Common use of Initial Deposit Clause in Contracts

Initial Deposit. Within five (5) business days after the Effective Date, Buyer shall deliver to Escrow Holder the Initial Deposit. The Initial Deposit shall be deposited by Escrow Holder in an interest-bearing account at a federally insured institution as Escrow Holder, Buyer and Seller reasonably deem appropriate and consistent with the timing requirements of this Agreement. The interest thereon shall accrue to the benefit of the party receiving the Deposit pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening of Escrow,” as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively, below, the Initial Deposit shall become non-refundable except as otherwise provided in this Agreement. If prior to the expiration of the Property Approval Period Buyer has failed to deliver Buyer’s Approval Notice, this Agreement shall be automatically terminated and the Initial Deposit (less the Independent Consideration), together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees in accordance with Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after the Contingency Date, the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied and credited toward payment of the Purchase Price at the Close of Escrow, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections 4.4 or 13 apply, or (B) this Agreement is terminated because of a breach by Seller.

Initial Deposit. Within five one (51) business days day after the Effective Agreement Date, --------------- Buyer shall deliver place on deposit into the escrow account (the "Escrow Account") to be opened with Fidelity National Title Insurance Company located at 00 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, Xxxxxxxxxx 00000 (Attention: Xx. Xxxx Xxxxx) ("Title Company" or "Escrow Holder Holder") the amount of Three Hundred Fifty Thousand Dollars ($350,000) as an initial deposit (the "Initial Deposit"). The Title Company shall cause the Initial Deposit to be placed into an interest bearing bank account reasonably acceptable to Buyer and Seller. Any interest earned on the Initial Deposit shall be included as part of the Initial Deposit. The Initial Deposit and interest earned thereon, shall be deposited by Escrow Holder in an interest-bearing account fully refundable to Buyer during the period commencing on the Agreement Date and ending at a federally insured institution as Escrow Holder5:00 p.m. (Pacific Time) on December 22, Buyer and Seller reasonably deem appropriate and consistent with 2000, which date may be extended at Buyer's sole option to December 27, 2000 (the timing requirements of this Agreement"Conditions Period"). The interest thereon shall accrue to For purposes hereof, the benefit last day of the party receiving Conditions Period shall mean and be referred to herein as the Deposit pursuant "Approval Date". If Buyer fails to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening of Escrow,” as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively, below, deliver the Initial Deposit into the Escrow Account strictly as and when contemplated herein, Seller shall become non-refundable have the right to terminate this Agreement by delivering written notice thereof to Buyer at any time and thereafter neither party shall have any further rights or obligations hereunder except as otherwise provided for the indemnities contained in this Agreement. If prior Sections 4.4 and 16 below, Buyer's covenants made herein which are expressly intended to the expiration of the Property Approval Period Buyer has failed survive any such termination and Buyer's obligations under Section 4.3 below to deliver to Seller the Due Diligence Materials (defined below) (collectively, "Buyer’s Approval Notice, this Agreement shall be automatically terminated and the Initial Deposit (less the Independent Consideration's Surviving Obligations"), together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees in accordance with Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after the Contingency Date, the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied and credited toward payment of the Purchase Price at the Close of Escrow, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections 4.4 or 13 apply, or (B) this Agreement is terminated because of a breach by Seller.

