Common use of Buyer’s Xxxxxxx Money Deposit Clause in Contracts

Buyer’s Xxxxxxx Money Deposit. On or prior to the date which is three (3) business days after the Effective Date, Buyer shall deliver the sum of THREE HUNDRED FORTY-TWO THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($342,500.00) in immediately available funds (the "Initial Xxxxxxx Money Deposit") to Fidelity National Title Insurance Company, with an address of 000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000, Attn: Xxx Xxxxxxx ("Escrow Agent" or "Title Insurer"). On or prior to the Approval Date (as defined in Section 2.5.3 hereof), Buyer shall have the right to terminate this Agreement in accordance with Section 2.5.3, in which case the Initial Xxxxxxx Money Deposit (except for the Independent Consideration) shall be returned to Buyer and the parties shall have no further obligations hereunder except as otherwise provided herein. In the event that Buyer does not terminate this Agreement pursuant to the terms of Section 2.5.3, on or prior to the Approval Date Buyer shall deliver the additional sum of SIX HUNDRED EIGHTY-FIVE THOUSAND DOLLARS AND NO CENTS ($685,000.00) in immediately available funds (the "Additional Xxxxxxx Money Deposit") to Escrow Agent and the transaction contemplated by this Agreement shall proceed in accordance with the terms hereof. In the event Buyer elects to exercise its extension option pursuant to Section 2.4.1 hereof, Buyer shall deposit the Extension Deposit (as defined in Section 2.4.1 hereof) in accordance with the provisions of Section 2.4.1 hereof. The Initial Xxxxxxx Money Deposit, the Additional Xxxxxxx Money Deposit, and the Extension Deposit (if delivered), together with all interest accrued thereon, less the Independent Consideration (as defined in Section 1.3 hereof), shall be referenced herein as the "Xxxxxxx Money Deposit". The Xxxxxxx Money Deposit shall be held in accordance with the terms of this Agreement and shall be applied as a credit to the Purchase Price (as defined in Section 2.2 hereof) due to Seller at the Closing. In the event Buyer fails to timely deposit any portion of the Xxxxxxx Money Deposit as provided above, Seller may, as its sole remedy, terminate this Agreement upon written notice to Buyer at any time prior to payment in full of the respective portion of the Xxxxxxx Money Deposit. Escrow Agent shall deposit the Xxxxxxx Money Deposit in an interest-bearing account at a bank or other FDIC insured financial institution reasonably acceptable to Buyer and Seller and all interest earned and/or accrued thereon shall be deemed part of the Xxxxxxx Money Deposit for all purposes. Provided Buyer has not terminated this Agreement pursuant to the terms of Section 2.5.3, after the Approval Date, the Xxxxxxx Money Deposit shall be non-refundable to Buyer except in the event that (i) Seller defaults under this Agreement, (ii) one or more of the conditions to Buyer’s obligations to close the purchase of the Property set forth in Article 4 of this Agreement is not satisfied or waived as provided therein, or (iii) as otherwise expressly provided herein. Upon execution of this Agreement, Buyer shall provide Escrow Agent with Buyer’s Federal tax identification number for reporting of any earnings on the Xxxxxxx Money Deposit.

