Common use of Cash Balance Clause in Contracts

Cash Balance. Purchaser shall pay the balance of the Purchase Price, subject to the prorations described in Section 5 below, in cash (the "Cash Balance") by wire transfer of immediately available United States of America funds to the Title Company for payment to Seller, in accordance with the terms and conditions of this Agreement on the Closing Date. If the Cash Balance and all other documents required to be delivered by Purchaser to close are received by the Escrow Company on the Closing Date but not prior to noon on the Closing Date, then the Closing shall take place on the following business day and the Cash Balance shall be held by the Escrow Company for the account of Purchaser in an interest bearing account until the next business day at which time the Cash Balance shall be immediately disbursed to Seller, all interest on the Cash Balance shall be immediately disbursed to Purchaser, and the Proration Date shall be deemed to be the immediately preceding day. Notwithstanding the immediately previous sentence, if the Cash Balance is received by the Escrow Company later than noon on the Closing Date, Seller shall have the right to waive this paragraph and receive the Cash Balance on the Closing Date without changing the Proration Date.