Common use of Opening of Escrow; Deposit Clause in Contracts

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 three one (31) days following business day of the mutual execution and delivery of this Agreement, (i) the parties Buyer shall establish an escrow (the “Escrow”) deposit with First American Xxxxxxx Title Insurance Company (the “"Escrow Holder” and “Title Company”"), (ii) the parties shall deposit with the Escrow Holder having its office at 000 Xxxxxx Xxx Xxx Xxxxx, Xxxxx 000, Xxx Xxxxx, XX Attention: Xxxxxxxx Xxxxxxxx, a fully executed original or original counterpart(s) of this Agreement, Agreement and (iii) Buyer shall deposit with the Escrow Holder a sum equal to One Million of Two Hundred Fifty Thousand Dollars ($1,000,000250,000.00) (the “"Initial Deposit”") in good funds either by certified bank or cashier’s 's check or by federal wire transfer. Within one (1) business day of expiration of the Contingency Period (as defined in Section 2.1 below), which shall be allocated unless Buyer has elected to each Property terminate this Agreement in the same percentage allocations 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 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 SellerBuyer, and shall otherwise handle the Deposit in accordance with the terms 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 Dateclose 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 '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 equityimmediately. Except as otherwise specifically provided in this AgreementSections 3.3 and 6.2, and Article VII hereof, the Deposit (including and 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 to Buyer upon Buyer's written demand therefore.

Opening of Escrow; Deposit. Within three (3) days following one business day after the mutual execution and delivery of this Agreementagreement by both parties, (i) the parties shall establish an escrow (the “Escrow”) shall be opened with First American Title Insurance Company (the “Escrow Holder” and “Title Company”), 000 Xxxxx Xxxxxxxx Xxxxxx, Suite 700, Los Angeles, California 90071, Attn: Xxxx Xxxxxxx, Telephone (ii000) 000-0000 (the parties “Escrow Agent”), and Purchaser shall deposit with the Escrow Holder a fully executed original or original counterpart(sAgent 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. Subject to Purchaser’s right to terminate this Agreement pursuant to paragraph 6(a) hereof, and on or before the last day of the Inspection Period (iiias defined in paragraph 6(a) Buyer hereof), Purchaser shall deposit with the Escrow Holder a Agent as additional xxxxxxx money the additional sum equal to One Million of Fifty Thousand and No/100 Dollars ($1,000,00050,000.00) (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 Additional Deposit”). , to be held by the Escrow Holder shall hold the Deposit in an interest-bearing account of a federally insured bank or savings and loan association reasonably acceptable Agent pursuant 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 As used in this Agreement, the term “Deposit” shall initially refer to the Initial Deposit, and, if the Additional Deposit (including is made, the accrued term “Deposit” shall refer collectively to the Initial Deposit and the Additional Deposit. The term “Deposit” shall also include interest earned thereon) . The Deposit shall be nonrefundable upon expiration either in the form of a check which shall be immediately cashed by the Escrow Agent or by wire transfer to the Escrow Agent, and the proceeds thereof shall be deposited in an interest bearing account. If this Agreement closes, the Deposit shall be applied toward the payment of the Contingency PeriodPurchase Price at the Closing. If this Agreement does not close, then the Deposit shall be either returned to Purchaser or paid to Seller in accordance with the provisions of paragraph 15 below.

