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 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 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 terminate 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 SectionContract, in which event Escrow Agent will hold case this Contract shall be null and disburse void ab initio and neither Party shall have any further rights or obligations to the proceeds thereof in the manner other hereunder, except as otherwise expressly 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 ClosingContract.

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.