Common use of Earnest Money Clause in Contracts

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. Within twx two (0) xusiness xxxxness 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 $200,000.0075,000.00 (the "Earnest Money"), which the Title Company Txxxx Xxmpany 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, If for any reason this Agreement is terminated prior to the expiration of the Inspection Period, then the Earnest Money and any inxxxxxx accrued interexx xxxxued thereon shall be immediately returned to Buyer. If this Purchase and Sale Agreement is not so terminated, Buyer shall deposit with the Title Company within two (2) business days after the end of the Inspection Period an additional $75,000, which shall be part of the Earnest Money and which sxxxx xxso be deposited in an interest bearing account and held in accordance with the terms hereof. If the transaction contemplated hereby proceeds to Closing, the Earnest Money shall be pxxx paid xx Seller Xxxxer at Closing and Buyer shall receive a credit against the purchase price Purchase Price payable hereunder in the amount of the Earnest Money plus interxxx xxxrued or deemed to have accrued thereon at the rates interexx xxxxued thereon. If Buyer does not terminate this Purchase and Sale Agreement as set forth abovein and when allowed under Sections 5, 6 or 7 hereof, or otherwise as expressly allowed hereunder, the Earnest Money shall, excxxx xx the extent any of the contingencies to Buyer's performance hereunder (including without limitation Seller's performance of its obligations hereunder) shall not be satisfied, thereafter be deemed non-refundable. As used in this Agreement, the term "Earnest Money" shall mexx xxx amount mean txx xxxxnt deposited by Buyer, together with all interest accrued thereon or deemed to have accrued thereon, as provided above.

Earnest Money. Within twx The sum of FIFTY THOUSAND AND NO/100 DOLLXXX (0$00,000) xusiness days after in cash or by other immediately available funds (the Effective Date, "Earnest Money") shall be deposited by Buyer shall deliver to the party designated by Seller at the address to be supplied by Seller, at Ticor as earnest monex xxxx Lawyers Title Insurance Company, Syracuse, NY Company of North Xxxxxxna (the "Title CompanyEscrow Agent") a check or wire transfer in the amount contemporaneously with Buyer's execution and delivery of $200,000.00, which the Title Company shall immediately this Agreement. A failure by Buyer to 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 contemporaneously with its execution and delivxxx xxxeof shall constitute an automatic recission of this Agreement and of any obligation of Walker to Buyer with respect to the perxxx xxxween the end conveyance of the Inspection Period Walker Xxxxxrty and Closing the assignment of the Additional Properxx Xxxtracts. The Earnest Money shall be deemed to accrue at held by the rate of 2.78% per annum. If, for Escrow Agent in an interxxx xxxring account in a federal depository institution as selected by Escrow Agent and any reason this Agreement is terminated prior to the expiration of the Inspection Period, then interest earned upon the Earnest Money and any inxxxxxx accrued thereon shall be immediately returned added thereto and shall become a part xx xxxh Earnest Money to Buyerbe disbursed as provided herein. If this Purchase and Sale Agreement In the evxxx xxxt the sale provided for herein is not so terminated, and the transaction contemplated hereby proceeds to Closingconsummated, the Earnest Money shall be pxxx xx Seller paid over to Walker at Closing closing and Buyer shall receive a credit cxxxxxxx against the purchase price payable hereunder in cash portion of txx Xxxchase Price. In the amount of event that Buyer exercises any right to terminate this Agreement as provided herein, the Earnest Money plus interxxx xxxrued or deemed shall be refunded to have accrued thereon at Buyer. In the rates set forth above. As used event thax Xxxxx does not terminate this Agreement pursuant to a right provided herein and the sale contemplated hereunder is not consummated, then the earnest money shall be disbursed to the party entitled therexx xx xrovided for 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 aboveParagraph 17.