Opening of Escrow; Deposit. Within three (3) days following the mutual execution and delivery of this Agreement, (i) the parties shall establish an Buyer previously opened escrow (the “Escrow”) with First American Title Insurance Company Company, a California corporation (the “Escrow Holder” and “Title Company”), having its office at 5000 Xxxxxxxxx Xxxxx Xxxxx X-000, Xxxxxxx Xxxxxxx 00000, pursuant to that certain Escrow Agreement, dated as of February 15, 2008, by and between Buyer and Title Company (ii) the parties shall deposit with “Escrow Agreement”). Pursuant to the Escrow Holder a fully executed original or original counterpart(s) of this Agreement, and (iii) Buyer shall deposit previously deposited with the Escrow Holder Title Company a sum equal to One Two Million Dollars ($1,000,0002,000,000) (the “First Deposit”) in good funds either by certified bank or cashier’s check or by federal wire transfer. Concurrently with the execution and delivery of this Agreement, which (i) the parties hereby agree that the Escrow Agreement shall be allocated 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 each Property the expiration of the Contingency Period pursuant to Section 3.5 hereof, then within two (2) Business Days after the expiration of the Contingency Period, Buyer shall deposit with Title Company an additional sum equal to Two Million Dollars ($2,000,000) (the “Second Deposit”) in good funds either by certified bank or cashier’s check or by federal wire transfer. The First Deposit and the same percentage allocations Second Deposit (i.e., collectively, Four Million Dollars ($4,000,000)), but excluding interest and earnings thereon, shall hereinafter be referred to collectively as the Purchase Price is allocated to each Property (with respect to each Property, the “Allocated 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 of a federally insured bank or savings and loan association reasonably acceptable to Buyer and Selleras shall be approved by Buyer, and in its sole discretion. Title Company shall otherwise handle the Deposit and all earnings thereon in accordance with the terms and conditions of this Agreement. All interest accrued on the Deposit shall belong solely and exclusively to Buyer, and shall not be added to and become deemed part of the Deposit. Subject to Section 4.11 4.1(c) hereof, the entire Deposit together with all (exclusive of interest or earnings accrued thereon thereon) shall be credited to the Purchase Price upon the Closing Dateclose of Escrow and, unless otherwise expressly instructed by Buyer, all such interest and earnings shall be paid to Buyer upon the close of Escrow. All costs and fees imposed on the Deposit account (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 sole option, to terminate this Agreement immediately and immediately, retain any portion of the Deposit previously delivered by Buyer as its sole to Escrow, and exclusive remedy for such default recover from Buyer the full amount of any remaining portion of the Deposit that should have been deposited into Escrow by Buyer hereunder, at law and in equity. Except as otherwise specifically provided in this Agreement, the Deposit (including excluding the accrued interest thereon) shall be nonrefundable upon expiration of the Contingency Period.

Opening of Escrow; Deposit. Within three (3) business days following after the mutual execution and delivery of this Agreement, (i) the parties Buyer shall establish an escrow (the “Escrow”) deposit with First American Xxxxxxx Title Insurance Company (the “"Escrow Holder” and “Title Company”"), (ii) the parties shall deposit with the Escrow Holder having its office at 0000 Xxxxxx Xxx Xxx Xxxxx, Xxxxx 000, Xxx Xxxxx, XX Attention: Xxxx Xxxxx, a fully executed original or original counterpart(s) of this Agreement, Agreement and (iii) Buyer shall deposit with the Escrow Holder a sum equal to One Million of Two Hundred Fifty Thousand Dollars ($1,000,000250,000.00) (the “"Initial Deposit”") in good funds either by certified bank or cashier’s '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), which shall be allocated unless Buyer has elected to each Property terminate this Agreement in the same percentage allocations 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 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 SellerBuyer, 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 Dateclose 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 '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 equityimmediately. Except as otherwise specifically provided in this AgreementSections 3.4 and 6.2, and Article VII hereof, the Deposit (including and 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) days following of the mutual execution and delivery of this Agreement-------------------------- Effective Date, (i) the parties Buyer shall establish an escrow (the “Escrow”) deposit with First American Chicago Title Insurance Company (the “"Escrow ------ Holder” and “"), having its office at Chicago Title Company”), (ii) the parties shall deposit with the Escrow Holder 000 Xxxx Xxxxxxxxxxx Xxxx, ------ Xxx Xxxxxxxxxx, Xxxxxxxxxx 00000, Attention: Xxxxx Xxxxxx, a fully executed original or original counterpart(s) of this Agreement, Agreement and (iii) Buyer shall deposit with the Escrow Holder a sum equal to One Million of Two Hundred Fifty Thousand Dollars ($1,000,000250,000) (the “"First Deposit”") in good funds either by certified bank or ------------- cashier’s 's check or by federal wire transfer. Within one (1) business day of the end of the Contingency Period, which Buyer shall deposit with Escrow Holder the sum of Two Hundred Fifty Thousand Dollars ($250,000) (the "Second Deposit") in good -------------- funds either by certified bank or cashier's check or by federal wire transfer. The First Deposit and the Second Deposit are hereinafter referred to collectively as the "Deposit." The Deposit shall be allocated released to each Property Seller ------- immediately upon the expiration of the Contingency Period (the "Release Date") ------------ unless Buyer has elected to terminate this Agreement in the same percentage allocations as manner set forth herein. Prior to the Purchase Price is allocated to each Property (with respect to each Propertyexpiration of the Contingency Period, the “Allocated Deposit”). Escrow Holder shall hold the Deposit in an interest-interest bearing account of a federally insured bank or savings and loan association reasonably acceptable to Buyer and SellerBuyer, and shall otherwise handle the Deposit in accordance with the terms terms, and conditions of this Agreement. All interest accrued on the Deposit shall be added prior to and become part of the Deposit. Subject to Section 4.11 hereof, the entire Deposit together with all interest accrued thereon Release Date shall be credited to the Purchase Price upon the Closing Dateclose 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 '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 equityimmediately. Except as otherwise specifically provided in this AgreementSections 3.5 and 6.2, and Article VII hereof, the Deposit (including and the accrued interest thereon) thereon shall be nonrefundable upon expiration of the Contingency Period.

