Earnxxx Xxxey. Within two (2) business days after final execution of this Contract by all parties hereto, Purchaser shall deliver Purchaser's check in the amount of Twenty-Five Thousand and No/100 Dollars ($25,000.00) to Safeco Land Title of Dallas, 5220 Renaissance Tower, 1201 Xxx Xxxxxx, Xxxxxx, Xxxxx 00000, Xxtn: Bobbxx Xxxxx (xxe "Title Company"). The Title Company shall immediately cash the earnxxx xxxey check and deposit the proceeds thereof in an interest bearing account, the earnings from which shall accrue to the benefit of Purchaser (hereinafter the proceeds of the earnxxx xxxey check shall be referred to as the "earnxxx xxxey"). If Purchaser does not terminate this Contract during the Inspection Period (as defined in Article VI hereinbelow), then, within two (2) business days after the expiration of the Inspection Period, Purchaser will deposit with the Title Company the additional sum of Seventy-Five Thousand and No/100 Dollars ($75,000.00) in cash, which sum shall be added to and become a part of the earnxxx xxxey. Upon receipt of the second earnxxx xxxey deposit from Purchaser, the Title Company shall immediately disburse the entire $100,000.00 earnxxx xxxey deposit to Seller; upon such disbursement the $100,000.00 earnxxx xxxey deposit shall be non-refundable to the Purchaser except in the event of a default by Seller hereunder, but, if this Contract closes, then the entire $100,000.00 earnxxx xxxey deposit shall be applied in partial satisfaction of the purchase price payable at closing. In the event that this Contract is not closed, then the earnxxx xxxey shall be disbursed in the manner provided for elsewhere herein. Notwithstanding the foregoing or anything to the contrary contained elsewhere in this Contract, it is understood and agreed that One Hundred Dollars ($100.00) of the earnxxx xxxey shall in all events be delivered to Seller as valuable consideration for the Inspection Period described in Article VI hereinbelow and the execution of this Contract by Seller.
Earnxxx Xxxey. Within two (2) business days after final execution of this Contract by all parties hereto, Purchaser shall deliver Purchaser's check in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) to Safeco Land Title of Dallas, 5220 Renaissance Tower, 1201 Xxx Xxxxxx, Xxxxxx, Xxxxx 00000, Xxtn: Bobbxx Xxxxx (xxe "Title Company"). The Title Company shall immediately cash the earnxxx xxxey check and deposit the proceeds thereof in an interest bearing account, the earnings from which shall accrue to the benefit of Purchaser (hereinafter the proceeds of the earnxxx xxxey check shall be referred to as the "earnxxx xxxey"). In the event that this Contract is closed, then all earnxxx xxxey shall be applied in partial satisfaction of the purchase price. In the event that this Contract is not closed, then the earnxxx xxxey shall be disbursed in the manner provided for elsewhere herein. Notwithstanding the foregoing or anything to the contrary contained elsewhere in this Contract, it is understood and agreed that One Hundred Dollars ($100.00) of the earnxxx xxxey shall in all events be delivered to Seller as valuable consideration for the inspection period described in Article VI hereinbelow and the execution of this Contract by Seller.
