Common use of Opening of Escrow; Deposit Clause in Contracts

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. Within three (3) one business days day after the execution of this agreement by both parties, an escrow shall be opened with First American Title Insurance Company (the “Title Company”), 000 Xxxxx Xxxxxxxx Xxxxxx, Suite 700, Los Angeles, California 90071, Attn: Xxxx Xxxxxxx, Telephone (000) 000-0000 (the “Escrow Agent”), and delivery Purchaser shall deposit with the Escrow Agent as xxxxxxx money the sum of Fifty Thousand and No/100 Dollars ($50,000.00) (the “Initial Deposit”), to be held by the Escrow Agent pursuant to the terms 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 . Subject to Purchaser’s right to terminate this Agreement and pursuant to paragraph 6(a) hereof, on or before 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 last day of the Contingency Inspection Period (as defined in Section 2.1 belowparagraph 6(a) hereof), unless Buyer has elected to terminate this Agreement in the manner set forth herein, Buyer Purchaser shall deposit with the Escrow Agent as additional xxxxxxx money the additional sum of Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.0050,000.00) (the "“Additional Deposit") ”), to be held by the Escrow Agent pursuant to the terms of this Agreement. As used in good funds either by certified bank or cashier's check or by federal wire transfer. The this Agreement, the term “Deposit” shall initially refer to the Initial Deposit, and, if the Additional Deposit is made, the term “Deposit” shall refer collectively to the Initial Deposit and the Additional Deposit. The term “Deposit” shall also include interest earned thereon. The Deposit are hereinafter collectively referred shall be either in the form of a check which shall be immediately cashed by the Escrow Agent or by wire transfer to as the "Deposit"Escrow Agent, and the proceeds thereof shall be deposited in an interest bearing account. Escrow Holder shall hold If this Agreement closes, 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 applied toward the payment of the Purchase Price upon at the close of EscrowClosing. Buyer If this Agreement does not close, then the Deposit shall be responsible for the payment of all costs and fees imposed on the Deposit account. The failure of Buyer either returned 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 Purchaser or paid to Seller without in accordance with the necessity provisions 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 thereforeparagraph 15 below.

Opening of Escrow; Deposit. Within three (3) business days after Upon the execution and delivery of this Agreement, the parties shall establish an escrow (the “Escrow”), with (a) First American Title Insurance Company, (i) having its office at 633 Third Avenue, New York, New York 10017, Attention: Stephen Farber, Telephone: (212) 551-9402, E-mail: sfarber@firstam.com (xxx “Xxxxxx Xxxxx”) xxx xxxxxx xxxxx (0) Business Days xxxxx xxx Xxxective Date, Xxxxx xxxxx xxposit, or xxxxx xx xx xxxxxxxed on behalf of Buyer, with Escrow Agent a sum equal Five Million Dollars ($5,000,000) in good funds by federal wire transfer pursuant to wire instructions of Escrow Agent attached hereto as Schedule 1.6 and made a part hereof (together with any interest thereon as provided herein, the “Deposit”) and (ii) having its office at 777 S. Figueroa, Suite 400, Los Angeles, California 90017, Attn: Brian Serikaku, Telephone: (213) 271-1774, E-mail: bmserikaku@xxxxxxx.xxx(xxe “Title Company”) and Buyer shall deposit with Xxxxxxx Title Company Tixxx Xxxxxxx, xithin three (the "Escrow Holder"), having its office at 0000 Xxxxxx Xxx Xxx Xxxxx, Xxxxx 000, Xxx Xxxxx, XX Attention: 0) Xxxxxxxx Xxys after txx Xxxxxxxxx Xxxx Xxxxx, a fully x xxlly executed original or original counterpart(s) 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"Agreement. Escrow Holder Agent shall hold the Deposit in an interest-bearing account of a federally insured bank or savings and loan association reasonably acceptable to BuyerSeller, 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. The entire Deposit, exclusive of any and all interest accrued thereon, 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 accountaccount other than Escrow Agent’s fees which shall be paid equally by Buyer and Seller (except as otherwise expressly provided herein). 