Initial Deposit. Within five two (52) business days after the Effective Date, Buyer shall deliver to Escrow Holder the Initial Deposit. The Initial Deposit and Additional Deposit (if any) shall be deposited by Escrow Holder in an interest-bearing account at a federally insured institution as Escrow Holder, Buyer and Seller reasonably deem appropriate and consistent with the timing requirements of this Agreement. The interest thereon shall accrue to the benefit of Buyer and be paid to the party receiving the Deposit pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening of Escrow,” as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” Period and provided Buyer has timely delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 4.1.1 and 4.1.44.1.2, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively, below), the Initial Deposit shall become non-refundable except as otherwise expressly provided in this Agreement. If prior to the expiration of the Property Approval Period Buyer has failed to does not deliver Buyer’s Approval Notice, this Agreement shall be automatically terminated terminate and the Initial Deposit (less the Independent Consideration)Deposit, together with all interest accrued thereon, thereon (but less the Independent Consideration (as defined in Section 2.4 below) and one-half ( 1⁄2(1/2) of any the escrow cancellation fees in accordance with Section 4.4 belowcosts), shall be returned to Buyer. If this Agreement has not been so terminated, then, after the Contingency DateDeadline, the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied and credited toward payment of the Purchase Price at the Close of Escrow, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, 16.2 below, or (iii) returned to Buyer (less the Independent Consideration) if (A) the Close of Escrow does not occur, this Agreement is terminated, and the provisions of terminated pursuant to Sections 4.4 or 13 apply13, or (B) this Agreement is terminated because of a material breach by SellerSeller in accordance with Section 16.1.

Initial Deposit. Within five two (52) business days after following the Effective Date"Opening of Escrow," as that term is defined in Section 3.1, below, Buyer shall deliver to Escrow Holder the Initial Deposit. The Initial Deposit shall be deposited by Escrow Holder in an interest-bearing account at a federally insured institution as Escrow Holder, Buyer Holder and Seller reasonably deem appropriate and consistent with the timing requirements of this Agreement. The interest thereon shall accrue to the benefit of the party (or parties) receiving the Deposit (or any portions thereof) pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” Deposit hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening opening of Escrow. As consideration for Seller’s agreement to enter into this Agreement, a portion of the Initial Deposit equal to Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) shall become non-refundable immediately upon receipt, except as otherwise provided in this Agreement (such immediately non-refundable portion of the Initial Deposit being the "NR Deposit"). Provided that Buyer has not previously terminated this Agreement pursuant to Section 4.1.4, below, then concurrently with the expiration of the "Property Approval Period,” " as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively4.1.2, below, the remainder of the Initial Deposit shall become non-refundable refundable, except as otherwise provided in this Agreement. If prior to the expiration of the Property Approval Period Buyer has failed to deliver delivered Buyer’s Approval 's Termination Notice, then this Agreement shall be automatically terminated and (x) Seller shall retain the NR Deposit as earned consideration for Seller entering into this Agreement, and (y) the balance of the 753659.08/XXX000000-00001/4-20-16/pjr/pjr -2- Agreement of Purchase and Sale[20333 South Normandie Avenue][Bridge Acquisition, LLC] Initial Deposit (less the Independent Consideration)Deposit, together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees in accordance with Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after the Contingency Dateexpiration of the Property Approval Period, the entirety of the Initial Deposit (less including the Independent Consideration) together with NR Deposit and any interest accrued thereon thereon) shall be: (i) applied and credited toward payment of the Purchase Price at the Close of Escrow, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections Section 4.4 or 13 applySection 11.9 applies, or (B) this Agreement is terminated because of a breach by Seller.

Initial Deposit. Within five two (52) business days after following the Effective Date"Opening of Escrow," as that term is defined in Section 3.1, below, Buyer shall deliver to Escrow Holder the Initial Deposit. The Initial Deposit shall be deposited by Escrow Holder in an interest-bearing account at a federally insured institution as Escrow Holder, Buyer Holder and Seller reasonably deem appropriate and consistent with the timing requirements of this Agreement. The interest thereon shall accrue to the benefit of the party (or parties) receiving the Deposit (or any portions thereof) pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” Deposit hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening opening of Escrow. As consideration for Seller’s agreement to enter into this Agreement, a portion of the Initial Deposit equal to Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) shall become non-refundable immediately upon receipt, except as otherwise provided in this Agreement (such immediately non-refundable portion of the Initial Deposit being the "NR Deposit"). Provided that Buyer has not previously terminated this Agreement pursuant to Section 4.1.4, below, then concurrently with the expiration of the "Property Approval Period,” " as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively4.1.2, below, the remainder of the Initial Deposit shall become non-refundable refundable, except as otherwise provided in this Agreement. If prior to the expiration of the Property Approval Period Buyer has failed to deliver delivered Buyer’s Approval 's Termination Notice, then this Agreement shall be automatically terminated and (x) Seller shall retain the Initial NR Deposit as earned consideration for Seller entering into this Agreement, and (less y) the Independent Consideration), together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees in accordance with Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after the Contingency Date, the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied and credited toward payment balance of the 753659.08/WLA 374981-00001/4-20-16/pjr/pjr -2- Agreement of Purchase Price at the Close of Escrowand Sale [20333 South Normandie Avenue] [Bridge Acquisition, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections 4.4 or 13 apply, or (B) this Agreement is terminated because of a breach by Seller.LLC]