Earnxxx Xxxey. Purchaser shall deliver the Initial Earnxxx Xxxey to the Title Company within three (3) business days after the date a fully-executed copy of this Agreement is delivered to the Title Company, by wire transfer in accordance with wire transfer instructions provided by the Title Company. Seller shall have the option of terminating this Agreement if the full amount of Initial Earnxxx Xxxey is not delivered to the Title Company as prescribed in this Section 4.1. Purchaser agrees to promptly deliver or cause the Title Company to deliver written acknowledgment by the Title Company that the executed copy of this Agreement and the Initial Earnxxx Xxxey have been received by and are being held by the Title Company pursuant to the terms of this Agreement. In the event that Purchaser exercises the Extension Option pursuant to Section 7.1, Purchaser shall, concurrently with the exercise of the Extension Option, deliver the Additional Earnxxx Xxxey to the Title Company in the form of immediately available funds by wire transfer. The Earnxxx Xxxey shall be invested by the Title Company in an interest-bearing account as Purchaser and Seller shall direct. If the sale of the Property is consummated under this Agreement, the Earnxxx Xxxey shall be paid to Seller and applied to the payment of the Purchase Price at Closing. If Purchaser terminates this Agreement in accordance with any right to terminate granted to Purchaser by the terms of this Agreement, the Earnxxx Xxxey shall be immediately returned to Purchaser, and no party hereto shall have any further obligations under this Agreement except for such obligations which by their terms expressly survive the termination of this Agreement (the "Surviving Obligations"). Purchaser agrees to deliver to Seller copies of all Reports (as defined in Section 5.2 hereof) at the time (or not later than five
Earnxxx Xxxey. Purchaser has delivered to Seller the Earnxxx Xxxey deposit of Fifty Thousand and No/100 Dollars ($50,000.00). If the transactions contemplated by this Agreement are consummated, the Earnxxx Xxxey shall be delivered to Seller at Closing (as hereinafter defined) and applied against the Purchase Price. If sale fails to close for any reason other than Purchaser's default, the Earnxxx Xxxey shall be refunded to Purchaser. If Purchaser elects not to close for any reason other than: (i) Seller's default; or (ii) failure to satisfy the approvals required in Section 4.1, below; the Earnxxx Xxxey shall be paid to Seller as full and complete liquidated damages in full relief and discharge of any and all obligations of Purchaser hereunder. Upon execution of this Agreement, Purchaser has delivered to Seller, and Seller acknowledges receipt of, One Hundred and no/100 Dollars ($100.00) (the "Independent Consideration"), as consideration for Purchaser's right to purchase the Assets and for Seller's execution, delivery and performance of this Agreement. The Independent Consideration is in addition to and independent of any other consideration or payment provided for in this Agreement, is non-refundable and shall be retained by Seller notwithstanding any other provision of this Agreement.
Earnxxx Xxxey. Concurrently with the execution of this Agreement, Buyer shall deposit, in a strict joint order escrow (the "Earnxxx Xxxey Escrow") with the Escrow Agent the sum of Five Million and No/100 Dollars ($5,000,000.00) (the "Initial Deposit"), such amount to be held as an earnxxx xxxey deposit hereunder in accordance with the provisions of a strict joint order escrow agreement in the form attached hereto as Exhibit D (the "Earnxxx Xxxey Escrow Agreement"). If Buyer terminates this Agreement on or before the Firm Date pursuant to Section 3.06(b) hereof, the Escrow Agent shall remit the Initial Deposit to the Buyer. If the Buyer does not terminate this Agreement on or before the Firm Date, (i) the Initial Deposit shall become non-refundable and the Buyer shall have no right to receive the Initial Deposit at any time thereafter, unless an Intentional Seller Default shall have occurred as specified in Section 8.07(a) of this Agreement, and (ii) on the Firm Date, Buyer shall deposit into the Earnxxx Xxxey Escrow with the Escrow Agent the sum of Fifteen Million and No/100 Dollars ($15,000,000.00) (the "Additional Deposit"). If Buyer terminates this Agreement pursuant to Section 3.06(d) after the Firm Date and prior to the expiration of the Due Diligence Period, the Escrow Agent shall no later than two (2) Business Days after the receipt of the Due Diligence Termination Notice refund the Additional Deposit to the Buyer and deliver the Initial Deposit to the Sellers. At the Closing, unless this Agreement has been terminated in accordance with the terms hereof, Buyer and Sellers shall cause their respective representatives to direct the transfer of the remaining Earnxxx Xxxey in the Earnxxx Xxxey Escrow to Sellers, such amount to be applied in partial satisfaction of the obligation of Buyer with respect to the Purchase Price. All Earnxxx Xxxey deposited in the Earnxxx Xxxey Escrow shall be invested from time to time in United States government securities, commercial paper, certificates of deposit or other interest- 27 -22- bearing accounts or certificates as directed by Buyer and as reasonably approved by Sellers, in all events such investments to have dates of maturity not later than the then estimated date for Closing. All costs and expenses of the Escrow Agent incurred in connection with the establishment of the Earnxxx Xxxey Escrow or the Earnxxx Xxxey Escrow Agreement shall be paid from the investment income generated by the Earnxxx Xxxey Escrow.
