Common use of Exxxxxx Money Deposit Clause in Contracts

Exxxxxx Money Deposit. Upon Buyer’s receipt of a counterpart of this Agreement fully executed by Buyer and Seller, Buyer shall deposit with Escrow Agent the Exxxxxx Money Deposit hereunder, via wire transfer, to be held and disbursed in accordance with the terms of this Agreement. Escrow Agent shall hold the Exxxxxx Money Deposit in an interest bearing money market account at a federally insured financial institution reasonably acceptable to Buyer and Escrow Agent, and interest earned thereon shall be reported under the United States Taxpayer Identification Number 50-0000000 of Buyer. All interest earned on the Exxxxxx Money Deposit, or any portion thereof, shall be deemed to constitute a portion of the Exxxxxx Money Deposit and shall be disbursed in accordance with the terms of this Agreement. The Exxxxxx Money Deposit shall be credited to the cash due from Buyer at Closing. Buyer shall have the right, at its option during the term of this Agreement, to substitute one or more unconditional letters of credit for all or any portion of the Exxxxxx Money Deposit. The letter(s) of credit shall be drawn on Wachovia Bank, N.A., or any other financial institution reasonably acceptable to Seller, shall name Escrow Agent as beneficiary and shall be otherwise in form and substance reasonably satisfactory to Seller. The letter(s) of credit shall not impose any conditions to the drawing thereof other than a certificate from the Escrow Agent that Escrow Agent is entitled to draw upon the letter of credit pursuant to the terms of this Agreement. If any letter(s) of credit do not have an expiration date of at least thirty (30) days after the Closing Date, then Buyer shall renew or extend such letter(s) of credit at least fifteen (15) days prior to the expiration thereof. If Buyer fails to deliver proper renewals or extension documentation prior to the deadline for same, then Escrow Agent shall draw upon the letter(s) of credit which have not been timely renewed or extended and hold the proceeds thereof as the Exxxxxx Money Deposit under this Agreement. The letter(s) of credit shall be held and disbursed in the same fashion as the Exxxxxx Money Deposit under this Agreement and shall be drawn upon by the Escrow Agent and disbursed in accordance with paragraph 11 herein. Further provided, that Escrow Agent shall be entitled to draw upon any expiring letter(s) of credit which are not timely renewed or extended pursuant to the terms of this Section, in which event Escrow Agent will hold and disburse the proceeds thereof in the manner set forth in this Agreement. Upon Closing, the letter(s) of credit shall be returned to Buyer and not credited against the Purchase Price otherwise due from Buyer at Closing.

Exxxxxx Money Deposit. Upon Buyer’s receipt of a counterpart of this Agreement fully executed by Buyer and SellerA. Within three (3) business days after the Effective Date, Buyer Purchaser shall deposit with Chicago Title Insurance Company, National Office, at 100 X. Xxxxx Street, 3rd Floor, Chicago, IL 60601, Attention: Rxxxxx X. Xxxxx, as the “Escrow Agent Agent” and “Title Company,” an exxxxxx money deposit in cash in the amount of FOURTEEN MILLION NINE HUNDRED THOUSAND AND NO/100 DOLLARS ($14,900,000.00) (“Exxxxxx Money Deposit”). The Exxxxxx Money Deposit shall be refundable during the Due Diligence Period (as defined in Section 8) and as otherwise set forth in this Agreement and shall be credited to the Purchase Price upon the Closing as set forth herein. B. Purchaser acknowledges time is of the essence with respect to the delivery of the Exxxxxx Money Deposit hereunder, via wire transfer, and the balance of that portion of the Purchase Price due and owing at the Closing. If Purchaser fails to be held and disbursed in accordance with the terms of this Agreement. Escrow Agent shall hold timely deliver the Exxxxxx Money Deposit and/or the balance of the Purchase Price when due, such failure shall constitute a material default by Purchaser hereunder and in addition to Sellers’ other remedies hereunder, Sellers may terminate this Agreement by delivering written notice to Purchaser and Escrow Agent. C. Upon receipt, Escrow Agent shall deposit the Exxxxxx Money Deposit into an interest bearing money market account maintained at a federally insured financial institution reasonably acceptable to Buyer and bank customarily used by Escrow Agent, and interest earned thereon shall be reported under the United States Taxpayer Identification Number 50-0000000 of BuyerAgent for such purposes. All interest earned on the Exxxxxx Money Deposit, or any portion thereof, Deposit while held by Escrow Agent shall be deemed added to constitute a and