Disposition of Xxxxxxx Money. The Xxxxxxx Money shall be applied as a credit to the Purchase Price at Closing. However, if this Agreement terminates pursuant to Sections 4.3.1 or 4.3.2, Escrow Agent shall pay the entire Xxxxxxx Money (less the Independent Consideration) to Purchaser one (1) Business Day following the end of the Inspection Period (as long as the current investment can be liquidated and disbursed in one (1) Business Day). No notice to Escrow Agent from Seller shall be required for the release of the Xxxxxxx Money to Purchaser by Escrow Agent if this Agreement terminates pursuant to Section 4.3.1 or 4.3.2. In the event of a termination of this Agreement by either Seller or Purchaser other than pursuant to Section 4.3.1 or 4.3.2, the party (the “Demanding Party”) seeking to terminate this Agreement shall give written notice of such election to Escrow Agent and the other party (the “Non-Demanding Party”) to this Agreement. Upon receipt of any such notice of termination, Escrow Agent shall give notice to the Non-Demanding Party of Escrow Agent’s receipt of such notice, enclosing a copy of the notice in question. If within five (5) Business Days after the Non-Demanding Party is given or deemed to have been given notice of Escrow Agent’s receipt of the notice in question, Escrow Agent has not received from the Non-Demanding Party its notice of objection to the notice, then Escrow Agent shall disburse the Xxxxxxx Money as requested by the notice in question, on the sixth (6th) Business Day following its giving of such notice to the Non-Demanding Party. If within said five (5) Business Day period Escrow Agent receives from the Non-Demanding Party notice of objection, then Escrow Agent shall notify the Demanding Party of the objection, and continue to hold the Xxxxxxx Money until Escrow Agent is in receipt of a joint order direction or a court order instructing Escrow Agent to disburse the Xxxxxxx Money. In such event of objection, Escrow Agent may interplead the Xxxxxxx Money into a court of competent jurisdiction in a New York state court or federal court located in the State, City and County of New York. All attorneys’ fees and costs and Escrow Agent’s costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money, or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution.
Disposition of Xxxxxxx Money. In the event of default by Buyer, the Xxxxxxx Money, less expenses and commission of the listing broker, shall be paid to Seller. If Seller defaults, the Xxxxxxx Money, at the option of Buyer, shall be refunded to Buyer, but such refunding shall not release Seller from the obligations of this Contract. In the event of any default, Escrowee shall give written notice to Seller and Buyer indicating Escrowee’s intended disposition of the Xxxxxxx Money and request Seller’s and Buyer’s written consent to the Escrowee’s intended disposition of the Xxxxxxx Money within 30 days after the notice. However, Seller and Buyer acknowledge and agree that if Escrowee is a licensed real estate broker, Escrowee may not distribute the Xxxxxxx Money without the joint written direction of Seller and Buyer or their authorized agents. If Escrowee is not a licensed real estate broker, Seller and Buyer agree that if neither Party objects, in writing, to the proposed disposition of the Xxxxxxx Money within 30 days after the date of the notice, then Escrowee shall proceed to disperse the Xxxxxxx Money as previously noticed by Escrowee. If either Seller or Buyer objects to the intended disposition within the 30 day period, or if Escrowee is a licensed real estate broker and does not receive the joint written direction of Seller and Buyer authorizing distribution of the Xxxxxxx Money, then the Escrowee may deposit the Xxxxxxx Money with the Clerk of the Circuit Court by the filing of an action in the nature of an Interpleader. Escrowee may be reimbursed from the Xxxxxxx Money for all costs, including reasonable attorney’s fees, related to the filing of the Interpleader and the Parties indemnify and hold Escrowee harmless from any and all claims and demands, including the payment of reasonable attorneys’ fees, costs, and expenses arising out of those claims and demands.
Disposition of Xxxxxxx Money. Xxxxxxx money is not refundable. Buyer and Seller shall both have the option of enforcing specific performance of this Contract or any other remedy allowed by law or equity.
Disposition of Xxxxxxx Money. If Buyer has a Right to Terminate and timely terminates, Xxxxx is entitled 142 to the return of Xxxxxxx Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided 143 in § 23 (Xxxxxxx Money Dispute), if the Xxxxxxx Money has not already been returned following receipt of a Notice to Terminate, 144 Xxxxxx agrees to execute and return to Buyer or Xxxxxx working with Xxxxx, written mutual instructions (e.g., Xxxxxxx Money Release 145 form), within three days of Seller’s receipt of such form. If Seller is entitled to the Xxxxxxx Money, and, except as provided in § 23 146 (Xxxxxxx Money Dispute), if the Xxxxxxx Money has not already been paid to Seller, following receipt of an Xxxxxxx Money Release 147 form, Xxxxx agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Xxxxxxx Money 148 Release form), within three days of Xxxxx’s receipt.