Opening of Escrow; Deposit. Within three (3) days following Upon the mutual execution and delivery of this Agreement, (i) the parties shall establish an escrow (the “Escrow”), with (a) with First American Title Insurance Company 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 “Escrow Holder” 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”), (ii) the parties and Buyer shall deposit with the Escrow Holder a fully Tixxx Xxxxxxx, xithin three (0) Xxxxxxxx Xxys after txx Xxxxxxxxx Xxxx x xxlly 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 Agent 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 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 hereofThe entire Deposit, the entire Deposit together with exclusive of any and all interest accrued thereon thereon, shall be credited to the Purchase Price upon the Closing Dateclose of Escrow. Buyer shall be responsible for the payment of all costs and fees imposed on the Deposit account 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 sole optionoption and as Seller’s sole remedy, to terminate this Agreement immediately immediately, whereupon this Agreement shall terminate and retain be of no force and effect and neither party shall have any portion further rights or obligations hereunder except those which specifically provide to survive termination of the Deposit previously delivered by Buyer as its sole and exclusive remedy for such default hereunder, at law and in equitythis Agreement. Except as otherwise specifically provided in this AgreementSections 2.2, 3.7, 5.3(a), 6.2, and 6.3 and Articles IV and VII hereof, the Deposit (including the accrued interest thereon) shall be nonrefundable upon expiration of the Contingency Period.

Opening of Escrow; Deposit. Within three (3) days following of the mutual execution and delivery of this AgreementEffective Date, (i) the parties Buyer shall establish an escrow (the “Escrow”) deposit with First American Chicago Title Insurance Company (the “"Escrow Holder” and “"), having its office at Chicago Title Company”), (ii) the parties shall deposit with the Escrow Holder 000 Xxxx Xxxxxxxxxxx Xxxx, Xxx Xxxxxxxxxx, Xxxxxxxxxx 00000, Attention: Xxxxx Xxxxxx, a fully executed original or original counterpart(s) of this Agreement, Agreement and (iii) Buyer shall deposit with the Escrow Holder a sum equal to One Million of Two Hundred Fifty Thousand Dollars ($1,000,000250,000) (the “"First Deposit”") in good funds either by certified bank or cashier’s 's check or by federal wire transfer. Within one (1) business day of the end of the Contingency Period, which Buyer shall deposit with Escrow Holder the sum of Two Hundred Fifty Thousand Dollars ($250,000) (the "Second Deposit") in good funds either by certified bank or cashier's check or by federal wire transfer. The First Deposit and the Second Deposit are hereinafter referred to collectively as the "Deposit." The Deposit shall be allocated released to each Property Seller immediately upon the expiration of the Contingency Period (the "Release Date") unless Buyer has elected to terminate this Agreement in the same percentage allocations as manner set forth herein. Prior to the Purchase Price is allocated to each Property (with respect to each Propertyexpiration of the Contingency Period, the “Allocated Deposit”). Escrow Holder shall hold the Deposit in an interest-interest bearing account of a federally insured bank or savings and loan association reasonably acceptable to Buyer and SellerBuyer, and shall otherwise handle the Deposit in accordance with the terms terms, and conditions of this Agreement. All interest accrued on the Deposit shall be added prior to and become part of the Deposit. Subject to Section 4.11 hereof, the entire Deposit together with all interest accrued thereon Release Date shall be credited to the Purchase Price upon the Closing Dateclose 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 '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 equityimmediately. Except as otherwise specifically provided in this AgreementSections 3.5 and 6.2, and Article VII hereof, the Deposit (including and the accrued interest thereon) thereon shall be nonrefundable upon expiration of the Contingency Period.