increase the amount of Exxxxxx Money Deposit and shall be reported to the Internal Revenue Service as income of Purchaser. Purchaser and Sellers agree to provide Escrow Agent with their respective tax identification numbers upon execution of this Agreement and Purchaser and Sellers shall promptly execute all forms reasonably requested by Escrow Agent in connection with depositing the Exxxxxx Money Deposit in an interest-bearing account as provided above. D. A portion of the Exxxxxx Money Deposit and shall be disbursed applied to the satisfaction of the Allocated Purchase Price for each Property, with such portion of the Exxxxxx Money Deposit being determined in accordance with the terms following provisions of this Agreement. The Section 5.D: (i) With respect to the Closing for each of the Properties other than the last three (3) Properties to Close, the portion of the Exxxxxx Money Deposit to be applied to the Allocated Purchase Price for each such Property shall be equal to the product of $7,400,000.00 multiplied by a fraction the numerator of which is the Allocated Purchase Price for such Property and the denominator of which is the aggregate Allocated Purchase Prices for all of the Properties other than the last three (3) Properties to Close. (ii) $2,500,000.00 of the Exxxxxx Money Deposit shall be credited allocated to each of the cash due from Buyer last three (3) Properties to Close; provided, however, that at Closing. Buyer shall have the rightClosing of the last Property, at its option during the term of this Agreement, to substitute one or more unconditional letters of credit for all or any portion entire remaining balance of the Exxxxxx Money Deposit. The letter(sDeposit (including interest) of credit shall be drawn on Wachovia Bankapplied to the Allocated Purchase Price for such Property Except for a disbursement to Sellers as part of the Allocated Purchase Price upon the Closing of a Property as provided above, N.A., if either Purchaser or any other financial institution reasonably acceptable to Seller, shall name Seller makes a written demand upon Escrow Agent as beneficiary and shall be otherwise in form and substance reasonably satisfactory to Seller. The letter(s) for payment of credit shall not impose any conditions to the drawing thereof other than a certificate from the Escrow Agent that Escrow Agent is entitled to draw upon the letter of credit pursuant to the terms of this Agreement. If any letter(s) of credit do not have an expiration date of at least thirty (30) days after the Closing Date, then Buyer shall renew or extend such letter(s) of credit at least fifteen (15) days prior to the expiration thereof. If Buyer fails to deliver proper renewals or extension documentation prior to the deadline for same, then Escrow Agent shall draw upon the letter(s) of credit which have not been timely renewed or extended and hold the proceeds thereof as the Exxxxxx Money Deposit under this Agreement(or a portion thereof), Escrow Agent shall give written notice to the other party of such demand. The letter(s) If Escrow Agent does not receive a written objection from the other party to the proposed payment of credit shall be held and disbursed in the same fashion as the Exxxxxx Money Deposit under this Agreement and shall be drawn upon by the (or a portion thereof) within three (3) business days after that party’s receipt of such notice, Escrow Agent shall make the payment of the Exxxxxx Money Deposit (or a portion thereof) pursuant to the demand. If Escrow Agent does receive such written objection within such three (3) business day period, Escrow Agent shall continue to hold the Exxxxxx Money Deposit (or a portion thereof) as provided in Section 5.C until otherwise directed by joint written instructions from Purchaser and disbursed in accordance Sellers or a final, non-appealable judgment of a court of competent jurisdiction. However, Escrow Agent shall have the right to deposit the Exxxxxx Money Deposit with paragraph 11 hereinthe clerk of the Superior Court of Alameda County, California. Further providedIf Escrow Agent so deposits the Exxxxxx Money Deposit with the clerk of the court, that Escrow Agent shall give written notice thereof to Sellers and Purchaser and, upon such deposit and notice, Escrow Agent shall be entitled to draw upon any expiring letter(s) relieved and discharged of credit which are not timely renewed or extended pursuant to the terms of this Section, in which event Escrow Agent will hold and disburse the proceeds thereof in the manner set forth in this Agreement. Upon Closing, the letter(s) of credit shall be returned to Buyer and not credited against the Purchase Price otherwise due from Buyer at Closingall further obligations hereunder.