Initial Deposit. Within five one (51) business days after day following the Effective Date, Buyer shall deliver to First American Title Insurance Company, 00 Xxxxx Xx Xxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxxx 00000 (the “Title Company”), Attention: Xxxxxxx X. Xxxxxxxx (“Escrow Holder Agent”) (pursuant to wiring instructions provided to Buyer) a wire transfer of immediately available federal funds, in the amount of Four Million and No/100 United States Dollars ($4,000,000.00) as an xxxxxxx money deposit (which amount, together with the interest earned on such amount, is referred to in this Agreement as the “Deposit”). Failure of Buyer to timely deposit the Deposit with Escrow Agent as provided in this Section 3A(1) shall be deemed to be a disapproval of this Agreement by Buyer, in which case this Agreement shall automatically terminate, it being expressly agreed by Seller and Buyer that time is of the essence with respect to Buyer’s obligation to deliver the Initial Deposit. The Initial Deposit shall be deposited invested by Escrow Holder in an interest-bearing account at a federally insured institution Title Company as Escrow Holder, instructed by Buyer and Seller reasonably deem appropriate in the “Escrow Agreement” (as defined below) which shall be executed by Buyer and consistent Seller and delivered to Title Company (along with the timing requirements an executed copy of this Agreement) on the Effective Date. The interest thereon shall accrue to the benefit of the party receiving the Deposit pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening of Escrow,” as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively, below, the Initial Deposit shall become be non-refundable to Buyer (except as otherwise specifically provided in this Agreement. If prior to ) and held by the expiration of the Property Approval Period Buyer has failed to deliver Buyer’s Approval Notice, this Agreement shall be automatically terminated and the Initial Deposit (less the Independent Consideration), together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees Title Company in accordance with the terms of Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after 3C below and the Contingency Date, terms of a separate escrow agreement in the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied form of Exhibit C attached hereto and credited toward payment dated as of the Purchase Price at the Close of Escrowdate hereof by and among Buyer, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections 4.4 or 13 apply, or Title Company (Bthe “Escrow Agreement”) this Agreement is terminated because of a breach by Seller.(2)

Initial Deposit. Within five (5) business days after Business Days following the Effective Date, Buyer shall deposit into Escrow the sum of One Million Dollars ($1,000,000.00), in the form of Cash, which amount shall serve as an xxxxxxx money deposit (“Initial Deposit”). In the event Buyer fails to deliver to Escrow Holder the Initial DepositDeposit within such five (5) Business Day period, then same shall constitute an immediate event of default under this Agreement and Sellers shall be entitled to terminate this Agreement upon written notice to Buyer at anytime prior to Buyer delivering the Initial Deposit into Escrow with the Escrow Agent. The Buyer may direct Escrow Agent to invest the Initial Deposit in one or more interest bearing accounts with a federally insured state or national bank located in California, designated by Buyer and approved by Escrow Agent. Subject to the applicable termination and default provisions contained in this Agreement: (i) the Initial Deposit shall be deposited by remain in Escrow Holder in an interest-bearing account at a federally insured institution as Escrow Holder, Buyer and Seller reasonably deem appropriate and consistent with the timing requirements of this Agreement. The interest thereon shall accrue prior to the benefit of the party receiving the Deposit pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder Closing; (ii) upon the “Opening of Escrow,” as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively, belowClosing, the Initial Deposit shall become be applied as a credit towards the payment of the Purchase Price; and (iii) all interest that accrues on the Initial Deposit while in Escrow Agent’s control shall be deemed part of the Initial Deposit. Buyer shall complete, execute and deliver to Escrow Agent a W-9 Form, stating Buyer’s taxpayer identification number at the time of delivery of the Initial Deposit. Upon Buyer’s timely delivery to Sellers of Buyer’s Election Not to Terminate this Agreement pursuant to Section 4.3 hereof, the Initial Deposit shall be non-refundable to Buyer, except as otherwise provided for to the contrary in this Agreement. If prior , but shall remain applicable to the expiration of the Property Approval Period Buyer has failed to deliver Buyer’s Approval Notice, this Agreement shall be automatically terminated and the Initial Deposit (less the Independent Consideration), together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees in accordance with Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after the Contingency Date, the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied and credited toward payment of the Purchase Price at the Close of Escrow, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections 4.4 or 13 apply, or (B) this Agreement is terminated because of a breach by SellerClosing.