Earnxxx Xxxey. (a) Concurrently with the execution of this Agreement, Buyer has deposited with Escrow Agent under the Escrow Agreement, in immediately available funds, the Earnxxx Xxxey. The Escrow Agent shall hold the Earnxxx Xxxey under the terms of the Escrow Agreement in trust for the benefit of the parties hereto. Interest and other earnings on the Earnxxx Xxxey shall be distributed by the Escrow Agent to Buyer from time to time upon the request of Buyer.
(b) If Closing does not occur, the Earnxxx Xxxey shall be delivered to Seller or returned to Buyer in accordance with Section 10.2, and if Closing ------------ does occur, the Earnxxx Xxxey shall be applied to payment of the Purchase Price at Closing as provided in Section 2.5. -----------
Earnxxx Xxxey. (a) Concurrently with the execution of this Agreement, Buyer shall deposit the Deposit Letter of Credit with the Escrow Agent to be held in escrow in accordance with the Deposit Escrow Agreement.
(b) Subject to satisfaction of the conditions to the obligations set forth in Article VIII, at the Closing, Seller shall instruct the Escrow Agent to release and return the Deposit Letter of Credit to Buyer for cancellation.
(c) If this Agreement is terminated as provided in Section 10.1, Buyer and Seller shall instruct the Escrow Agent to release the Deposit Letter of Credit to Buyer or to Seller, all as provided in Section 10.2.
Earnxxx Xxxey. No earnxxx xxxey will be deposited by Buyer.
Earnxxx Xxxey. Upon execution of this Agreement, Purchaser shall deliver to Dodsxx, Xxldxxx & Xoroxxx, X.L.P. ("Escrow Agent"), the sum of SEVENTY-FIVE THOUSAND DOLLARS ($75,000.00) in cash (the "Earnxxx Xxxey'). If the sale of the Property is consummated pursuant to the terms of this Agreement, the Earnxxx Xxxey shall be retained by Seller and applied to the payment of the Purchase Price. If Purchaser terminates this Agreement in accordance with any right to terminate granted by this,Agreement, the Earnxxx Xxxey shall be immediately returned to Purchaser, and no party hereto shall have any further obligations under this Agreement. Except as otherwise provided herein, in the event the sale of the Property is not consummated after Purchaser has approved the matters set forth in Section 4.1 and 4.2 of this Agreement, all Earnxxx Xxxey deposited hereunder shall be retained by Seller, and no party shall have any further obligations under this Agreement. Seller and Purchaser shall enter into an Escrow Agreement with Escrow Agent in the form attached hereto as Exhibit "B" with regard to the Earnxxx Xxxey.
Earnxxx Xxxey. Upon the execution of this Agreement, Buyer has deposited into escrow with Bank One,Texas, N.A. in Fort Worth, Texas (the "Escrow Agent"), the sum of money equal to Five Million and No/100 Dollars ($5,000,000) (the "Earnxxx Xxxey"). At Closing, the Earnxxx Xxxey, less any costs or fees incurred, plus any interest earned thereon shall be applied against the Purchase Price. If this transaction fails to close due to any breach by Buyer of the terms, conditions, representations and warranties found in this Agreement, then at the election of Seller, the Earnxxx Xxxey and all interest earned thereon may be delivered to Seller as liquidated damages. If this transaction fails to close, due to any breach by Seller of the terms, conditions, representations and warranties found in this Agreement, then the Earnxxx Xxxey and all interest earned thereon shall be delivered to Buyer. If this transaction fails to close for any other reason whatsoever, then the Earnxxx Xxxey and all interest earned thereon shall be delivered to Buyer. Seller and Buyer agree to give the Escrow Agent joint instructions for the delivery of the Earnxxx Xxxey, together with any interest earned thereon, in accordance with the terms of this Agreement
