Contract Deposits Sample Clauses
A Contract Deposits clause outlines the requirement for one party, typically the buyer, to pay a specified sum of money as a deposit when entering into a contract. This deposit is usually paid upfront or within a set timeframe and may be held in escrow or by the seller until certain conditions are met, such as completion of the transaction. The clause often details what happens to the deposit if the contract is fulfilled, breached, or terminated, for example, whether it is refunded or forfeited. Its core function is to demonstrate the buyer’s commitment to the agreement and to provide the seller with some financial security in case the buyer fails to complete the transaction.
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Contract Deposits. Seller represents and warrants to Purchaser that attached hereto as Schedule 11 is a true, complete and correct list of all deposit monies paid by the Company and held in escrow for the transactions referenced thereon. Unless otherwise noted, all such deposits are refundable.
Contract Deposits. All reservations, deposits, down payments, or the like paid under Contracts of Sale or reservation receipts for Units at the Project.
Contract Deposits the collective reference to Condominium ------------------ Deposits and Townhouse Deposits.
Contract Deposits. Exempted
Contract Deposits. At Closing and transfer of title, Escrow Agent shall disburse all Contract Deposits. In the event Purchaser terminates this Contract under the specific provisions hereof entitling Purchaser to terminate, upon written demand, Escrow Agent shall refund all Contract Deposits to Purchaser in accordance with laws and regulations applicable to Escrow Agent. In the event either Seller or Purchaser does not perform and fails to close on the terms specified herein, this shall constitute a default. In the event of a default undisputed by Seller and Purchaser, upon written demand, Escrow Agent shall pay all Contract Deposits to the non-defaulting party in accordance with laws and regulations applicable to Escrow Agent. In such case, Seller and ▇▇▇▇▇▇▇▇▇ agree to execute and deliver to Escrow Agent an Authorization for Delivery of All Contract Deposits to the party entitled to such Deposits. In the event Seller or Purchaser provides written notice to the other party of a claimed default and demands delivery of all Contract Deposits on account of such claimed default, if the party to whom such notice is sent disagrees, that party shall provide notice to the party demanding all Contract Deposits and to the Escrow Agent named in Section 3 of this Contract that it demands to mediate the dispute under Section 23 of this Contract. If such demand to mediate is not sent within twenty-one (21) calendar days from the date written notice of a claimed default was sent, the failure to send such demand to mediate shall constitute authorization and permission under this Contract for Escrow Agent to pay all Contract Deposits to the party claiming default and demanding the Contract Deposits without further notice, documentation or authorization from either Seller or Purchaser. Payment of all Contract Deposits by the Escrow Agent under such circumstances shall constitute the final resolution and disposition of all Contract Deposits. Seller and Purchaser acknowledge and agree that resolution of all Contract Deposits in this manner fully and completely satisfies all laws, regulations and obligations applicable to Escrow Agent and agree to release, discharge, hold harmless and indemnify Escrow Agent acting in good faith pursuant to this section. In the event mediation is demanded and the dispute over all Contract Deposits is resolved by mediation, Seller and Purchaser agree to instruct Escrow Agent, in writing, as to the disposition and payment of all Contract Deposits. In the event the d...
Contract Deposits. All cash and other deposits under Contracts assumed by the Buyer.
Contract Deposits. In the event that Residential Owner or Hotel Owner retains any deposit under any Purchase Contract as a result of a default of the purchaser thereunder or otherwise, upon retaining same, (a) during the existence of any Cash Sweep Period, Residential Owner shall deposit same into the Residential Lockbox Account and Hotel Owner shall deposit same into the Hotel Lockbox Account or (b) if a Default shall have occurred and be continuing, Residential Owner and/or Hotel Owner, as applicable, shall deliver same to Administrative Agent for application to the Debt in such order as Administrative Agent determines.
Contract Deposits