Initial Deposit. Within five one (51) business days after day following the Effective Date, Buyer shall deliver to First American Title Insurance Company, 00 Xxxxx Xx Xxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxxx 00000 (the “Title Company”), Attention: Xxxxxxx X. Xxxxxxxx (“Escrow Holder Agent”) (pursuant to wiring instructions provided to Buyer) a wire transfer of immediately available federal funds, in the amount of Four Million and No/100 United States Dollars ($4,000,000.00) as an xxxxxxx money deposit (which amount, together with the interest earned on such amount, is referred to in this Agreement as the “Deposit”). Failure of Buyer to timely deposit the Deposit with Escrow Agent as provided in this Section 3A(1) shall be deemed to be a disapproval of this Agreement by Buyer, in which case this Agreement shall automatically terminate, it being expressly agreed by Seller and Buyer that time is of the essence with respect to Buyer’s obligation to deliver the Initial Deposit. The Initial Deposit shall be deposited invested by Escrow Holder in an interest-bearing account at a federally insured institution Title Company as Escrow Holder, instructed by Buyer and Seller reasonably deem appropriate in the “Escrow Agreement” (as defined below) which shall be executed by Buyer and consistent Seller and delivered to Title Company (along with the timing requirements an executed copy of this Agreement) on the Effective Date. The interest thereon shall accrue to the benefit of the party receiving the Deposit pursuant to the terms of this Agreement, and Buyer and Seller hereby acknowledge that there may be penalties or interest forfeitures if the applicable instrument is redeemed prior to its specified maturity. The term “Deposit” hereunder shall include all interest so earned thereon. Buyer agrees to provide its Federal Tax Identification Number to Escrow Holder upon the “Opening of Escrow,” as that term is defined in Section 3.1, below. Concurrently with the expiration of the “Property Approval Period” and provided Buyer has delivered “Buyer’s Approval Notice (as those terms are defined in Sections 4.1.2 and 4.1.4, -0- Xxxxxx Realty, L.P. - Purchase Agreement Santa Fe Summit respectively, below, the Initial Deposit shall become be non-refundable to Buyer (except as otherwise specifically provided in this Agreement. If prior to ) and held by the expiration of the Property Approval Period Buyer has failed to deliver Buyer’s Approval Notice, this Agreement shall be automatically terminated and the Initial Deposit (less the Independent Consideration), together with all interest accrued thereon, less one-half ( 1⁄2) of any escrow cancellation fees Title Company in accordance with the terms of Section 4.4 below, shall be returned to Buyer. If this Agreement has not been so terminated, then, after 3C below and the Contingency Date, terms of a separate escrow agreement in the Initial Deposit (less the Independent Consideration) together with interest accrued thereon shall be: (i) applied form of Exhibit C attached hereto and credited toward payment dated as of the Purchase Price at the Close of Escrowdate hereof by and among Buyer, or (ii) retained by Seller as liquidated damages pursuant to Section 16.2, below, or (iii) returned to Buyer if (A) this Agreement is terminated, and the provisions of Sections 4.4 or 13 apply, or Title Company (B) this Agreement is terminated because of a breach by Seller.the “Escrow Agreement”)