Common use of Deposit of Xxxxxxx Money Clause in Contracts

Deposit of Xxxxxxx Money. (a) No later than the second Business Day following the Effective Date, Purchaser shall deposit with Chicago Title Insurance Company (the “Escrow Agent”), having its office at x/x Xxxxxxxxxx, XX National Commercial Center, 0000 Xxxxxxxxxxxx Xxxxxx, XX, Xxxxx 000, Xxxxxxxxxx, XX 00000, Attn: Xxxx Xxxxxx, the sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “First Aggregate Deposit”), in good funds, by federal wire transfer. (b) If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 4.3 below, Purchaser shall, within five (5) Business Days following the Inspection Expiration Date, deposit with the Escrow Agent the additional sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “Second Aggregate Deposit”), in good funds, by federal wire transfer as an additional deposit under this Agreement. The First Aggregate Deposit and the Second Aggregate Deposit are herein referred to collectively as the “Aggregate Deposit.” The Aggregate Deposit has been allocated to each Company as set forth on Schedule 2.5(b) attached hereto and made a part hereof. The portion of the Aggregate Deposit allocated to a Company as set forth on Schedule 2.5(b) is referred to herein as a “Deposit.” (c) The Escrow Agent shall hold the Aggregate Deposit in a non-interest‑bearing account, in accordance with the terms and conditions of this Agreement, and each Deposit shall be distributed in accordance with the terms of this Agreement. If Purchaser shall fail to timely deliver the First Deposit or the Second Deposit as required by this Agreement, this Agreement shall automatically terminate, in which event Escrow Agent shall promptly return any portion of the Aggregate Deposit then in its possession to Purchaser and thereafter neither party shall have any further rights, obligations or liabilities hereunder except for any obligations that expressly survive the termination of this Agreement.

Deposit of Xxxxxxx Money. Simultaneously with the execution of this Agreement, Purchaser shall deliver to Xxxxxxxx X. Xxxx, Esq., 000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx ("Escrow Agent"), as "Xxxxxxx Money" the sum of TWO HUNDRED AND SEVENTY THOUSAND DOLLARS ($270,000.00). The Xxxxxxx Money shall be held by Escrow Agent in an interest-bearing escrow account, subject to the terms of this Agreement, and shall be duly accounted for at the Closing. All interest earned on the Xxxxxxx Money is to be accounted for and allocated to the Purchaser if the Closing occurs; or paid to Purchaser if the Xxxxxxx Money is returned to Purchaser under the terms of this Agreement; or if Seller shall retain the Xxxxxxx Money under the provisions of Section 3(f) hereof, then the entire amount of interest earned shall be paid to Seller. Said escrow account shall be maintained by the Escrow Agent until such time as the Xxxxxxx Money and the interest thereon have been delivered to the Purchaser, the Seller, or a court of competent jurisdiction in accordance with the provisions of the Agreement, and shall terminate on the date of such delivery. (a) No later than If Purchaser exercised any of Purchaser's options to terminate this Agreement pursuant to a right expressly granted to Purchaser hereunder to do so, then the second Business Day following the Effective Date, Xxxxxxx Money and all other payments made to Escrow Agent by Purchaser hereunder shall deposit with Chicago Title Insurance Company (the “be promptly refunded in full by Escrow Agent”), having its office at x/x Xxxxxxxxxx, XX National Commercial Center, 0000 Xxxxxxxxxxxx Xxxxxx, XX, Xxxxx 000, Xxxxxxxxxx, XX 00000, Attn: Xxxx Xxxxxx, the sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “First Aggregate Deposit”), in good funds, by federal wire transferAgent to Purchaser. (b) If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 4.3 below, Purchaser shall, within five (5) Business Days following the Inspection Expiration Date, deposit with the Escrow Agent the additional sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “Second Aggregate Deposit”), in good funds, by federal wire transfer as an additional deposit under this Agreement. The First Aggregate Deposit and the Second Aggregate Deposit are herein referred to collectively as the “Aggregate Deposit.” The Aggregate Deposit has been allocated to each Company as set forth on Schedule 2.5(b) attached hereto and made a