Opening of Escrow; Deposit. Within three (3) business days after the execution and delivery of this Agreement, Buyer shall deposit with Xxxxxxx Title Company (the "Escrow Holder"), having its office at 0000 Xxxxxx Xxx Xxx Xxxxx, Xxxxx 000, Xxx Xxxxx, XX Attention: Xxxx Xxxxx, a fully executed original of this Agreement and the sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the "Initial Deposit") in good funds either by certified bank or cashier's check or by federal wire transfer. Within three (3) business days after expiration of the Contingency Period (as defined in Section 2.1 below), unless Buyer has elected to terminate this Agreement in the manner set forth herein, Buyer shall deposit the additional sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) (the "Additional Deposit") in good funds either by certified bank or cashier's check or by federal wire transfer. The Initial Deposit and the Additional Deposit are hereinafter collectively referred to as the "Deposit". Escrow Holder shall hold the Deposit in an interest-bearing account of a federally insured bank or savings and loan association acceptable to Buyer, and shall otherwise handle the Deposit in shall be credited to the Purchase Price upon the close of Escrow. Buyer shall be responsible for the payment of all costs and fees imposed on the Deposit account. The failure of Buyer to timely deliver any portion of the Deposit hereunder shall be a material default, and shall entitle Seller, at Seller's sole option, to terminate this Agreement immediately. Except as otherwise specifically provided in Sections 3.4 and 6.2, and Article VII hereof, the Deposit and the accrued interest thereon shall be (i) nonrefundable upon expiration of the Contingency Period and (ii) released to Seller without the necessity of further instruction from Buyer upon expiration of the Contingency Period. Should Seller thereafter be obligated to close the Escrow and fail or refuse to do so, Seller shall return the Deposit and the accrued interest thereon to Buyer upon Buyer's written demand therefore.
Opening of Escrow; Deposit. On the Effective Date, Buyer shall deposit the Deposit in the form of cash or check in an escrow account with the Escrow Agent. If Buyer fails to timely deliver the Deposit to the Escrow Agent, this Agreement shall terminate automatically effective as of 12:01 a.m. Central Time on the next business day and Buyer shall pay Seller damages equal to the amount of the Deposit, which, in light of the difficulty of predicting with certainty the likely damages for Buyer’s breach under this Section 3.1, Buyer and Seller agree and acknowledge that the amount set forth in this Section 3.1 is a reasonable provision for liquidated damages and not a penalty. Seller and Xxxxx hereby instruct Escrow Agent to place the Deposit into an account with no penalty for early withdrawal and to hold and disburse the Deposit pursuant to this Agreement. The Deposit shall be nonrefundable except as otherwise provided in this Agreement. The Deposit shall be applied to the Purchase Price if the Closing occurs. In the event that the Closing does not occur, the Deposit shall be disbursed as provided herein. This provision shall survive the expiration or earlier termination of this Agreement. Further, by their execution hereof, the Parties hereby authorize the Escrow Agent, in the Escrow Agent’s sole and absolute discretion, to file an action of interpleader in the appropriate court of competent jurisdiction and deposit the Deposit with such court, to hold the same until a final determination has been made.
Opening of Escrow; Deposit. Within three (3) days following the mutual execution and delivery of this Agreement, (i) the parties shall establish an escrow (the “Escrow”) with First American Title Insurance Company (the “Escrow Holder” and “Title Company”), (ii) the parties shall deposit with the Escrow Holder a fully executed original or original counterpart(s) of this Agreement, and (iii) Buyer shall deposit with the Escrow Holder a sum equal to One Million Dollars ($1,000,000) (the “Deposit”) in good funds either by certified bank or cashier’s check or by federal wire transfer, which shall be allocated to each Property in the same percentage allocations as the Purchase Price is allocated to each Property (with respect to each Property, the “Allocated Deposit”). Escrow Holder shall hold the Deposit in an interest-bearing account of a federally insured bank or savings and loan association reasonably acceptable to Buyer and Seller, and shall otherwise handle the Deposit in accordance with the terms and conditions of this Agreement. All interest accrued on the Deposit shall be added to and become part of the Deposit. Subject to Section 4.11 hereof, the entire Deposit together with all interest accrued thereon shall be credited to the Purchase Price upon the Closing Date. The failure of Buyer to timely deliver any portion of the Deposit hereunder shall be a material default, and shall entitle Seller, at Seller’s sole option, to terminate this Agreement immediately and retain any portion of the Deposit previously delivered by Buyer as its sole and exclusive remedy for such default hereunder, at law and in equity. Except as otherwise specifically provided in this Agreement, the Deposit (including the accrued interest thereon) shall be nonrefundable upon expiration of the Contingency Period.