Exxxxxx Money Deposit. Upon Buyer’s receipt Seller and Purchaser acknowledge and agree that (i) Purchaser has deposited the sum of Six Million Fifty Thousand and 00/100 Dollars ($6,050,000.00) (together with any interest earned thereon, the “Deposit”) with Riverside Abstract LLC (“Escrow Holder”) by wire transfer of immediately available funds to the account designated by Escrow Holder, which sum is being held by Escrow Holder in escrow pursuant to a counterpart of this Agreement fully executed by Buyer and separate agreement between Seller, Buyer shall deposit with Purchaser and Escrow Agent the Exxxxxx Money Deposit hereunderHolder, via wire transferand (ii) upon entry of, to be held and disbursed in accordance with with, the terms Order the Deposit and the balance of this Agreement. Escrow Agent shall hold the Exxxxxx Money Deposit in an interest bearing money market account at a federally insured financial institution reasonably acceptable to Buyer Purchase Price (over and Escrow Agent, and interest earned thereon above the Deposit) shall be reported under paid to or as directed by Seller by wire transfer of immediately available funds as designated by Seller. If the United States Taxpayer Identification Number 50-0000000 of Buyer. All interest earned on Bankruptcy Court makes a final determination not to approve the Exxxxxx Money Depositassumption, or any portion thereof, shall be deemed to constitute a portion assignment and sale of the Exxxxxx Money Purchased Property to Purchaser, (i) the Deposit and shall be disbursed in accordance with the terms of this Agreement. The Exxxxxx Money Deposit shall be credited to the cash due from Buyer at Closing. Buyer shall have the right, at its option during the term of this Agreement, to substitute one or more unconditional letters of credit for all or any portion of the Exxxxxx Money Deposit. The letter(s) of credit shall be drawn on Wachovia Bank, N.A., or any other financial institution reasonably acceptable to Seller, shall name Escrow Agent as beneficiary and shall be otherwise in form and substance reasonably satisfactory to Seller. The letter(s) of credit shall not impose any conditions to the drawing thereof other than a certificate from the Escrow Agent that Escrow Agent is entitled to draw upon the letter of credit pursuant to the terms of this Agreement. If any letter(s) of credit do not have an expiration date of at least thirty (30) days after the Closing Date, then Buyer shall renew or extend such letter(s) of credit at least fifteen (15) days prior to the expiration thereof. If Buyer fails to deliver proper renewals or extension documentation prior to the deadline for same, then Escrow Agent shall draw upon the letter(s) of credit which have not been timely renewed or extended and hold the proceeds thereof as the Exxxxxx Money Deposit under this Agreement. The letter(s) of credit shall be held and disbursed in the same fashion as the Exxxxxx Money Deposit under this Agreement and shall be drawn upon by the Escrow Agent and disbursed in accordance with paragraph 11 herein. Further provided, that Escrow Agent shall be entitled to draw upon any expiring letter(s) of credit which are not timely renewed or extended pursuant to the terms of this Section, in which event Escrow Agent will hold and disburse the proceeds thereof in the manner set forth in this Agreement. Upon Closing, the letter(s) of credit shall be returned to Buyer Purchaser promptly (within two business days) thereafter (and not credited against the Purchase Price otherwise due from Buyer at Closingparties shall jointly instruct Escrow Holder to promptly return the Deposit to Purchaser) and (ii) Seller shall immediately return the ASG Letter of Credit to Purchaser which ASG Letter of Credit shall immediately be cancelled and withdrawn, whereupon this General Assignment and Bxxx of Sale shall be deemed terminated and of no further force and effect. IN THE EVENT THAT BUYER SHALL DEFAULT IN ITS OBLIGATION TO PAY THE BALANCE OF THE PURCHASE PRICE IN ACCORDANCE WITH THE TERMS HEREOF AND OF THE ORDER, BUYER AND SELLER AGREE THAT THE DAMAGES THAT SELLER SHALL SUSTAIN AS A RESULT THEREOF SHALL BE SUBSTANTIAL AND SHALL BE DIFFICULT TO ASCERTAIN. BUYER AND SELLER THEREFORE AGREE THAT IF BUYER FAILS TO PAY THE BALANCE OF THE PURCHASE PRICE IN ACCORDANCE WITH THE TERMS HEREOF AND OF THE ORDER, SELLER’S SOLE AND EXCLUSIVE REMEDY WITH RESPECT TO BUYER’S FAILURE TO PAY THE BALANCE OF THE PURCHASE PRICE IN ACCORDANCE WITH THE TERMS HEREOF AND OF THE ORDER SHALL BE TO RECEIVE AS LIQUIDATED DAMAGES THE ENTIRE DEPOSIT FROM ESCROW HOLDER (AND THE PARTIES SHALL JOINTLY INSTRUCT ESCROW HOLDER TO PROMPTLY DELIVER THE DEPOSIT TO SELLER), AND THEREAFTER NEITHER BUYER NOR SELLER SHALL HAVE ANY FURTHER LIABILITY OR OBLIGATION TO THE OTHER.