part hereof. The portion of the Aggregate Deposit allocated to a Company as set forth on Schedule 2.5(b) is referred to herein as a “Deposit.” (c) The Escrow Agent shall hold account for the Aggregate Deposit in a non-interest‑bearing account, in accordance with the terms and conditions of this Agreement, and each Deposit shall be distributed Xxxxxxx Money in accordance with the terms of this Agreement, or in such other manner as may be directed in a joint written notice from Seller and Purchaser directing some other disbursement of the Xxxxxxx Money. If the Escrow Agent received written notice from either the Purchaser or Seller that the other party has defaulted in the performance of its obligations under this Agreement or that any condition to the performance of obligations under this Agreement has not been fulfilled within the time period stipulated, which notice shall describe in reasonable detail such default or non-performance, then the Escrow Agent shall (i) promptly give notice to the party alleged to have defaulted or to have failed to fulfill it obligation of the Escrow Agent's receipt of such notice from the other party and shall enclose a copy of such notice from the other party, and (ii) subject to the provisions of Section 3(c) below which shall apply if a conflict arises, on the fourteenth (14th) day after the giving of the notice referred to above, deliver the Xxxxxxx Money and the interest thereon to the party claiming the right to receive it. (c) If the Escrow Agent is uncertain as to its duties or actions hereunder, or receives instructions or a notice from Purchaser or Seller which are in conflict with instructions or a notice from the other party or which, in the reasonable opinion of the Escrow Agent, are in conflict with any of the provisions of this Agreement, the Escrow Agent shall be entitled to take any of the following courses of action: (i) hold the Xxxxxxx Money as provided above in Section 3(b) and decline to take any further action until the Escrow Agent receives a joint written direction from Purchaser and Seller or an order of a court of competent jurisdiction directing the disbursement of the Xxxxxxx Money, in which case the Escrow Agent shall then disburse the Xxxxxxx Money in accordance with such direction; (ii) in the event of litigation between Purchase and Seller, deliver the Xxxxxxx Money and all interest thereon to the clerk of any court in which such litigation is pending; or (iii) deliver the Xxxxxxx Money and all interest thereon to a court of competent jurisdiction and commence an action for interpleader in such court, whereupon the Escrow Agent shall have no further duty with respect to the Xxxxxxx Money. (d) The Escrow Agent shall not be liable for any action taken or omitted in good faith and may rely upon any directions, instruction, notices, certificates, instruments, requests, papers or other documents believed by it to be genuine and to have been made, sent, signed or presented by the proper party or parties. (e) Notwithstanding any other provisions of this Agreement, Purchaser and Seller jointly indemnify and hold harmless the Escrow Agent against any losses, costs, liabilities, claims and expenses incurred by the Escrow Agent arising out of or in connection with its services under the terms of this Agreement, including the costs and expenses of any inter-pleader action involving the Xxxxxxx Money or defending itself against any claim or liability. The Escrow Agent shall be entitled to charge a reasonable fee for its normal services hereunder as Escrow Agent which fee shall be paid by Purchaser. (f) If Purchaser shall fail to timely deliver fulfill its agreements herein on the First Deposit Closing date, or any extension thereof, Seller's sole and exclusive remedy shall be to retain the Second Deposit Xxxxxxx Money and any interest earned thereon as required by this Agreementfull and complete liquidated damages, both at law and in equity, whereupon this Agreement shall automatically terminateterminate without further recourse to either party; provided, in which event Escrow Agent however, that Seller shall promptly return any portion of the Aggregate Deposit then in its possession continue to Purchaser be obligated under Section 8(a)(i) and thereafter neither party shall have any further rights, obligations or liabilities hereunder except for any obligations that expressly survive the termination of this Agreement(iii).

