Common use of Hard Deposit Clause in Contracts

Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $250,000 of the Deposit (the “Hard Deposit”) shall be (i) a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e) and (ii) immediately released by Escrow Holder to Seller upon Escrow Holder’s receipt of the Deposit pursuant to Section 3(a) above; provided, however, that Buyer shall be entitled to a return by Seller of the Hard Deposit in the case of a termination by Buyer under Section 3(b)(ii) (Seller Default) or a termination by Buyer where authorized under Section 13 or 14 of this Agreement. This provision shall survive termination of this Agreement.

Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $250,000 300,000 of the Deposit (the “Hard Deposit”) shall be (i) a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e) and (ii) immediately released ). The Hard Deposit shall not be held by Escrow Holder but instead shall be delivered directly to Seller upon Escrow Holder’s receipt of no later than one (1) business day after the Deposit pursuant to Section 3(a) aboveEffective Date; provided, however, that Buyer shall be entitled to a return by Seller of the Hard Deposit from Seller in the case of a termination by Buyer under (I) Section 3(b)(ii) (Seller 3 Default), (II) Section 13(a) (Casualty) or a termination by Buyer where authorized under (III) Section 13 or 14 of this Agreement(Eminent Domain). This provision shall survive termination of this Agreement.