Earnest Money. (a) On the Effective Date (defined in XXXXXXX 9.14), as a condition to the continued effectiveness of this Contract, Buyer shall deposit with Marble Title Company, L.L.C. (TITLE COMPANY), as agent for Chicago Title Insurance Company (CLOSING AGENT), 2001 Bryan Street, Suite 1700, Dallas, Texas 75201, Xxxxxxxxx: Kerri A. Majors, Phone: (214) 965-1672, Fax: (214) 000-0000, $000,000 in (x) xxxxxxxxxxx available federal xxnds or (ii) the form of an unconditional and irrevocable letter of credit in favor of Seller and Closing Agent on terms and from an issuer reasonably acceptable to Seller (a LETTER OF CREDIT) (the EARNEST MONEY).
(b) The Earnest Money, if paid in the xxxx xf immediately xxxxxxxle federal funds (and not by Letter of Credit), shall be applied to the Purchase Price at Closing, however, any Letter of Credit shall be returned to Buyer after Closing with no portion of its funds having been credited against the Purchase Price. The Earnest Money is non-refundable to Buyer in all evxxxx, xxcept for a Seller default or as otherwise specifically set forth herein. If Buyer fails to deliver the Earnest Money, this Contract will automatically terminate. If Buyer fails to close the transaction on January 31, 2005, and the Closing is not extended by mutual written agreement of the parties or pursuant to the provisions of SECTION 6.1, this Contract will automatically terminate, the Earnest Money will be paid to Seller and the partixx xxxx have no further obligations to each other. If any of the Earnest Money is in the form of a Letter of Credit xxxx, any reference in this Contract to Seller being paid any portion of the Earnest Money is deemed to include and Seller shalx xxxx the right to draw upon the Letter of Credit and retain the proceeds.
(c) If this Contract does not close, the Earnest Money will be paid or the Closing Agent shxxx xxxiver the Letter of Credit as provided in this Contract. Closing Agent shall, promptly upon receipt, place the wire transferred Earnest Money in a federally insured, interest beaxxxx xxcount. All interest on the Earnest Money becomes part of the Earnest Money. All xxxxrest on the Earnest Money wxxx xx reported to the Internal Revxxxx Xxrvice as income of Buyer. Buyer shall promptly execute and deliver to Closing Agent all forms reasonably requested by Closing Agent with respect to the Earnest Money. Buyer acknowledges and agrees that, xxxxxx for a default by Sellers under SECTION 7.1 or SECTION 7.2 or the occurrence of a Maj...
Earnest Money. 3.0 Xxxn execution of this Contract, Purchaser shall deposit with American Title Company located at 4950 Westgrove, Suite 000, Xxxxxx, Xxxxx 00000, xx xxx xxxxxxxxx xx Ann Sutton (hereinaftxx xxxxxxxd to as the "Title Company"), cash in the amount of $25,000.00 (the "Initial Deposit") to assure prompt observance of this Contract by Purchaser.
3.2 On the date of the expiration of the Inspection Period (as that term is defined in Paragraph 6.1 herein) and if Purchaser has not terminated this Contract pursuant to Paragraph 6.1 herein, then Purchaser shall deposit an additional Twenty-Five Thousand Dollars ($25,000.00) as earnest money with thx Xxxxx Company (the "Additional Deposit"). The Additional Deposit together with the Initial Deposit shall be collectively referred to herein as the "Earnest Money Deposit".
3.3 The Earnest Money Deposit xxxxx be deposited by the Title Company and placed in an interest bearing account. All interest accruing thereon shall be for the benefit of Purchaser.
3.4 The Earnest Money Deposit xxxxx apply to the Purchase Price at Closing.
Earnest Money. Within twx (0) xusiness days after the Effective Date, Buyer shall deliver to the party designated by Seller at the address to be supplied by Seller, at Ticor Title Insurance Company, Syracuse, NY ("Title Company") a check or wire transfer in the amount of $200,000.00, which the Title Company shall immediately deposit for collection in an interest bearing account or accounts bearing interest at not less than the daily passbook rate. Interest shall accrue on the sum of $75,000 of such Earnest Money at the grexxxx xf (i) the daily passbook rate on depository accounts at the financial institution used by the Title Company or (ii) the rate of interest actually accruing on such amount. Interest on the balance of the Earnest Money for the perxxx xxxween the end of the Inspection Period and Closing shall be deemed to accrue at the rate of 2.78% per annum. If, for any reason this Agreement is terminated prior to the expiration of the Inspection Period, then the Earnest Money and any inxxxxxx accrued thereon shall be immediately returned to Buyer. If this Purchase and Sale Agreement is not so terminated, and the transaction contemplated hereby proceeds to Closing, the Earnest Money shall be pxxx xx Seller at Closing and Buyer shall receive a credit against the purchase price payable hereunder in the amount of the Earnest Money plus interxxx xxxrued or deemed to have accrued thereon at the rates set forth above. As used in this Agreement, the term "Earnest Money" shall mexx xxx amount deposited by Buyer, together with all interest accrued thereon or deemed to have accrued thereon, as provided above.
