Common use of Hard Deposit Clause in Contracts

Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $300,000 of the Deposit (the “Hard Deposit”) shall be a “hard” deposit that is non-refundable to Buyer except as expressly set forth in this Section 3(e). The Hard Deposit shall not be held by Escrow Holder but instead shall be delivered directly to Seller no later than one (1) business day after the Effective Date; provided, however, that Buyer shall be entitled to a return 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 (III) Section 14 (Eminent Domain). This provision shall survive termination of this Agreement.

Hard Deposit. Notwithstanding any provision herein to the contrary, Buyer hereby acknowledges and agrees that $300,000 250,000 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). The Hard Deposit shall not be held ) and (ii) immediately released by Escrow Holder but instead shall be delivered directly to Seller no later than one (1upon Escrow Holder’s receipt of the Deposit pursuant to Section 3(a) business day after the Effective Dateabove; 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 (III) a termination by Buyer where authorized under Section 13 or 14 (Eminent Domain)of this Agreement. This provision shall survive termination of this Agreement.