Common use of PAYMENT OF PURCHASE PRICE/DEPOSIT Clause in Contracts

PAYMENT OF PURCHASE PRICE/DEPOSIT. At or before the Closing, Broker shall deliver the Deposit to the escrow agent/title agent (“Escrow Agent”) and it shall be credited against the Purchase Price at the Closing. No interest shall accrue on the Deposit or other funds held in trust by Broker. Buyer agrees to pay the balance of the Purchase Price in U.S. Dollars in immediately available funds on or before the Closing Date. Buyer acknowl- edges that its obligations under this Purchase Agreement are not contingent on obtaining financing and Buyer represents to Seller and Broker that it either has cash or is approved for a loan at financial institution in an amount sufficient to discharge its payment obligations under this Purchase Agreement. In the event that Buyer fails to close the transaction in accordance with Paragraph 5, and upon written verifica- tion from Seller that Seller remains ready willing and able to close, Broker shall disburse the Deposit to Seller. Should Seller be unable to close in accordance with Paragraph 5 for any reason other than through fault of the Buyer, the Deposit shall be disbursed to the Buyer. Loan Officer Phone