Buyer’s Xxxxxxx Money Deposit. On or prior to the date which is three (3) business days after the Effective Date, Buyer shall deliver the sum of THREE TWO HUNDRED FORTYTWENTY-TWO THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($342,500.00222,000.00) in immediately available funds (the "Initial Xxxxxxx Money Deposit") to Fidelity National Title Insurance Company, with an address of 000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000, Attn: Xxx Xxxxxxx ("Escrow Agent" or "Title Insurer"). On or prior to the Approval Date (as defined in Section 2.5.3 hereof), Buyer shall 2 have the right to terminate this Agreement in accordance with Section 2.5.3, in which case the Initial Xxxxxxx Money Deposit (except for the Independent Consideration) shall be returned to Buyer and the parties shall have no further obligations hereunder except as otherwise provided herein. In the event that Buyer does not terminate this Agreement pursuant to the terms of Section 2.5.3, on or prior to the Approval Date Buyer shall deliver the additional sum of SIX FOUR HUNDRED EIGHTYFORTY-FIVE FOUR THOUSAND DOLLARS AND NO CENTS ($685,000.00444,000.00) in immediately available funds (the "Additional Xxxxxxx Money Deposit") to Escrow Agent and the transaction contemplated by this Agreement shall proceed in accordance with the terms hereof. In the event the closing of the transaction described in the Waterstone Purchase Agreement (as defined in Section 8.3 hereof) occurs prior to the Closing Date hereunder, if such has not previously been delivered, Buyer shall cause the Third Xxxxxxx Money Deposit (as defined in this Section 1.1 below) to be delivered to Escrow Agent not later than the date of closing under the Waterstone Purchase Agreement. In the event i) Buyer has not previously delivered the Third Xxxxxxx Money Deposit, and ii) Buyer elects to exercise its extension option pursuant to Section 2.4.1 hereof, Buyer shall deposit the Post-Lender Approval Closing Extension Deposit (as defined in Section 2.4.1 hereof) ), Buyer shall deliver the Third Xxxxxxx Money Deposit to Escrow Agent in accordance with the provisions of Section 2.4.1 hereof. The “Third Xxxxxxx Money Deposit” means immediately available funds in an amount sufficient to cause the total Xxxxxxx Money Deposit to equal ONE MILLION TWO HUNDRED THOUSAND DOLLARS ($1,200,000). Upon delivery, the Third Xxxxxxx Money Deposit shall become part of the Xxxxxxx Money Deposit and be non-refundable to Buyer except as expressly provided herein. The Initial Xxxxxxx Money Deposit, the Additional Xxxxxxx Money Deposit, Deposit and the Extension Third Xxxxxxx Money Deposit (if delivered), together with all interest accrued thereon, less the Independent Consideration (as defined in Section 1.3 hereof), shall be referenced herein as the "Xxxxxxx Money Deposit". The Xxxxxxx Money Deposit shall be held in accordance with the terms of this Agreement and shall be applied as a credit to the Purchase Price (as defined in Section 2.2 hereof) due to Seller at the Closing. In the event Buyer fails to timely deposit any portion of the Xxxxxxx Money Deposit as provided required above, Seller may, as its sole remedy, terminate this Agreement upon written notice to Buyer at any time prior to payment in full of the respective portion of the Xxxxxxx Money Deposit. Escrow Agent shall deposit the Xxxxxxx Money Deposit in an interest-bearing account at a bank or other FDIC insured financial institution reasonably acceptable to Buyer and Seller and all interest earned and/or accrued thereon shall be deemed part of the Xxxxxxx Money Deposit for all purposes. Provided Buyer has not terminated this Agreement pursuant to the terms of Section 2.5.3, after the Approval Date, the Xxxxxxx Money Deposit shall be non-refundable to Buyer except in the event that (i) Seller defaults under this Agreement, (ii) one or more of the conditions to Buyer’s obligations to close the purchase of the Property set forth in Article 4 of this Agreement is not satisfied or waived as provided therein, or (iii) as otherwise expressly provided herein. Upon execution of this Agreement, Buyer shall provide Escrow Agent with Buyer’s Federal tax identification number for reporting of any earnings on the Xxxxxxx Money Deposit.