Exxxxxx Money Deposit. Upon Buyer’s receipt of a counterpart of this Agreement fully executed by Buyer and Seller(a) Within three (3) business days after the Effective Date, Buyer Purchaser shall deposit with Escrow Agent Chicago Title Insurance Company, 600 X. 00xx Xx., Xxxxx 00, Xxxxxxx, Xxxxxxxx 00000 Attention: Sxxxxxx Xxxxxx (“Title Insurer”) the sum of One Hundred Thousand and 00/100 Dollars ($100,000.00) United States currency (the “Exxxxxx Money Deposit hereunderDeposit”) by means of a certified check, via cashier’s check or wire transfer, to be held and disbursed by the Title Insurer in accordance with the terms of a strict joint order escrow instructions executed by the Parties attached hereto as Exhibit H (or such similar instructions required by the Title Insurer) and incorporated into this AgreementContract by this reference (the “Exxxxxx Money Escrow Instructions”) and also the terms and conditions of this Contract. Any escrow fees as set forth in the Exxxxxx Money Escrow Agent shall hold Instructions will be shared equally between the Parties. Subject to the terms and conditions as otherwise set forth in this Contract, any and all interest accrued on the Exxxxxx Money Deposit in an interest bearing money market account at a federally insured financial institution reasonably acceptable to Buyer and Escrow Agent, and interest earned thereon shall be reported under paid to Purchaser at the United States Taxpayer Identification Number 50-0000000 of Buyer. All interest earned on the Exxxxxx Money Deposit, or any portion thereof, shall be deemed to constitute a portion of the Exxxxxx Money Deposit and shall be disbursed in accordance with the terms of this AgreementClosing. The Exxxxxx Money Deposit shall be credited against the Purchase Price at the time of the Closing, and Purchaser agrees to pay or satisfy the balance of the Purchase Price, plus or minus prorations, at the time of the Closing by wire transfer of immediately available funds. If Purchaser shall fail to deposit the Exxxxxx Money Deposit within the time period provided for above, Seller may at any time prior to the cash due from Buyer at Closing. Buyer shall have the right, at its option during the term of this Agreement, to substitute one or more unconditional letters of credit for all or any portion deposit of the Exxxxxx Money Deposit. The letter(s) of credit , terminate this Contract, in which case this Contract shall be drawn on Wachovia Bank, N.A., null and void ab initio and neither Party shall have any further rights or any other financial institution reasonably acceptable to Seller, shall name Escrow Agent as beneficiary and shall be otherwise in form and substance reasonably satisfactory to Seller. The letter(s) of credit shall not impose any conditions obligations to the drawing thereof other than a certificate from the Escrow Agent that Escrow Agent is entitled to draw upon the letter hereunder, except as otherwise expressly set forth in this Contract. (b) The entirety of credit pursuant to the terms of this Agreement. If any letter(s) of credit do not have an expiration date of at least thirty (30) days after the Closing Date, then Buyer shall renew or extend such letter(s) of credit at least fifteen (15) days prior to the expiration thereof. If Buyer fails to deliver proper renewals or extension documentation prior to the deadline for same, then Escrow Agent shall draw upon the letter(s) of credit which have not been timely renewed or extended and hold the proceeds thereof as the Exxxxxx Money Deposit under this Agreement. The letter(s) of credit shall be held and disbursed is non-refundable to Purchaser except as otherwise provided in Section 5(d), or, in the same fashion case of a Default (defined below) by Seller, under Section 14 of this Contract. Notwithstanding anything to the contrary herein, should this Contract be terminated or deemed terminated at any time, or should the Closing not occur for any reason other than as provided for in Section 5(d), or as a result of a default by Seller under Section 14, the Exxxxxx Money Deposit under this Agreement and shall be drawn upon by the Escrow Agent and disbursed in accordance with paragraph 11 hereindelivered to Seller within two (2) business days of notice of such occurrence. Further provided, that Escrow Agent shall be entitled to draw upon any expiring letter(s) of credit which are not timely renewed or extended pursuant to the terms of this Section, in which event Escrow Agent will hold and disburse the proceeds thereof in the manner set forth in this Agreement. Upon Closing, the letter(s) of credit shall be returned to Buyer and not credited against the Purchase Price otherwise due from Buyer at Closing.Real Estate Sale Contract 2

