Disbursement of Xxxxxxx Money. Holder shall disburse the xxxxxxx money upon: (1) the closing of Property; (2) a subsequent written agreement of Buyer and Seller; (3) an order of a court or arbitrator having jurisdiction over any dispute involving the xxxxxxx money; or (4) the failure of the parties to enter into a binding agreement (where there is no dispute over the formation or enforceability of the Agreement). In addition, Holder may disburse the xxxxxxx money upon a reasonable interpretation of the Agreement, provided that Holder first gives all parties at least ten (10) days notice stating to whom and why the disbursement will be made. Any party may object to the proposed disbursement by giving written notice of the same to Holder within the ten (10) day notice period. Objections not timely made in writing shall be deemed waived. If Holder receives an objection and, after considering it, decides to disburse the xxxxxxx money as originally proposed, Holder may do so and send notice to the parties of Holder’s action. If Holder decides to modify its proposed disbursement, Holder shall first send a new ten (10) day notice to the parties stating the rationale for the modification and to whom the disbursement will now be made. Holder shall disburse the xxxxxxx money to Seller by check in the event Holder: (1) makes a reasonable interpretation of the Agreement that the Agreement has been terminated due to Buyer’s default; and (2) sends the required ten (10) day notice of the proposed disbursement to Buyer and Seller. The above-referenced check shall constitute liquidated damages in full settlement of all claims of Seller against Buyer and the Brokers in this transaction. Holder may require Seller to sign a W-9 before issuing a check to Seller for liquidated damages of $600 or more. Such liquidated damages are a reasonable pre-estimate of Seller’s actual damages, which damages the parties agree are difficult to ascertain and are not a penalty.
Disbursement of Xxxxxxx Money. Holder shall disburse the xxxxxxx money upon: (1) the closing of Property; (2) a subsequent written agreement of Buyer and Seller; (3) an order of a court or arbitrator having jurisdiction over any dispute involving the xxxxxxx money; or (4) the failure of the parties to enter into a binding agreement (where there is no dispute over the formation or enforceability of the Agreement). In addition, Holder may disburse the xxxxxxx money upon a reasonable interpretation of the Agreement, provided that Holder first gives all parties fifteen (15) days notice stating to whom and why the disbursement will be made. Any party may object to the proposed disbursement by giving written notice of the same to Holder within the fifteen (15) day notice period. Objections not timely made in writing shall be deemed waived. If Holder receives an objection and, after considering it, decides to disburse the xxxxxxx money as originally proposed, Holder may do so and send notice to the parties of Holder’s action. If Holder decides to modify its proposed disbursement, Holder shall first send a new fifteen (15) day notice to the parties stating the rationale for the modification and to whom the disbursement will now be made.
Disbursement of Xxxxxxx Money. The disbursement of Xxxxxxx Money held by Escrow Holder may occur only (a) at the Closing in accordance with approved Closing Statement,
Disbursement of Xxxxxxx Money. Escrow Agent shall disburse the Xxxxxxx Money as follows:
(a) In the event the Closing occurs, the Xxxxxxx Money shall be delivered to Seller at Closing and applied against the Purchase Price.
(b) In the event the Purchase Agreement is terminated pursuant to Section 3.2 of the Purchase Agreement, the Xxxxxxx Money shall be delivered to Purchaser as provided in Section 3.2 of the Purchase Agreement, and Seller may not dispute such termination under Section 3.2 of the Purchase Agreement or Purchaser’s right to receive the Xxxxxxx Money in connection with such termination. In the event of a termination of the Purchase Agreement under Section 3.2 of the Purchase Agreement, Escrow Agent is authorized to pay the Xxxxxxx Money to Purchaser without any further notice to, or instruction by, Seller relative thereto.
(c) In the event the Purchase Agreement is terminated other than pursuant to Section 3.2 of the Purchase Agreement, either Seller or Purchaser, as applicable (the “Certifying Party”) shall (a) deliver a written certification to the Escrow Agent stating that the Certifying Party is entitled to receive the Xxxxxxx Money pursuant to the terms of the Purchase Agreement, and (b) deliver a copy of the certificate in the manner provided herein to the other party (the “Other Party”) prior to or contemporaneously with the giving of such certificate to the Escrow Agent, then, unless the Escrow Agent has then previously received, or receives within three (3) business days after receipt of the Certifying Party's certificate, contrary instructions from the Other Party, the Escrow Agent, within one (1) Business Day after the expiration of the foregoing three (3) Business Day period, will deliver the Xxxxxxx Money to the Certifying Party, and thereupon the Escrow Agent will be discharged and released from any and all liability hereunder. If the Escrow Agent receives contrary instructions from the Other Party within three (3) Business Days following the Title Company's receipt of said certificate, the Title Company will not so deliver the Xxxxxxx Money Deposit, but will continue to hold the same pursuant hereto, subject to Paragraph 4 below.
