Common use of APPLICATION DEPOSIT Clause in Contracts

APPLICATION DEPOSIT. At the signing of this agreement, Applicant agrees to make a deposit payable to the Regional Development Company. Underwriting of the loan application cannot begin until this deposit is received. Application deposit amount is $1,000. If the Regional Development Company and SBA approve the loan, the fee will be used for any third party, out-of-pocket expenses incurred by the Regional Development Company, including, but not limited to, overnight delivery, postage, filing fees, environmental reports and certification fees. Once the loan closes and funds, the unused balance of the Application Deposit will be refunded to the Applicant.

APPLICATION DEPOSIT. At the signing of this agreement, Applicant Xxxxxxxxx agrees to make a deposit payable to the Regional Development Company. Underwriting of the loan application cannot begin until this deposit is received. Application deposit amount is $1,000. If the Regional Development Company and SBA approve the loan, the fee will be used for any third party, out-of-pocket expenses incurred by the Regional Development Company, including, but not limited to, overnight delivery, postage, filing fees, environmental reports and certification fees. Once the loan closes and funds, the unused balance of the Application Deposit will be refunded to the Applicant.