Earnest Money. In consideration for the right to purchase the Xxxx xxanted herein by Seller to Purchaser, the Purchaser shall, within fourteen (14) days from the full execution of this Contract by both parties, including Purchaser's Corporate Approval (as defined in Section XX (p) below), deposit with *** (the "Title Company") the sum of *** in cash (the "Earnest Money Deposit"). The Title Company shall deposit the Earnest Xxxxx into a federally insured interest bearing account. If xxxx Xxntract is terminated prior to the Closing, the Earnest Money, together with all interest earned thereon, shall be dxxxxxxxd to Seller or returned to Purchaser by the Title Company, in accordance with the applicable termination provision as elsewhere provided herein. At the Closing the Earnest Money shall be applied by the Title Company as a credit to txx Xxxxhase Price on behalf of Purchaser. Interest on the Earnest .Money shall be credited and paid to party that receives it (Xxxxxx at closing, Purchaser at refund). _______________ ***Denotes omission of information pursuant to a request for confidential treatment. An copy of this agreement which includes the omitted information has been filed separately with the Securities and Exchange Commission. _______________ If Purchaser fails to deposit the Earnest Money as required herein, and such failure continues for a pxxxxx xf ten (10) days after written notice from Seller, then either party may terminate this Contract by written notice to the other at any time prior to the deposit of the Earnest Money. If this Contract is so terminated, this Contract shalx xx xxemed to have terminated as of the date that the Earnest Money was originally to have been deposited by Purchaser, anx xxxxx shall be no remedy hereunder to either Seller or Purchaser other than the termination of this Contract.
Earnest Money. 2.01 Puxxxxxxx shall pay Twenty Five Thousand and No/100 Dollars ($25,000.00) to Seller upon Purchaser's execution and delivery of this Agreement, which amount shall be held by Seller as earnest money (hereinafter referred xx xx "EARNEST MONEY") and shall be appliex xxxxxst the Purchase Price as provided for in Paragraph 3.00 hereof, or otherwise disbursed or retained by Seller in accordance herewith.
Earnest Money. Puxxxxxxx shall deposit with Capdevielle Title Corporation (the Title Agent"), as escrow agent and agent for the Title Company, as defined below, the sum of Twenty Five Thousand and 00/100 Dollars ($25,000.00), as earnest money, contemxxxxxxxusly with the execution of this Agreement by Purchaser, to be held in Title Agent's interest bearing trust account (with interest accruing to the benefit of the Purchaser) and to be credited against the Purchase Price at Closing (said earnest money, and xxx and all interest accrued thereon, hereinafter collectively called the "Deposit"
Earnest Money. 3 Amount of Consideration for Contribution of Property to Highwoods.................................................4
Earnest Money. A. Not later than 3 days after the effectivx xxxx, Buyer must deposit $ see spec . pron. p . 8 as earnest money with TARVER ABSTRACT CO. (title company and xxxxxx agent) at LXXXXXX, Tx_______________________ (title company's address). Buyer will deposit additional earnest money of $ N/A on or before: [_] (i) the N/A day xxxxx Xuyer's right to terminate under Paragraph 7B(3) expires; or [_] (ii) N/A. The title company is the escrow agent under this contract.
B. If Buyer fails to timely deposit the earnest money, Seller may terminate this contract by provxxxxx xritten notice to Buyer before Buyer deposits the earnest money and may exercise Seller's remedies under Paxxxxxxx 15.
C. Buyer may instruct the escrow agent to deposit the earnest money in an interest-bearing account at a federalxx xxxxred financial institution and to credit any interest to Buyer.
Earnest Money. No later than one (1) business day after the last day ox xxx Xnspection Period (hereinafter defined), Purchaser shall deposit with the Escrow Agent the sum of Two Hundred Thousand Dollars ($200,000) (the "Earnest Money") in good funds, by federal wire transfer. The Escrow Agxxx xxxll hold the Earnest Money in an interest-bearing account in accordance with the texxx xxx conditions of this Agreement. All interest accruing on such sum shall become a part of the Earnest Money and shall be distributed as Earnest Money in accordance xxxx xxe terms of this Agreement.
Earnest Money. (x) Concurrently with the execution of this Agreement, Buyer has deposited with Escrow Agent under the Escrow Agreement, in immediately available funds, the Earnest Money. The Escrow Xxxxx xhall hold the Earnest Money under the termx xx xxe Escrow Agreement in trust for the benefit of the parties hereto. Interest and other earnings on the Earnest Money shall be distrxxxxxx by the Escrow Agent to Buyer from time to time upon the request of Buyer.
(b) If Closing does not occur, the Earnest Money shall be delixxxxx xo Seller or returned to Buyer in accordance with Section 10.2, and if Closing does occur, the Earnest Money shall be appxxxx xo payment of the Purchase Price at Closing as provided in Section 2.5.