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 ’s sole optionoption and as Seller’s sole remedy, to terminate this Agreement immediately, whereupon this Agreement shall terminate and be of no force and effect and neither party shall have any further rights or obligations hereunder except those which specifically provide to survive termination of this Agreement. Except as otherwise specifically provided in Sections 3.4 and 2.2, 3.7, 5.3(a), 6.2, and Article 6.3 and Articles IV and VII hereof, the Deposit and (including the accrued interest thereon 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. Within three one (31) business days after day of the execution and delivery of this Agreement, Buyer shall deposit with Xxxxxxx Title Company (the "Escrow Holder"), having its office at 0000 000 Xxxxxx Xxx Xxx Xxxxx, Xxxxx 000, Xxx Xxxxx, XX Attention: Xxxx XxxxxXxxxxxxx Xxxxxxxx, 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 one (31) business days after day of 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 accordance with the terms, and conditions of this Agreement. All interest accrued on the Deposit 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 3.3 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. Within three (3) business days after of the execution and delivery of this Agreement-------------------------- Effective Date, Buyer shall deposit with Xxxxxxx Chicago Title Company (the "Escrow ------ Holder"), having its office at 0000 Xxxxxx Chicago Title Company, 000 Xxxx Xxxxxxxxxxx Xxxx, ------ Xxx Xxx XxxxxXxxxxxxxxx, Xxxxx 000Xxxxxxxxxx 00000, Xxx Xxxxx, XX Attention: Xxxx XxxxxXxxxx Xxxxxx, a fully executed original of this Agreement and the sum of Two Hundred Fifty Thousand Dollars ($250,000.00250,000) (the "Initial First Deposit") in good funds either by certified bank or ------------- cashier's check or by federal wire transfer. Within three one (31) business days after expiration day of the end of the Contingency Period (as defined in Section 2.1 below), unless Buyer has elected to terminate this Agreement in the manner set forth hereinPeriod, Buyer shall deposit with Escrow Holder the additional sum of Two Hundred and Fifty Thousand Dollars ($250,000.00250,000) (the "Additional Second Deposit") in good -------------- funds either by certified bank or cashier's check or by federal wire transfer. The Initial First Deposit and the Additional Second Deposit are hereinafter collectively referred to collectively as the "Deposit." The Deposit shall be released to Seller ------- immediately upon the expiration of the Contingency Period (the "Release Date") ------------ unless Buyer has elected to terminate this Agreement in the manner set forth herein. Prior to the expiration of the Contingency Period, Escrow Holder shall hold the Deposit in an interest-interest bearing account of a federally insured bank or savings and loan association acceptable to Buyer, and shall otherwise handle the Deposit in accordance with the terms, and conditions of this Agreement. All interest accrued on the Deposit prior to the Release Date 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 3.5 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. Within three (3) business days after the execution and delivery of this Agreement, Buyer shall deposit with Xxxxxxx Title Company previously opened escrow (the "Escrow Holder"“Escrow”) with First American Title Insurance Company, a California corporation (the “Title Company”), having its office at 0000 Xxxxxx Xxx Xxx Xxxxx5000 Xxxxxxxxx Xxxxx Xxxxx X-000, Xxxxx 000Xxxxxxx Xxxxxxx 00000, Xxx Xxxxxpursuant to that certain Escrow Agreement, XX Attention: Xxxx Xxxxxdated as of February 15, 2008, by and between Buyer and Title Company (the “Escrow Agreement”). Pursuant to the Escrow Agreement, Buyer previously deposited with Title Company a fully executed original of this Agreement and the sum of equal to Two Hundred Fifty Thousand Million Dollars ($250,000.002,000,000) (the "Initial “First Deposit"”) in good funds either by certified bank or cashier's ’s check or by federal wire transfer. Within three Concurrently with the execution and delivery of this Agreement, (3i) business days after the parties hereby agree that the Escrow Agreement shall be of no further force and effect and that Escrow, the First Deposit and (if applicable) the Second Deposit described below shall be held and disbursed by Title Company in accordance with the terms and conditions set forth in this Agreement and (ii) the parties shall deposit with Title Company a fully executed original or original counterpart(s) of this Agreement. If this Agreement is not terminated or deemed terminated by Buyer prior to the expiration of the Contingency Period pursuant