Exxxxxx Money Deposit. Upon Buyer’s receipt of a counterpart (a) Within one (1) Business Day after the date of this Agreement fully executed by Buyer and SellerContract, Buyer shall deposit the sum of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) in cash, certified bank check or by wire transfer of immediately available funds (the “Initial Deposit”) with the Title Company, as escrow agent (“Escrow Agent”), which sum shall be held by Escrow Agent as exxxxxx money. If, pursuant to the provisions of Section 3.1, Buyer elects to terminate this Contract at any time prior to the expiration of the Review Period, then the Escrow Agent shall return the Exxxxxx Money Deposit hereunderto Buyer promptly upon written notice to that effect from Buyer. If Buyer does not elect to terminate this Contract on or before the expiration of the Review Period, via Buyer shall, no later than one (1) Business Day after the expiration of the Review Period, deposit the sum of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) in cash, certified bank check or by wire transfer, to be held and disbursed in accordance transfer of immediately available funds (the “Additional Deposit”) with the terms of this AgreementEscrow Agent. Escrow Agent The Initial Deposit and the Additional Deposit, and all interest accrued thereon, shall hold hereinafter be referred to as the “Exxxxxx Money Deposit.” (b) The Exxxxxx Money Deposit in shall be held by Escrow Agent subject to the terms and conditions of an interest bearing money market account at a federally insured financial institution reasonably acceptable to Escrow Agreement dated as of the date of this Contract entered into by Seller, Buyer and Escrow Agent, and interest earned thereon shall be reported under in the United States Taxpayer Identification Number 50-0000000 of Buyer. All interest earned on form attached as Exhibit G hereto (the Exxxxxx Money Deposit, or any portion thereof, shall be deemed to constitute a portion of the Exxxxxx Money Deposit and shall be disbursed in accordance with the terms of this “Escrow Agreement”). The Exxxxxx Money Deposit shall be credited to the cash due from Buyer at Closing. Buyer shall have the right, at its option during the term of this Agreement, to substitute one held in an interest-bearing account in a federally insured bank or more unconditional letters of credit for all or any portion of the Exxxxxx Money Deposit. The letter(s) of credit shall be drawn on Wachovia Bank, N.A., or any other financial savings institution reasonably acceptable to SellerSeller and Buyer, shall name Escrow Agent as beneficiary and shall be otherwise in form and substance reasonably satisfactory with all interest to Seller. The letter(s) of credit shall not impose any conditions accrue to the drawing thereof other than a certificate from benefit of the Escrow Agent that Escrow Agent is party entitled to draw upon the letter of credit pursuant receive it and to the terms of this Agreement. If any letter(s) of credit do not have an expiration date of at least thirty (30) days after the Closing Date, then Buyer shall renew or extend be reportable by such letter(s) of credit at least fifteen (15) days prior to the expiration thereof. If Buyer fails to deliver proper renewals or extension documentation prior to the deadline party for same, then Escrow Agent shall draw upon the letter(s) of credit which have not been timely renewed or extended and hold the proceeds thereof as the Exxxxxx Money Deposit under this Agreement. The letter(s) of credit shall be held and disbursed in the same fashion as the Exxxxxx Money Deposit under this Agreement and shall be drawn upon by the Escrow Agent and disbursed in accordance with paragraph 11 herein. Further provided, that Escrow Agent shall be entitled to draw upon any expiring letter(s) of credit which are not timely renewed or extended pursuant to the terms of this Section, in which event Escrow Agent will hold and disburse the proceeds thereof in the manner set forth in this Agreement. Upon Closing, the letter(s) of credit shall be returned to Buyer and not credited against the Purchase Price otherwise due from Buyer at Closingincome tax purposes.