Common use of Payment on Demand Clause in Contracts

Payment on Demand. Prior to the expiration of the Due Diligence Period, upon receipt of any written certification from Purchaser claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly disburse the Exxxxxx Money to Purchaser and shall thereupon be released and discharged from any further duty or obligation hereunder. Upon receipt of any written certification from Seller (at any time during the term of this Agreement) or Purchaser (following the expiration of the Due Diligence Period) claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly forward a copy thereof to the other such party (i.e., Purchaser or Seller, whichever did not claim the Exxxxxx Money pursuant to such notice) and, unless such other party within ten (10) days thereafter notifies the Escrow Agent of any objection to such requested disbursement of the Exxxxxx Money (in which case the Escrow Agent shall retain the Exxxxxx Money subject to Section 10.4 below), the Escrow Agent shall disburse the Exxxxxx Money to the party demanding the same and shall thereupon be released and discharged from any further duty or obligation hereunder.

Payment on Demand. Prior to the expiration of the Due Diligence Period, upon receipt of any written certification from Purchaser claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly disburse the Exxxxxx Money to Purchaser and shall thereupon be released and discharged from any further duty or obligation hereunder. Upon receipt of any written certification from Seller (at any time during the term of this Agreement) or Purchaser (following the expiration of the Due Diligence Period) claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly forward a copy thereof to the other such party (i.e., Purchaser or Seller, whichever did not claim the Exxxxxx Money pursuant to such notice) and, unless such other party within ten (10) days thereafter notifies the Escrow Agent of any objection to such requested disbursement of the Exxxxxx Money (in which case the Escrow Agent shall retain the Exxxxxx Money subject to Section 10.4 10.5 below), the Escrow Agent shall disburse the Exxxxxx Money to the party demanding the same and shall thereupon be released and discharged from any further duty or obligation hereunder. Notwithstanding the forgoing, in the event Purchaser terminates this Agreement pursuant to its rights under Section 3.2 of this Agreement, Escrow Agent shall immediately refund the Exxxxxx Money to Purchaser (less the sum of One Hundred and No/00 Dollars ($100.00) which shall be paid to Seller in consideration of this Agreement), and Seller hereby agrees that its consent shall not be required for Escrow Agent to refund such Exxxxxx Money.

Payment on Demand. Prior to the expiration of the Due Diligence Period, upon receipt of any written certification from the Purchaser claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly disburse the Exxxxxx Money to Purchaser and shall thereupon be released and discharged from any further duty or obligation hereunder. Upon receipt of any written certification from Seller the Sellers (at any time during the term of this Agreement) or Purchaser (following the expiration of the Due Diligence Period) claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly forward a copy thereof to the other such party (i.e., Purchaser or Sellerthe Sellers, whichever did not claim the Exxxxxx Money pursuant to such notice) and, unless such other party within ten (10) days thereafter notifies the Escrow Agent of any objection to such requested disbursement of the Exxxxxx Money (in which case the Escrow Agent shall retain the Exxxxxx Money subject to Section 10.4 below), the Escrow Agent shall disburse the Exxxxxx Money to the party demanding the same and shall thereupon be released and discharged from any further duty or obligation hereunder.

Payment on Demand. Prior to the expiration of the Due Diligence Period, upon receipt of any written certification from Purchaser claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly disburse the Exxxxxx Money to Purchaser and shall thereupon be released and discharged from any further duty or obligation hereunder. Upon receipt of any written certification from Seller (at any time during the term of this Agreement) or Purchaser (following the expiration of the Due Diligence Period) claiming the Exxxxxx Money pursuant to the provisions of this Agreement, Escrow Agent shall promptly forward a copy thereof to the other such party (i.e., Purchaser or Seller, whichever did not claim the Exxxxxx Money pursuant to such notice) and, unless such other party within ten (10) days thereafter notifies the Escrow Agent of any objection to such requested disbursement of the Exxxxxx Money (in which case the Escrow Agent shall retain the Exxxxxx Money subject to Section 10.4 below)Money, the Escrow Agent shall disburse the Exxxxxx Money to the party demanding the same and shall thereupon be released and discharged from any further duty or obligation hereunder. Notwithstanding the foregoing, if Purchaser delivers a written request to Escrow Agent for the return of the Exxxxxx Money at any time on or before the expiration of the Inspection Period in connection with a termination of this Agreement by Purchaser pursuant to Section 3.2, then Escrow Agent shall promptly refund the Exxxxxx Money to Purchaser without the necessity of notice to Seller or Seller’s consent.