Common use of Earnest Money Clause in Contracts

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. 3.0 Xxxn execution of this Contract, Purchaser shall deposit with American Title Company located at 4950 4949 Westgrove, Suite 000, Xxxxxx, Xxxxx 00000, xx xxx xxxxxxxxx xx Ann Sutton (hereinaftxx xxxxxxxd to as the "Title Company"), cash in the amount of One Hundred Thousand Dollars ($25,000.00 100,000.00) (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 One Hundred Thousand Dollars ($25,000.00100,000.00) 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.