Buyer’s Xxxxxxx Money Deposit. On or prior to the date which is three (3) business days after the Effective Date, Buyer shall deliver the sum of THREE TWO HUNDRED FORTYTWENTY-TWO NINE THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($342,500.00229,500.00) in immediately available funds (the "Initial Xxxxxxx Money Deposit") to Fidelity National Title Insurance Company, with an address of 000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000, Attn: Xxx Xxxxxxx ("Escrow Agent" or "Title Insurer"). On or prior to the Approval Date (as defined in Section 2.5.3 hereof), Buyer shall have the right to terminate this Agreement in accordance with Section 2.5.3, in which case the Initial Xxxxxxx Money Deposit (except for the Independent Consideration) shall be returned to Buyer and the parties shall have no further obligations hereunder except as otherwise provided herein. In the event that Buyer does not terminate this Agreement pursuant to the terms of Section 2.5.3, on or prior to the Approval Date Buyer shall deliver the additional sum of SIX FOUR HUNDRED EIGHTYFIFTY-FIVE NINE THOUSAND DOLLARS AND NO CENTS ($685,000.00459,000.00) in immediately available funds (the "Additional Xxxxxxx Money Deposit") to Escrow Agent and the transaction contemplated by this Agreement shall proceed in accordance with the terms hereof. In the event Buyer elects to exercise its extension option pursuant to Section 2.4.1 hereof, Buyer shall deposit the Extension Deposit (as defined in Section 2.4.1 hereof) in accordance with the provisions of Section 2.4.1 hereof. The Initial Xxxxxxx Money Deposit, the Additional Xxxxxxx Money Deposit, and the Extension Deposit (if delivered), together with all interest accrued thereon, less the Independent Consideration (as defined in Section 1.3 hereof), shall be referenced herein as the "Xxxxxxx 2 Money Deposit". The Xxxxxxx Money Deposit shall be held in accordance with the terms of this Agreement and shall be applied as a credit to the Purchase Price (as defined in Section 2.2 hereof) due to Seller at the Closing. In the event Buyer fails to timely deposit any portion of the Xxxxxxx Money Deposit as provided above, Seller may, as its sole remedy, terminate this Agreement upon written notice to Buyer at any time prior to payment in full of the respective portion of the Xxxxxxx Money Deposit. Escrow Agent shall deposit the Xxxxxxx Money Deposit in an interest-bearing account at a bank or other FDIC insured financial institution reasonably acceptable to Buyer and Seller and all interest earned and/or accrued thereon shall be deemed part of the Xxxxxxx Money Deposit for all purposes. Provided Buyer has not terminated this Agreement pursuant to the terms of Section 2.5.3, after the Approval Date, the Xxxxxxx Money Deposit shall be non-refundable to Buyer except in the event that (i) Seller defaults under this Agreement, (ii) one or more of the conditions to Buyer’s obligations to close the purchase of the Property set forth in Article 4 of this Agreement is not satisfied or waived as provided therein, or (iii) as otherwise expressly provided herein. Upon execution of this Agreement, Buyer shall provide Escrow Agent with Buyer’s Federal tax identification number for reporting of any earnings on the Xxxxxxx Money Deposit.

Buyer’s Xxxxxxx Money Deposit. On or prior to the date which is three (3) business days after the Effective Date, Buyer shall deliver the sum of THREE TWO HUNDRED FORTYTWENTY-TWO NINE THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($342,500.00229,500.00) in immediately available funds (the "Initial Xxxxxxx Money Deposit") to Fidelity National Title Insurance Company, with an address of 000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000, Attn: Xxx Xxxxxxx ("Escrow Agent" or "Title Insurer"). On or prior to the Approval Date (as defined in Section 2.5.3 hereof), Buyer shall have the right to terminate this Agreement in accordance with Section 2.5.3, in which case the Initial Xxxxxxx Money Deposit (except for the Independent Consideration) shall be returned to Buyer and the parties shall have no further obligations hereunder except as otherwise provided herein. In the event that Buyer does not terminate this Agreement pursuant to the terms of Section 2.5.3, on or prior to the Approval Date Buyer shall deliver the additional sum of SIX FOUR HUNDRED EIGHTYFIFTY-FIVE NINE THOUSAND DOLLARS AND NO CENTS ($685,000.00459,000.00) in immediately available funds (the "Additional Xxxxxxx Money Deposit") to Escrow Agent and the transaction contemplated by this Agreement shall proceed in accordance with the terms hereof. In the event Buyer elects to exercise its extension option pursuant to Section 2.4.1 hereof, Buyer shall deposit the Extension Deposit (as defined in Section 2.4.1 hereof) in accordance with the provisions of Section 2.4.1 hereof. The Initial Xxxxxxx Money Deposit, the Additional Xxxxxxx Money Deposit, and the Extension Deposit (if delivered), together with all interest accrued thereon, less the Independent Consideration (as defined in Section 1.3 hereof), shall be referenced herein as the "Xxxxxxx Money Deposit". The Xxxxxxx Money Deposit shall be held in accordance with the terms of this Agreement and shall be applied as a credit to the Purchase Price (as defined in Section 2.2 hereof) due to Seller at the Closing. In the event Buyer fails to timely deposit any portion of the Xxxxxxx Money Deposit as provided above, Seller may, as its sole remedy, terminate this Agreement upon written notice to Buyer at