Disbursement of Xxxxxxx Money. If a dispute arises between Seller and the buyer as to whether a default had occurred, Broker shall hold the xxxxxxx money 235 and pay it out as agreed in writing by Xxxxxx and the buyer or as directed by a court of competent jurisdiction. In the event of a dispute Xxxxxx agrees that Xxxxxx may 236 deposit the funds with the Clerk of the Circuit Court by the filing of an action in the nature of an Interpleader. Xxxxxx agrees that Xxxxxx may be reimbursed from the 237 xxxxxxx money for all costs, including reasonable attorneys' fees and court costs, related to the filing of the Interpleader and xxxxxx agrees to indemnify and hold Broker 238 harmless from any and all claims and demands, including the payment of reasonable attorneys' fees, costs and expenses arising out of the default, claims and demands. 239 If Seller defaults, xxxxxxx money, at the option of the buyer, and upon written direction by Xxxxxx and the buyer or as directed by a Court of competent jurisdiction, shall 240 be refunded to the buyer and Seller shall not be released from any of its obligations under this Agreement. Notwithstanding anything in this Agreement to the contrary, 241 disbursement of xxxxxxx money shall be in accordance with the Real Estate License Act, as amended.
Disbursement of Xxxxxxx Money. Holder shall disburse the xxxxxxx money upon:
1. written agreement of Buyer and Seller;
2. an order of a court or the closing of Property
3. a subsequent arbitrator having jurisdiction over any dispute involving the xxxxxxx money; or
4. the failure of the parties to enter into a binding agreement (where there is no dispute over the formation or enforceability of the Agreement). In addition, Holder may disburse the xxxxxxx money upon a reasonable interpretation of the Agreement, provided that Holder first gives all parties 15 (fifteen) days notice stating to whom and why the disbursement will be made.
Disbursement of Xxxxxxx Money. At Closing, Purchaser shall cause Escrow Agent to disburse the Xxxxxxx Money to Seller, and Purchaser shall receive a credit against the Purchase Price in the amount of the Xxxxxxx Money disbursed to Seller, or if this Agreement is terminated, the Xxxxxxx Money shall be disbursed by Escrow Agent to Seller or Purchaser in accordance with the terms of this Agreement.
Disbursement of Xxxxxxx Money. After receiving reasonable assurance that the bank has credited the deposit to the account where the Xxxxxxx Money is being held, the Escrow Agent may (i) disburse the Xxxxxxx Money to Buyer if contract is not accepted, unless that issue is disputed; (ii) disburse the Xxxxxxx Money for credit to Buyer at Closing; (iii) disburse the Xxxxxxx Money to Buyer after Closing if it is not credited towards the purchase price at Closing; (iv) disburse the Xxxxxxx Money pursuant to a separate written agreement signed by the parties, agreeing to the terms of disbursement of the Xxxxxxx Money; (v) disburse the Xxxxxxx Money upon order of a court or arbitrator which has jurisdiction over the matter; or (vi) if Escrow Agent has received notice from any party that the Contract has been terminated or Closing has failed to occur, no more than thirty (30) days after said notice has been received notify all parties of Escrow Agent’s disbursement decision. Upon receipt of Escrow Agent’s notification of disbursement, a party shall have ten
Disbursement of Xxxxxxx Money. Holder may disburse trust funds under the following circumstances (upon reasonable assurance that the bank has credited the deposit to the account where funds are being held):
(1) disburse to Buyer if contract is not accepted, unless that issue is disputed; (2) disburse for credit to Buyer at the closing of the transaction; (3) disburse to Buyer if it is not credited towards the purchase price at the closing; (4) upon receipt of separate written agreement signed by the parties, agreeing to the terms of disbursement of xxxxxxx money; (5) upon order of court or arbitrator, which has jurisdiction over the matter; (6) upon reasonable interpretation of the agreement and notification to all parties of Xxxxxx’s decision to disburse trust funds. In addition, Holder may file an action to Interplead the xxxxxxx money to allow a court of competent jurisdiction to decide how it is to be disbursed and holder may disburse xxxxxxx money as part of the required procedures related to this filing. Additionally, Holder may deduct any attorney’s fees, court costs and other related expenses from the xxxxxxx money as necessary to reimburse Holder for costs related to interpleader action, and shall be entitled to recover additional costs as described above if Xxxxxx’s expenses exceed the amount of the xxxxxxx money. The party that the court deems to be entitled to the xxxxxxx money may seek to recover its attorney’s fees, court costs and the amount deducted by the Holder from the party that was not deemed to be entitled to the xxxxxxx money. The parties agree to release Broker from liability for any costs, fees, or damages resulting from Xxxxxx’s duties described herein.
Disbursement of Xxxxxxx Money. In the event that the transaction does not close and the Escrow Agent is holding the Xxxxxxx Money Deposit in its escrow account on behalf of Xxxxx and Seller, said Xxxxxxx Money Deposit will be disbursed or held by Escrow Agent in accordance with the following terms:
X. Xxxxxx Agent holding the Xxxxxxx Money Deposit shall give Seller and Buyer thirty (30) days written notice as to the Escrow Agent's proposed disbursement of the Xxxxxxx Money; and
B. If neither Buyer nor Seller provides the Escrow Agent with a written objection to Escrow Agent's proposed disbursement within said thirty (30) day period, it shall be considered that the Buyer and Seller agree with the Escrow Agent's proposed disbursement, and Escrow Agent shall disburse the proceeds in the manner set forth in the Escrow Agent's notice.
