Common use of Conversion of Xxxxxxx Money to Nonrefundable Fee Clause in Contracts

Conversion of Xxxxxxx Money to Nonrefundable Fee. The Xxxxxxx Money in this Agreement shall be released to Seller on the day (10th if not filled-in) after (“mutual acceptance” if not filled in). Xxxxx and Xxxxxx agree that the holder of the Xxxxxxx Money is hereby instructed to release the Xxxxxxx money funds to Seller without need of further authorization by Xxxxx. This provision does not require the holder of the Xxxxxxx Money to release any funds that have not become available from Buyer as liquid funds. When due for release to Seller under this provision the Xxxxxxx Money shall automatically convert to a nonrefundable fee (applicable towards the Purchase Price) and shall immediately be the property of the Seller and shall no longer be Xxxxxxx Money. If this transaction fails to close for any reason other than default by Seller, this nonrefundable fee shall remain the Initials: Buyer: Date: Buyer: Date: Seller: Date: Seller: Date: Rev. 07/2023 property of Seller. In the event of wrongdoing by the seller, Xxxxx will likely have to seek legal counsel to try and recover early released non-refundable funds. Buyer acknowledges and accepts any possible risks and expenses that may arise because of Xxxxx’s offering the early release of the xxxxxxx money.

Conversion of Xxxxxxx Money to Nonrefundable Fee. The Xxxxxxx Money in this Agreement shall be released to Seller on the day (10th if not filled-in) after (“mutual acceptance” if not filled in). Xxxxx and Xxxxxx agree that the holder of the Xxxxxxx Money is hereby instructed to release the Xxxxxxx money funds to Seller without need of further authorization by Xxxxx. This provision does not require the holder of the Xxxxxxx Money to release any funds that have not become available from Buyer as liquid funds. When due for release to Seller under this provision the Xxxxxxx Money shall automatically convert to a nonrefundable fee (applicable towards the Purchase Price) and shall immediately be the property of the Seller and shall no longer be Xxxxxxx Money. If this transaction fails to close for any reason other than default by Seller, this nonrefundable fee shall remain the Initials: Buyer: Date: Buyer: Date: Seller: Date: Seller: Date: Rev. 07/2023 property of Seller. In the event of wrongdoing by the seller, Xxxxx will likely have to seek legal counsel to try and recover early released non-refundable funds. Buyer acknowledges and accepts any possible risks and expenses that may arise because of Xxxxx’s offering the early release of the xxxxxxx money.

Conversion of Xxxxxxx Money to Nonrefundable Fee. The Xxxxxxx Money in this Agreement shall be released to Seller on the day (10th if not filled-in) after (“mutual acceptance” if not filled in). Xxxxx Buyer and Xxxxxx Seller agree that the holder of the Xxxxxxx Money is hereby instructed to release the Xxxxxxx money funds to Seller without need of further authorization by XxxxxBuyer. This provision does not require the holder of the Xxxxxxx Money to release any funds that have not become available from Buyer as liquid funds. When due for release to Seller under this provision the Xxxxxxx Money shall automatically convert to a nonrefundable fee (applicable towards the Purchase Price) and shall immediately be the property of the Seller and shall no longer be Xxxxxxx Money. If this transaction fails to close for any reason other than default by Seller, this nonrefundable fee shall remain the Initials: Buyer: Date: Buyer: Date: Seller: Date: Seller: Date: Rev. 07/2023 property of Seller. In the event of wrongdoing by the seller, Xxxxx Buyer will likely have to seek legal counsel to try and recover early released non-refundable funds. Buyer acknowledges and accepts any possible risks and expenses that may arise because of XxxxxBuyer’s offering the early release of the xxxxxxx money.