any time prior to payment in full of the respective portion of the Xxxxxxx Money Deposit. Escrow Agent shall deposit the Xxxxxxx Money Deposit in an interest-bearing account at a bank or other FDIC insured financial institution reasonably acceptable to Buyer and Seller and all interest earned and/or accrued thereon shall be deemed part of the Xxxxxxx Money Deposit for all purposes. Provided Buyer has not terminated this Agreement pursuant to the terms of Section 2.5.3, after the Approval Date, the Xxxxxxx Money Deposit shall be non-refundable to Buyer except in the event that (i) Seller defaults under this Agreement, (ii) one or more of the conditions to Buyer’s obligations to close the purchase of the Property set forth in Article 4 of this Agreement is not satisfied or waived as provided therein, or (iii) as otherwise expressly provided herein. Upon execution of this Agreement, Buyer shall provide Escrow Agent with Buyer’s Federal tax identification number for reporting of any earnings on the Xxxxxxx Money Deposit.Xxxxxxx

Buyer’s Xxxxxxx Money Deposit. On or prior to the date which is three (3) business days after the Effective Date, Buyer shall deliver the sum of THREE TWO HUNDRED FORTYTWENTY-TWO THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($342,500.00222,000.00) in immediately available funds (the "Initial Xxxxxxx Money Deposit") to Fidelity National Title Insurance Company, with an address of 000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000, Attn: Xxx Xxxxxxx ("Escrow Agent" or "Title Insurer"). On or prior to the Approval Date (as defined in Section 2.5.3 hereof), Buyer shall have the right to terminate this Agreement in accordance with Section 2.5.3, in which case the Initial Xxxxxxx Money Deposit (except for the Independent Consideration) shall be returned to Buyer and the parties shall have no further obligations hereunder except as otherwise provided herein. In the event that Buyer does not terminate this Agreement pursuant to the terms of Section 2.5.3, on or prior to the Approval Date Buyer shall deliver the additional sum of SIX FOUR HUNDRED EIGHTYFORTY-FIVE FOUR THOUSAND DOLLARS AND NO CENTS ($685,000.00444,000.00) in immediately available funds (the "Additional Xxxxxxx Money Deposit") to Escrow Agent and the transaction contemplated by this Agreement shall proceed in accordance with the terms hereof. In the event the closing of the transaction described in the Waterstone Purchase Agreement (as defined in Section 8.3 hereof) occurs prior to the Closing Date hereunder, if such has not previously been delivered, Buyer shall cause the Third Xxxxxxx Money Deposit (as defined in this Section 1.1 below) to be delivered to Escrow Agent not later than the date of closing under the Waterstone Purchase Agreement. In the event i) Buyer has not previously delivered the Third Xxxxxxx Money Deposit, and ii) Buyer elects to exercise its extension option pursuant to Section 2.4.1 hereof, Buyer shall deposit the Post-Lender Approval Closing Extension Deposit (as defined in Section 2.4.1 hereof) ), Buyer shall deliver the Third Xxxxxxx Money Deposit to Escrow Agent in accordance with the provisions of Section 2.4.1 hereof. The Initial Xxxxxxx Money Deposit, the Additional Xxxxxxx Money Deposit, and the Extension Deposit (if delivered), together with all interest accrued thereon, less the Independent Consideration (as defined in Section 1.3 hereof), shall be referenced herein as the "Xxxxxxx Money Deposit". The Xxxxxxx Money Deposit shall be held in accordance with the terms of this Agreement and shall be applied as a credit to the Purchase Price (as defined in Section 2.2 hereof) due to Seller at the Closing. In the event Buyer fails to timely deposit any portion of the Xxxxxxx Money Deposit as provided above, Seller may, as its sole remedy, terminate this Agreement upon written notice to Buyer at any time prior to payment in full of the respective portion of the Xxxxxxx Money Deposit. Escrow Agent shall deposit the Xxxxxxx Money Deposit in an interest-bearing account at a bank or other FDIC insured financial institution reasonably acceptable to Buyer and Seller and all interest earned and/or accrued thereon shall be deemed part of the Xxxxxxx Money Deposit for all purposes. Provided Buyer has not terminated this Agreement pursuant to the terms of Section 2.5.3, after the Approval Date, the Xxxxxxx Money Deposit shall be non-refundable to Buyer except in the event that (i) Seller defaults under this Agreement, (ii) one or more of the conditions to Buyer’s obligations to close the purchase of the Property set forth in Article 4 of this Agreement is not satisfied or waived as provided therein, or (iii) as otherwise expressly provided herein. Upon execution of this Agreement, Buyer shall provide Escrow Agent with Buyer’s Federal tax identification number for reporting of any earnings on the Xxxxxxx Money Deposit.