Cancellation of Escrow. If the escrow fails to close because of Seller's default, Seller shall be liable for all customary escrow cancellation charges. If the escrow fails to close because of Purchaser's default, Purchaser shall be liable for all customary escrow cancellation charges. If the escrow fails to close for any other reason, Seller and Purchaser shall each be liable for one-half (1/2) of all customary escrow cancellation charges.
Cancellation of Escrow. Any party desiring to cancel this escrow shall deliver written notice of cancellation to Escrow Holder. Within a reasonable time after receipt of such notice, Escrow Holder shall send by regular mail to the address on the escrow instructions, one copy of said notice to the other party(ies). Unless written objection to cancellation is delivered to Escrow Holder by a party within 10 days after date of mailing, Escrow Holder is authorized at its option to comply with the notice and terminate the escrow. If a written objection is received by Escrow Holder, Escrow Holder is authorized at its option to hold all funds and documents in escrow (subject to the funds held fee) and to take no other action until otherwise directed by either the parties' mutual written instructions or a final order of a court of competent jurisdiction. If no action is taken on this escrow within 6 months after the closing date specified in the escrow instructions, Escrow Holder's obligations shall, at its option, terminate. Upon termination of this escrow, the parties shall pay all fees, charges and reimbursements due to Escrow Holder and all documents and funds held in escrow shall be returned to the parties depositing same.
Cancellation of Escrow. In the event that the Closing does not occur at the time and in the manner provided in this Agreement because of the default of one of the parties, the non-defaulting party has the right to cancel the Escrow by written notice to the defaulting party and to the Escrow Holder. All costs of cancellation of Escrow shall be paid by the defaulting party. If the Closing does not take place for any reason other than a default by one of the parties, the escrow cancellation costs shall be shared equally by Buyer and Seller.
Cancellation of Escrow. Notwithstanding the provisions of this Section 6, if the Escrow fails to close for any reason (other than the breach of this Agreement by one or both of the parties), the costs incurred through the Escrow, including the cost of the Proforma, shall be borne equally by Buyer and Seller. Otherwise, the party who breached this Agreement first shall bear all the costs of the Escrow, including the cost of the Proforma.
Cancellation of Escrow. (i) In the event that, due to the failure of a party hereof (the “Defaulting Party”) to perform any of its material obligations hereunder, the Escrow does not close on or before the Closing Date, then the non-Defaulting Party may cancel the Escrow by written notice to the Defaulting Party and to Escrow Holder, and the Defaulting Party shall pay all cancellation fees of Escrow Holder and the Title Company. If Optionee is the Defaulting Party, each Optionor’s exclusive remedy is set forth in Section 11(c) hereof (subject to the exclusions set forth in such provision). If any Optionor is the Defaulting Party, Optionee’s remedies are as set forth in Section 11(b) hereof.
(ii) If Optionee for any reason does not timely exercise the Option, such failure is not a default under this Agreement, and either party hereto may cancel the Escrow by written notice to the other party and Escrow Holder. In such event, Optionors and Optionee shall each pay for one-half (1/2) of the cancellation fees of Escrow Holder and the Title Company.
(iii) If, for any reason, Escrow is terminated or cancelled pursuant to the terms hereof, Escrow Holder shall return to the parties delivering the same all instruments or funds, if any, which are then held by Escrow Holder in connection with Escrow.
Cancellation of Escrow. (a) If the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of Seller to comply with any of its obligations under this Agreement ("Seller Default"), Buyer shall have the right to cancel the Escrow by written notice to Seller and Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow shall be paid by Seller, and Escrow Holder shall promptly return to Buyer the Deposit, together with all interest accrued thereon.
(b) In the event that the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of Buyer to comply with any of its obligations under this Agreement ("Buyer Default"), Seller shall have the right to cancel the Escrow by written notice to Buyer and the Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow shall be paid by Buyer, and the Deposit, together with all interest thereon, shall be paid in accordance with Article 11.
(c) In the event that Closing does not occur due to Buyer's election to terminate this Agreement pursuant to Section 6.3, the Escrow shall automatically be cancelled, the Deposit shall be immediately returned to Buyer, together with all interest thereon, and Buyer and Seller shall each pay one-half (1/2) of the title charges and all costs for cancellation of the Escrow.
(d) Upon any cancellation of the Escrow, all instruments and documents deposited with the Escrow Holder shall be returned to the parties who deposited the same.
(e) The rights and remedies set forth in this Section 3.7 shall not be exclusive of any other rights or remedies which Buyer may have by law or in equity in the event of breach of this Agreement, including, without limitation, the right to specific performance.
Cancellation of Escrow. (i) In the event that, due to the failure of a party (the “Defaulting Party”) to perform any of its material obligations hereunder, the Escrow does not close on or before the Closing, then the non-Defaulting Party may cancel the Escrow by written notice to the Defaulting Party and to Escrow Holder, and the Defaulting Party shall pay all cancellation fees of Escrow Holder and the Title Company. If the Developer is the Defaulting Party, the Owner’s exclusive remedy is set forth in Section 10(c) of this Exhibit C (subject to the exclusions set forth in such provision). If the Owner is the Defaulting Party, the Developer’s remedies are as set forth in Section 10(b) of this Exhibit C.
(ii) If, for any reason, Escrow is terminated or cancelled pursuant to the terms hereof, Escrow Holder shall return to the parties delivering the same all instruments or funds, if any, which are then held by Escrow Holder in connection with Escrow.
Cancellation of Escrow. A. If this Escrow is not closed or in a position to close on March 16, 2004, this Escrow shall be immediately and automatically canceled without further notice to, or instructions from, any party.
B. This Escrow may be canceled by delivery to Bank of notice in writing signed by all parties hereto stating that the Escrow is canceled.
C. Upon cancellation of this Escrow, the Bank shall disburse and deliver the Escrow Funds to the Investors in accordance with the terms of Paragraph 2.A.
Cancellation of Escrow. Any principal requesting that NATC cancel this escrow shall file notice of demand to cancel in NATC’s office in writing. NATC shall within a reasonable time thereafter mail or otherwise deliver one copy of such notice of demand to cancel to the principals or their respective agents. Unless written objection to such notice of demand to cancel is filed with NATC within fifteen (15) calendar days after the date NATC mailed or delivered the initial notice of demand to cancel, NATC is authorized to cancel this escrow. If NATC cancels this escrow, it is authorized to return the documents to the parties. NATC is, in any event, authorized to hold any money deposited in escrow until it is in receipt of mutual written instructions signed by all parties or the order of a court of competent jurisdiction, concerning the disposition of such money. NATC may return lender’s papers and/or funds upon lender’s demand. In the event of cancellation of this escrow, the fees and charges due NATC, including expenditures incurred or authorized, shall be borne by the parties or decided by a court of competent jurisdiction.
Cancellation of Escrow. If the Close of Escrow fails to occur because of either party's default, then the defaulting party shall pay all Escrow cancellation and Title Company charges.
