Payment of Additional Deposit. Within three (3) Business Days of the Effective Date, Owner JV shall deliver the Additional Deposit to Escrow Agent. The Additional Deposit is non-refundable upon deposit with Escrow Agent except as otherwise provided in this Agreement and shall be paid in cash by wire transfer of immediately available funds (made in accordance with the wiring instructions provided by the Escrow Agent) to a bank account designated by the Escrow Agent. Time is of the essence with respect to the Additional Deposit and if Owner JV shall fail to make the Additional Deposit in accordance with the foregoing by 5:00 P.M. (Eastern Time) on the date that is the third (3rd) Business Day after the Effective Date, Hersha Owner shall have the right to terminate this Agreement by providing a written notice to Owner JV within two (2) Business Days of the date the Additional Deposit was due, in which event the Initial Deposit shall be retained by Hersha Owner as consideration for this Agreement, and neither Party shall have any further rights, obligations or liability hereunder, except for liability which expressly survives termination of this Agreement.
Appears in 7 contracts
Samples: Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust)