to Section 3.5 hereof, then within two (as defined in Section 2.1 below), unless Buyer has elected to terminate this Agreement in 2) Business Days after the manner set forth hereinexpiration of the Contingency Period, Buyer shall deposit the with Title Company an additional sum of equal to Two Hundred and Fifty Thousand Million Dollars ($250,000.002,000,000) (the "Additional “Second Deposit"”) in good funds either by certified bank or cashier's ’s check or by federal wire transfer. The Initial First Deposit and the Additional Second Deposit are (i.e., collectively, Four Million Dollars ($4,000,000)), but excluding interest and earnings thereon, shall hereinafter collectively be referred to collectively as the "“Deposit"”. Escrow Holder shall hold The parties hereby direct Title Company to immediately invest the Deposit and the income generated thereby following Title Company’s receipt of the same, in an interest-a money market account that provides daily liquidity, or a similar interest bearing money market or bank account as shall be approved by Buyer, in its sole discretion. Title Company shall otherwise handle the Deposit and all earnings thereon in accordance with the terms and conditions of a federally insured bank or savings this Agreement. All interest accrued on the Deposit shall belong solely and loan association acceptable exclusively to Buyer, and shall otherwise handle not be deemed part of the Deposit. Subject to Section 4.1(c) hereof, the entire Deposit in (exclusive of interest or earnings accrued thereon) shall be credited to the Purchase Price upon the close of Escrow and, unless otherwise expressly instructed by Buyer, all such interest and earnings shall be paid to Buyer upon the close of Escrow. Buyer shall be responsible for the payment of all All costs and fees imposed on the Deposit accountaccount (including, without limitation, Title Company’s fees) shall be paid equally by Buyer and Seller. The failure of Buyer to timely deliver any portion of the Deposit hereunder shall be constitute a material defaultdefault by Buyer hereunder (unless such failure is in connection with Buyer exercising its termination rights hereunder), and shall entitle Seller, at Seller's ’s sole option, to terminate this Agreement immediately, retain any portion of the Deposit previously delivered by Buyer to Escrow, and recover from Buyer the full amount of any remaining portion of the Deposit that should have been deposited into Escrow by Buyer hereunder. Except as otherwise specifically provided in Sections 3.4 and 6.2, and Article VII hereofthis Agreement, the Deposit and (excluding the accrued interest thereon 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. Within three (3) business days after of the execution and delivery of this AgreementEffective Date, Buyer shall deposit with Xxxxxxx Chicago Title Company (the "Escrow Holder"), having its office at 0000 Xxxxxx Xxx Xxx XxxxxChicago Title Company, Xxxxx 000000 Xxxx Xxxxxxxxxxx Xxxx, Xxx XxxxxXxxxxxxxxx, XX Xxxxxxxxxx 00000, Attention: Xxxx XxxxxXxxxx Xxxxxx, a fully executed original of this Agreement and the sum of Two Hundred Fifty Thousand Dollars ($250,000.00250,000) (the "Initial First Deposit") in good funds either by certified bank or cashier's check or by federal wire transfer. Within three one (31) business days after expiration day of the end of the Contingency Period (as defined in Section 2.1 below), unless Buyer has elected to terminate this Agreement in the manner set forth hereinPeriod, Buyer shall deposit with Escrow Holder the additional sum of Two Hundred and Fifty Thousand Dollars ($250,000.00250,000) (the "Additional Second Deposit") in good funds either by certified bank or cashier's check or by federal wire transfer. The Initial First Deposit and the Additional Second Deposit are hereinafter collectively referred to collectively as the "Deposit." The Deposit shall be released to Seller immediately upon the expiration of the Contingency Period (the "Release Date") unless Buyer has elected to terminate this Agreement in the manner set forth herein. Prior to the expiration of the Contingency Period, Escrow Holder shall hold the Deposit in an interest-interest bearing account of a federally insured bank or savings and loan association acceptable to Buyer, and shall otherwise handle the Deposit in accordance with the terms, and conditions of this Agreement. All interest accrued on the Deposit prior to the Release Date 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 3.5 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.