Deposit of Xxxxxxx Money. Simultaneously with the execution of this Agreement, Purchaser shall deliver to Xxxxxxxx X. Xxxx, Esq., 000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx ("Escrow Agent"), as "Xxxxxxx Money" the sum of ONE THOUSAND DOLLARS ($1,000.00). The Xxxxxxx Money shall be held by Escrow Agent in an interest-bearing escrow account, subject to the terms of this Agreement, and shall be duly accounted for at the Closing. All interest earned on the Xxxxxxx Money is to be accounted for and allocated to the Purchaser if the Closing occurs; or paid to Purchaser if the Xxxxxxx Money is returned to Purchaser under the terms of this Agreement; or if Seller shall retain the Xxxxxxx Money under the provisions of Section 3(f) hereof, then the entire amount of interest earned shall be paid to Seller. Said escrow account shall be maintained by the Escrow Agent until such time as the Xxxxxxx Money and the interest thereon have been delivered to the Purchaser, the Seller, or a court of competent jurisdiction in accordance with the provisions of the Agreement, and shall terminate on the date of such delivery. (a) No later than If Purchaser exercised any of Purchaser's options to terminate this Agreement pursuant to a right expressly granted to Purchaser hereunder to do so, then the second Business Day following the Effective Date, Xxxxxxx Money and all other payments made to Escrow Agent by Purchaser hereunder shall deposit with Chicago Title Insurance Company (the “be promptly refunded in full by Escrow Agent”), having its office at x/x Xxxxxxxxxx, XX National Commercial Center, 0000 Xxxxxxxxxxxx Xxxxxx, XX, Xxxxx 000, Xxxxxxxxxx, XX 00000, Attn: Xxxx Xxxxxx, the sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “First Aggregate Deposit”), in good funds, by federal wire transferAgent to Purchaser. (b) If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 4.3 below, Purchaser shall, within five (5) Business Days following the Inspection Expiration Date, deposit with the Escrow Agent the additional sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “Second Aggregate Deposit”), in good funds, by federal wire transfer as an additional deposit under this Agreement. The First Aggregate Deposit and the Second Aggregate Deposit are herein referred to collectively as the “Aggregate Deposit.” The Aggregate Deposit has been allocated to each Company as set forth on Schedule 2.5(b) attached hereto and made a part hereof. The portion of the Aggregate Deposit allocated to a Company as set forth on Schedule 2.5(b) is referred to herein as a “Deposit.” (c) The Escrow Agent shall hold account for the Aggregate Deposit in a non-interest‑bearing account, in accordance with the terms and conditions of this Agreement, and each Deposit shall be distributed Xxxxxxx Money in accordance with the terms of this Agreement, or in such other manner as may be directed in a joint written notice from Seller and Purchaser directing some other disbursement of the Xxxxxxx Money. If the Escrow Agent received written notice from either the Purchaser or Seller that the other party has defaulted in the performance of its obligations under this Agreement or that any condition to the performance of obligations under this Agreement has not been fulfilled within the time period stipulated, which notice shall describe in reasonable detail such default or non-performance, then the Escrow Agent shall (i) promptly give notice to the party alleged to have defaulted or to have failed to fulfill it obligation of the Escrow Agent's receipt of such notice from the other party and shall enclose a copy of such notice from the other party, and (ii) subject to the provisions of Section 3(c) below which shall apply if a conflict arises, on the fourteenth (14th) day after the giving of the notice referred to above, deliver the Xxxxxxx Money and the interest thereon to the party claiming the right to receive it. (c) If the Escrow Agent is uncertain as to its duties or actions hereunder, or receives instructions or a notice from Purchaser or Seller which are in conflict with instructions or a notice from the other party or which, in the reasonable opinion of the Escrow Agent, are in conflict with any of the provisions of this Agreement, the Escrow Agent shall be entitled to take any of the following courses of action: (i) hold the Xxxxxxx Money as provided above in Section 3(b) and decline to take any further action until the Escrow Agent receives a joint written direction from Purchaser and Seller or an order of a court of competent jurisdiction directing the disbursement of the Xxxxxxx Money, in which case the Escrow Agent shall then disburse the Xxxxxxx Money in accordance with such direction; (ii) in the event of litigation between Purchase and Seller, deliver the Xxxxxxx Money and all interest thereon to the clerk of any court in which such litigation is pending; or (iii) deliver the Xxxxxxx Money and all interest thereon to a court of competent jurisdiction and commence an action for interpleader in such court, whereupon the Escrow Agent shall have no further duty with respect to the Xxxxxxx Money. (d) The Escrow Agent shall not be liable for any action taken or omitted in good faith and may rely upon any directions, instruction, notices, certificates, instruments, requests, papers or other documents believed by it to be genuine and to have been made, sent, signed or presented by the proper party or parties. (e) Notwithstanding any other provisions of this Agreement, Purchaser and Seller jointly indemnify and hold harmless the Escrow Agent against any losses, costs, liabilities, claims and expenses incurred by the Escrow Agent arising out of or in connection with its services under the terms of this Agreement, including the costs and expenses of any interpleader action involving the Xxxxxxx Money or defending itself against any claim or liability. The Escrow Agent shall be entitled to charge a reasonable fee for its normal services hereunder as Escrow Agent which fee shall be paid by Purchaser. (f) If Purchaser shall fail to timely deliver fulfill its agreements herein on the First Deposit Closing date, or any extension thereof, Seller's sole and exclusive remedy shall be to retain the Second Deposit Xxxxxxx Money and any interest earned thereon as required by this Agreementfull and complete liquidated damages, both at law and in equity, whereupon this Agreement shall automatically terminateterminate without further recourse to either party; provided, in which event Escrow Agent however, that Purchaser shall promptly return any portion of the Aggregate Deposit then in its possession continue to Purchaser be obligated under Section 8(a)(i) and thereafter neither party shall have any further rights, obligations or liabilities hereunder except for any obligations that expressly survive the termination of this Agreement(iii).