Disposition of Xxxxxxx Money. In the event of a termination of this Agreement by either Seller or Purchaser, Title Company is authorized to deliver the Xxxxxxx Money to the party hereto entitled to same pursuant to the terms hereof on or before the fifth (5th) business day following receipt of written notice of such termination by the Title Company and non-terminating party from the terminating party, unless the non-terminating party notifies the Title Company that it disputes the right of the terminating party to receive the Xxxxxxx Money. In such event, the Title Company shall have the right to interplead the Xxxxxxx Money into a court of competent jurisdiction in Davidson County, Tennessee. All attorneys' fees and costs and Title Company's costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution. Notwithstanding the foregoing, in the event this Agreement is terminated and Purchaser is entitled to receive the Xxxxxxx Money, Title Company is not authorized to deliver the Xxxxxxx Money to Purchaser unless and until Purchaser deposits with Title Company, Purchaser's written certification, addressed to Seller and Title Company, that Purchaser has delivered to Seller the Purchaser's Information together with a waiver of any and all of Purchaser's claims against Seller in connection with this Agreement.
Disposition of Xxxxxxx Money. The Xxxxxxx Money Deposit shall not be released unless it is authorized by: (a) Sections 7.1, 7.2 and 8.3; (b) separate written agreement of the patties, including an agreement under Section 15 if (a) does not apply; or (c) court order.
Disposition of Xxxxxxx Money. The Xxxxxxx Money shall be applied as a credit to the Purchase Price at Closing. In the event of a termination of this Agreement by either Seller or Purchaser for any reason, Escrow Agent is authorized to deliver the Xxxxxxx Money to the party hereto entitled to same pursuant to the terms hereof on or before the fifth (5th) business day following receipt by Escrow Agent and the non-terminating party of written notice of such termination from the terminating party, unless the other party hereto notifies Escrow Agent that it disputes the right of the other party to receive the Xxxxxxx Money. In such event, Escrow Agent may interplead the Xxxxxxx Money into a court of competent jurisdiction in the local jurisdiction in which the Xxxxxxx Money has been deposited. All attorneys’ fees and costs and Escrow Agent’s reasonable costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money, or if the Xxxxxxx Money is distributed in part to both parties, then in the inverse proportion of such distribution.
Disposition of Xxxxxxx Money. In the event either party is excused ------------------------------ from performing its obligations or terminates this Agreement under the provisions of this Article VI, then PGP shall be entitled to a return of its Xxxxxxx Money. Otherwise, in the event PGP fails to perform at Closing, the Xxxxxxx Money shall be paid over to Infinity as liquidated damages and as its sole remedy for breach of this Agreement by PGP.
Disposition of Xxxxxxx Money. If Purchaser elects to terminate this Agreement prior to the expiration of the Inspection Period pursuant to Section 4.4 or if as of the expiration of the Inspection Period, Purchaser fails to deliver a Due Diligence Acceptance Notice pursuant to Section 4.4, or if Purchaser terminates this Agreement pursuant to Section 5A.2 or Section 6.1.5 or if as of the 3-14 Audit Deadline, Purchaser delivers a 3-14 Audit Termination Notice pursuant to Section 4.7, Escrow Agent shall pay the entire Xxxxxxx Money (less the Independent Consideration) to Purchaser one (1) Business Day following Escrow Agent’s receipt of the Due Diligence Termination Notice from Purchaser or one (1) Business Day following Escrow Agent’s receipt of the 3-14 Audit Termination Notice from Purchaser, as the case may be (as long as the current investment can be liquidated and disbursed in one Business Day. No notice to Escrow Agent from Sellers shall be required for the release of the Xxxxxxx Money to Purchaser by Escrow Agent if Purchaser terminates this Agreement pursuant to Section 4.4 or Section 4.7 or Section 5A.1 or Section 6.1.5. Except as provided in Section 5A.2, unless this Agreement has been terminated as set forth in Section 4.4 or Section 4.7 or Section 6.1.5, the Xxxxxxx Money shall become completely nonrefundable to Purchaser as of the 3-14 Audit Deadline unless Sellers fail to deliver the Closing Documents or otherwise defaults on any material obligation hereunder and in each such case such failure continues beyond the notice and cure period provided in Section 10.2 hereof. At the Closing, the Escrow Agent shall credit the Xxxxxxx Money and interest toward the Purchase Price.”
7. The Agreement is hereby amended to add the following as Section 4.7:
Disposition of Xxxxxxx Money. The Auctioneer is authorized to disburse the Xxxxxxx Money Deposit, upon the earliest event to occur listed below, to:
1) Closing Attorney for disbursement in connection with a signed Settlement Statement; OR
2) Seller if the closing does not occur by the Closing Date for any reason other than this Agreement being terminated pursuant to Section 6A herein below; OR
3) the party listed in any written instructions signed by both Buyer and Seller given to Auctioneer; OR
4) to the party designated pursuant to an order from a court of competent jurisdiction directing the disbursement of the Xxxxxxx Money Deposit.
