Common use of Earnest Money Clause in Contracts

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. Buyer has paid to Xxxxxxx-21-Max Stancil ("Holder") earnest -------------- mxxxx xx $5,000.00 check, OR $0.00 cash, which has been received by Holder. The earnest money shall be deposited ix Xxxxxr's escrow/trust account (with Holder retaining the interest if the account is interest bearing) within five (5) banking days from the Binding Agreement Date and shall be applied toward the purchase price of the Property at the time of closing. In consideration for the event any earnest money check is not honored, xxx xny reason, by the bank upon which it is drawn, Holder shall promptly notify Buyer and Seller. Buyer shall have three (3) banking days thereafter to deliver good funds to Holder. In the event Buyer does not timely deliver good funds, the Seller shall have 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 Agreement upon written notice to the other Buyer. Holder shall disburse earnest money only as follows: (a) xxxx xhe failure of the parties to enter into a binding agreement; (b) at closing; (c) upon a written agreement signed by all parties having an interest in the funds; (d) upon order of a court or arbitrator having jurisdiction over any time dispute involving the earnest money; or (e) upon a xxxxxxable interpretation of this Agreement by Holder. Prior to disbursing earnest money pursuant to x xxxxonable interpretation of this Agreement, Holder shall give all parties fifteen (15) days notice by certified mail (to each party's last known address), stating to whom the disbursement will be made. Any party may object in writing to the disbursement, provided the objection is received by Holder prior to the deposit end 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.fifteen (15)-day

Earnest Money. X xxxd faith deposit of US Dollars ($ ) shall be payable to (Holder) in the form of a □ check; □ certified funds; □ money order; or, □ cash. Said funds shall be deposited into Holder's trusx xxxxunt as set out below. If the trust account is an interest bearing account, Holder shall be entitled to the interest. A. □ Buyer has remxxxxx said payment to Holder, and Holder shall deposit same into a trust account within 3 banking days from the date Holder receives an original or copy of the Accepted (as hereinafter defined) contract. B. □ Buyer has not xxxxtted said payment to Holder, but shall remit same to Holder within days from the date of Acceptance of this contract and Holder shall deposit same into a trust account within 3 banking days from the date of receipt of the deposit and a copy or original of the Accepted contract. In consideration the event said payment is not timely remitted, Seller shall be promptly notified by Holder and Sexxxx xhall have the rights and remedies set out in Section "E" below. C. Regardless of whether the payment was remitted prior to Acceptance or on or before an agreed upon date thereafter, if the method of presentation is not honored by the institution upon which it was drawn, Holder shall promptly notify Buyer and Seller and the amount of the agreed upon earnest money xxxxxxt shall be paid by certified check or other collected funds to Holder within 3 days of notice from Holder. If Buyer fails to do so, Seller shall have the rights and remedies set out in Section "E" below. D. Notwithstanding the above, in the event the earnest money xx xxx remitted to Holder as set out, earnest money xx xx longer a part of this agreement and Seller shall have the rights and remedies set out below. i. Unilaterally terminate this contract within 3 days of receipt of notice, thereby releasing Buyer and Seller from any further obligations or responsibilities to the ii. Demand full performance of all other terms and conditions of the agreement and proceed to closing. In the event Buyer is unable to consummate the purchase of the transaction, for any reason whatsoever, Seller reserves the right to purchase the Xxxx xxanted herein by Seller to Purchaser, the Purchaser shall, within fourteen (14) days seek full damages resulting from the full execution of Buyer’s breacx xx 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 Contractagreement.

Earnest Money. In consideration for the right to purchase the Xxxx xxanted herein by Seller to PurchaserUpon Purcxxxxx'x execution of this Agreement, the Purchaser shallshall pay $100,000 to the trust account of Seller's attorney, Nippes Law Firm, PLLC ("Seller's Attorney") as earnest money ("Earnest Xxxxx"), which sxxxx xx applied against the PP at Closing. The Earnest Money shall be nxx-xxxxndable unless the Purchaser gives written notification to the Seller and Seller's Attorney within fourteen 30 days after the Effective Date that the Purchaser has terminated this Agreement because (14i) days from the full execution financing contingency described in Section 8.8 has not been satisfied by the Purchaser, or (6) the Purchaser has not obtained a Title Commitment acceptable to Purchaser's leader for each Property as described in Section 8.9. Except as expressly provided in this Section 20, the Purchaser shall have no tight to a refund of the Earnest Money regardless xx xxx reason that the Closing does not occur as provided by this Agreement, and the Seller shall retain the Earnest Money as liquidaxxx xxxages, as compensation for not negotiating for the sale of the Assets to other persons and entities during the prior several months and as an estimate, and as payment of, Seller's costs and expenses incurred in the negotiation of this Contract Agreement and in connection with the transaction contemplated 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 accountthis Agreement. If xxxx Xxntract is the Purchaser has not terminated prior to this Agreement as provided by this Section 20, then, upon the Closingexpiration of 30 days after the Effective Date, the Seller's Attorney shall pay the Earnest Money, together with all interest earned thereonplus accrxxx xxxerest, shall be dxxxxxxxd to Seller or returned to the Seller. If the Purchaser terminates this Agreement as provided 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 SellerSection 20, then either party may terminate this Contract by written notice to the other at any time prior to the deposit of Seller's Attorney shall pay the Earnest Money, plus accrxxx xxxerest, to the Purchaser. 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 Upon any termination of this ContractAgreement pursuant to this Section 20, neither the Purchaser nor the Seller shall have any liability or obligation under this Agreement or otherwise.