Common use of Interest on Contract Deposit Clause in Contracts

Interest on Contract Deposit. Purchaser understands and agrees that Purchaser will receive interest on Purchaser’s Initial Deposit, Second Deposit and/or Third Deposit (collectively, "Contract Deposit") in the form of a credit to Purchaser’s escrow account upon Closing; provided that should Closing not occur, Purchaser shall not receive any interest accrued on Purchaser’s Contract Deposit held in Escrow or a credit, unless otherwise provided herein. The amount of interest calculated under this Section E.5 shall begin to accrue (i) as to the Initial Deposit, on the date this Purchase Agreement is executed by Seller and upon expiration of any rescission period or deemed waiver thereof, and upon Xxxxxx’s deposit of the same into an interest bearing account; and (ii) as to the Second Deposit and the Third Deposit, on the date Escrow deposits the same into an interest bearing account. No interest shall be paid on such deposits (a) prior to Seller’s execution of this Purchase Agreement; (b) during any rescission period given pursuant to the Public Report, unless waived; (c) prior to Xxxxxx’s deposit of the same into an interest bearing account; (d) on funds held by Xxxxxx during the sixty (60) calendar days immediately preceding the scheduled Closing Date to accommodate a bulk closing of units by Seller; or (e) as may be used by Seller to pay for construction costs and other expenses as provided in Section 514B‐92 of the Hawaii Revised Statutes, as amended, upon the disbursement of said funds by Xxxxxx. Escrow shall establish a separate account for Purchaser and Purchaser shall provide Escrow with Purchaser’s social security number or federal tax identification number. Purchaser shall pay Escrow a fee of Fifty and No/100 Dollars ($50.00) for each separate account created.

Interest on Contract Deposit. Purchaser understands and agrees that Purchaser will may elect to receive interest on Purchaser’s Initial Deposit, Second 's Contract Deposit and/or Third Deposit (collectively, "Contract Deposit") in the form of a credit to Purchaser’s 's escrow account upon Closing; provided that should Closing not occur, Purchaser shall not receive any interest accrued on Purchaser’s 's Contract Deposit held in Escrow or a credit, unless otherwise provided herein. The amount of interest calculated under this Section E.5 shall begin to accrue (i) as to the Initial Deposit, on upon the date this Purchase Agreement is executed by Seller and upon expiration of any rescission cancellation period or any deemed waiver thereofthereof and Seller's execution of this Purchase Agreement, and upon Xxxxxx’s 's deposit of the same into an interest interest-bearing account; and (ii) as to the Second Deposit and the Third Deposit, on the date Escrow deposits the same into an interest interest-bearing account. No interest shall be paid on such deposits (a) prior to Seller’s execution of this Purchase Agreementthe Contract Date; (b) during any rescission period given pursuant to the Public Report, unless waived; (c) prior to Xxxxxx’s Escrow's deposit of the same into an interest bearing account; (d) on funds held by Xxxxxx Escrow during the sixty (60) calendar days immediately preceding the scheduled Closing Date to accommodate a bulk closing of units by Seller; or (e) as may be used by Seller to pay for construction costs and other expenses as provided in Section 514B‐92 514B-92 of the Hawaii Revised Statutes, as amended, upon the disbursement of said funds by Xxxxxx. Escrow shall establish a separate account for Purchaser Purchaser, and Purchaser shall provide Escrow with Purchaser’s 's social security number or federal tax identification number. Purchaser shall pay Escrow a fee of Fifty and No/100 Dollars ($50.00) for each separate account created.

Interest on Contract Deposit. Purchaser understands and agrees that in order for Purchaser will to receive interest on Purchaser’s Initial Deposit, Second Deposit and/or Third Deposit (collectively, "Contract Deposit"), Purchaser Escrow must receive (a) in the form of a credit written instruction from Purchaser to establish an interest bearing account, (b) complete certain documents sent from Escrow to Purchaser, including Federal tax form(s), (c) provide Escrow certain other requested information, such as Purchasers’ social security number, or FEIN number and (d) pay an adminisntrative fee of fifty and no/100 dollars ($50.00) to Escrow for each separate account created. Any interest earned will be credited to Xxxxxxxxx’s escrow account upon Closing; provided that should Closing not occur, Purchaser shall not receive any interest accrued on Purchaser’s Contract Deposit held in Escrow or a credit, unless otherwise provided herein. The amount of interest calculated under this Section E.5 shall begin to accrue (i) as to the Initial Deposit, on the date this Purchase Agreement is executed by Seller and upon expiration of any rescission period or deemed waiver thereof, and upon Xxxxxx’s deposit of the same into an interest bearing account; and (ii) as to the Second Deposit and the Third Deposit, on the date Escrow deposits the same into an interest bearing account. No interest shall be paid on such deposits (a) prior to Seller’s execution of this Purchase Agreement; (b) during any rescission period given pursuant to the Public Report, unless waived; (c) prior to XxxxxxEscrow’s deposit of the same into an interest bearing account; (d) on funds held by Xxxxxx during the sixty (60) calendar days immediately preceding the scheduled Closing Date to accommodate a bulk closing of units by Seller; or (e) as may be used by Seller to pay for construction costs and other expenses as provided in Section 514B‐92 of the Hawaii Revised Statutes, as amended, upon the disbursement of said funds by Xxxxxx. Escrow shall establish a separate account for Purchaser and Purchaser shall provide Escrow with Purchaser’s social security number or federal tax identification number. Purchaser shall pay Escrow a fee of Fifty and No/100 Dollars ($50.00) for each separate account createdEscrow.

Interest on Contract Deposit. Purchaser understands and agrees that Purchaser will receive interest on Purchaser’s Initial Deposit, Second Deposit and/or Third Deposit (collectively, "Contract Deposit") in the form of a credit to Purchaser’s escrow account upon Closing; provided that should Closing not occur, Purchaser shall not receive any interest accrued on Purchaser’s Contract Deposit held in Escrow or a credit, unless otherwise provided herein. The amount of interest calculated under this Section E.5 shall begin to accrue (i) as to the Initial Deposit, on the date this Purchase Agreement is executed by Seller and upon expiration of any rescission period or deemed waiver thereof, and upon Xxxxxx’s deposit of the same into an interest bearing account; and (ii) as to the Second Deposit and the Third Deposit, on the date Escrow deposits the same into an interest bearing account. No interest shall be paid on such deposits (a) prior to Seller’s execution of this Purchase Agreement; (b) during any rescission period given pursuant to the Public Report, unless waived; (c) prior to XxxxxxEscrow’s deposit of the same into an interest bearing account; (d) on funds held by Xxxxxx Escrow during the sixty (60) calendar days immediately preceding the scheduled Closing Date to accommodate a bulk closing of units by Seller; or (e) as may be used by Seller to pay for construction costs and other expenses as provided in Section 514B‐92 of the Hawaii Revised Statutes, as amended, upon the disbursement of said funds by Xxxxxx. Escrow shall establish a separate account for Purchaser and Purchaser shall provide Escrow with Purchaser’s social security number or federal tax identification number. Purchaser shall pay Escrow a fee of Fifty and No/100 Dollars ($50.00) for each separate account created.