Opening of Escrow; Deposit. Within 1 Business Day (as hereinafter defined) following the Effective Date, Buyer and Seller shall cause an escrow (“Escrow”) to be opened with First American Title Insurance Company (“Escrow Agent”), having its office at 000 Xxxxx Xxxxxxxx Xxxxxx, Suite 400, Los Angeles, California 90017, Attention: Xxxxxxx Xxxxxx, by delivery to Escrow Agent of a fully executed copy of this Agreement. In addition, Seller and Buyer shall execute and deliver to Escrow Agent any additional or supplementary instructions (“Additional Escrow Instructions”) as may be reasonably requested by Escrow Agent and necessary or convenient to implement the terms hereof and close the transactions contemplated hereby, provided such instructions are consistent with and merely supplement this Agreement and shall not in any way modify, amend or supersede this Agreement. Concurrently with the opening of Escrow, Buyer shall deposit with Escrow Agent the sum of Three Million One Hundred Thousand and No/100 Dollars ($3,100,000.00) (the “Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire transfer. Escrow Agent shall hold the Deposit in an interest‑bearing account reasonably acceptable to Seller and Buyer, in accordance with the terms and conditions hereof. All interest earned on the Deposit shall become a part of the Deposit and shall be deemed income of Buyer, and Buyer shall be responsible for the payment of all costs and fees imposed on the Deposit account. The Deposit shall be distributed in accordance with the terms hereof. The failure of Buyer to timely deliver any Deposit hereunder shall be a material default, and shall entitle Seller, at Seller’s sole option, to terminate this Agreement immediately.
Opening of Escrow; Deposit. Not later than three (3) days -------------------------- following the parties' mutual execution and delivery of this Agreement, Buyer shall open an escrow (the "Escrow") with Commerce Escrow Company (the "Escrow ------ Holder"), having its office at the address set forth under Section 10.4, by ------ concurrently delivering to Escrow Holder a full executed original of this Agreement and depositing into Escrow the sum of Three Hundred and Fifty Thousand Dollars ($350,000) (the "Deposit") in good funds either by certified bank or ------- cashier's check or by federal wire transfer. Escrow Holder shall hold the Deposit in an interest-bearing account reasonably acceptable to Seller and Buyer, in accordance with the terms, and conditions of this Agreement with interest accruing thereon to be paid to Buyer upon demand to Escrow Holder or, at Buyer's election, paid to Seller and credited to the Purchase Price upon the Closing. All interest accrued on the Deposit shall be deemed income of Buyer; and Buyer shall be responsible for the payment of all costs and fees imposed on the Deposit account.
Opening of Escrow; Deposit. Section 1.6 Non-Refundable Deposit as Liquidated Damages.
Opening of Escrow; Deposit. Concurrently with its execution of this Agreement, Buyer shall open an escrow with Escrow Agent (the "Escrow") by delivering to Escrow (with a copy to Seller), an executed copy of this Agreement, and a deposit in the form of immediately available funds in the amount of Five Hundred Thousand Dollars ($500,000.00) (such deposit, together with all interest accrued thereon, is referred to herein as the "Deposit"). Escrow Agent shall retain possession of the Deposit until delivery or return thereof is permitted or required under this Agreement. The Deposit shall be deposited by Escrow Agent in an interest-bearing account with the interest thereon to be disbursed with the Deposit in accordance with the provisions hereof.