Deposit of Xxxxxxx Money. (a) No later than the second Business Day following the Effective Date, Purchaser shall deposit with Chicago Title Insurance Company Escrow Agent the amount of Two Million Five Hundred Thousand and no/100 Dollars ($2,500,000.00) (such amount, less Five Hundred and no/100 Dollars ($500.00) which will be retained by Seller in all events as independent consideration (the “Independent Consideration”) for this Agreement, the “Initial Deposit”) no later than 5:00 p.m. (Eastern Time) on the date three (3) Business Days after the execution and delivery of this Agreement by the Parties. The Initial Deposit shall be held by Escrow AgentAgent in escrow as xxxxxxx money pursuant to the escrow agreement in the form attached hereto as Exhibit A, to be entered into among Seller, Purchaser and Escrow Agent (the “Xxxxxxx Money Escrow Agreement”), having its office at x/x Xxxxxxxxxx, XX National Commercial Center, 0000 Xxxxxxxxxxxx Xxxxxx, XX, Xxxxx 000, Xxxxxxxxxx, XX 00000, Attn: Xxxx Xxxxxxand delivered to Escrow Agent before or concurrently with the Initial Deposit. If Purchaser terminates this Agreement pursuant to the Due Diligence Contingency in accordance with Section 4.1, the sum Initial Deposit shall be refunded to Purchaser in accordance with Section 3.2.4. If Purchaser does not terminate this Agreement pursuant to the Due Diligence Contingency, then Purchaser shall deposit with Escrow Agent the amount of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS Two Million Five Hundred Thousand and no/100 Dollars ($6,355,830.002,500,000.00) (the “First Aggregate Additional Deposit”)) no later than 5:00 p.m. (Eastern Time) on the last day of the Due Diligence Period, in good funds, which Additional Deposit shall be held by federal wire transfer. (b) If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 4.3 below, Purchaser shall, within five (5) Business Days following the Inspection Expiration Date, deposit with the Escrow Agent as additional xxxxxxx money pursuant to the additional sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “Second Aggregate Deposit”), in good funds, by federal wire transfer as an additional deposit under this Agreement. The First Aggregate Deposit and the Second Aggregate Deposit are herein referred to collectively as the “Aggregate Deposit.” The Aggregate Deposit has been allocated to each Company as set forth on Schedule 2.5(b) attached hereto and made a part hereof. The portion of the Aggregate Deposit allocated to a Company as set forth on Schedule 2.5(b) is referred to herein as a “Deposit.” (c) The Xxxxxxx Money Escrow Agent shall hold the Aggregate Deposit in a non-interest‑bearing account, in accordance with the terms and conditions of this Agreement, and each Deposit the Xxxxxxx Money shall be distributed non-refundable to Purchaser, except as otherwise expressly provided in accordance with the terms of this Agreement. If Purchaser shall fail to timely deliver the First Deposit or the Second Deposit as required by this Agreement, this Agreement shall automatically terminate, in which event Escrow Agent shall promptly return any portion of the Aggregate Deposit then in its possession to Purchaser and thereafter neither party shall have any further rights, obligations or liabilities hereunder except for any obligations that expressly survive the termination of this Agreement.

