the foregoing provisions of this Section 4.2 shall constitute their respective written instructions to the Title Company to distribute the Exxxxxx Money in accordance herewith.