Deposit of Xxxxxxx Money. Within one (a1) No later than the second Business Day following business day after the Effective Date, Purchaser Buyer shall deposit the Xxxxxxx Money with Chicago Title Insurance Company (the “Escrow Agent”). Escrow Agent shall invest the Xxxxxxx Money in government insured interest-bearing accounts satisfactory to Sellers and Buyer, having its office at x/x Xxxxxxxxxxshall not commingle the Xxxxxxx Money, XX National Commercial Centerand shall promptly provide Buyer and Sellers with confirmation of the investments made. Such account shall have no penalty for early withdrawal. Any interest actually earned on the Xxxxxxx Money during the period the same is held by the Escrow Agent shall be added to and become a part of the Xxxxxxx Money and shall accrue to the benefit of the party entitled to receive or apply the Xxxxxxx Money. The Xxxxxxx Money and all interest accrued thereon shall be non-refundable to Buyer for any reason whatsoever, 0000 Xxxxxxxxxxxx Xxxxxxexcept and only if: (i) this Agreement is terminated by Buyer prior to the expiration of the Inspection Period pursuant to Sections 4.3 or 5.3, XXin which case the Non-Refundable Xxxxxxx Money shall be paid to Sellers and the balance of the Xxxxxxx Money shall be returned to Buyer as provided in Section 3.3; (ii) this Agreement is terminated by Buyer pursuant to Sections 5.5, Xxxxx 0005.6, Xxxxxxxxxx6.2, XX 000006.3, Attn: Xxxx Xxxxxxor 7.2, in which case the sum Non-Refundable Xxxxxxx Money shall be paid to Sellers and the balance of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS the Xxxxxxx Money shall be returned to Buyer as provided in Section 3.3; ($6,355,830.00iii) this Agreement is terminated by Buyer pursuant to Section 10.2 or by Sellers pursuant to Section 6.2, in which case the entire Xxxxxxx Money shall be returned to and retained by Buyer (following the “First Aggregate Deposit”expiration of the Void Period (as defined in Section 6.2), in good funds, the case of any termination by federal wire transfer.Sellers pursuant to Section 6.2) as provided in Section 3.3; or (biv) If Purchaser does not exercise the right to terminate this Agreement in accordance with is terminated by Buyer pursuant to Section 4.3 below, Purchaser shall, within five 7.2 as a result of Seller’s failure to deliver the Conforming Tenant Estoppel (5) Business Days following the Inspection Expiration Date, deposit with the Escrow Agent the additional sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “Second Aggregate Deposit”hereinafter defined), in good funds, which case the entire Xxxxxxx Money shall be returned to and retained by federal wire transfer Buyer as an additional deposit under this Agreement. The First Aggregate Deposit and the Second Aggregate Deposit are herein referred to collectively as the “Aggregate Deposit.” The Aggregate Deposit has been allocated to each Company as set forth on Schedule 2.5(b) attached hereto and made a part hereof. The portion of the Aggregate Deposit allocated to a Company as set forth on Schedule 2.5(b) is referred to herein as a “Deposit.”provided in Section 3.3; (cv) The Escrow Agent shall hold this Agreement is terminated by Sellers or Buyer (other than by Buyer or Sellers pursuant to the Aggregate Deposit Sections described in a non-interest‑bearing accountclauses (i), in accordance with the terms and conditions (ii) or (iii) of this Agreement, and each Deposit shall be distributed in accordance with the terms of this Agreement. If Purchaser shall fail Section 3.1 or by Sellers pursuant to timely deliver the First Deposit or the Second Deposit as required by this Agreement, this Agreement shall automatically terminateSection 10.1), in which event Escrow Agent case the Non-Refundable Xxxxxxx Money shall promptly return any portion be paid to Sellers and the balance of the Aggregate Deposit then Xxxxxxx Money shall be returned to Buyer as provided in its possession to Purchaser and thereafter neither party shall have any further rights, obligations or liabilities hereunder except for any obligations that expressly survive the termination of this AgreementSection 3.3.