PURCHASE DEPOSITS a. On February 18, 2016, Buyer deposited with the CITY the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”).
PURCHASE DEPOSITS. The Purchase Deposit shall be made payable to Xxxxxx & Deal, P.A. (“Escrow Agent”) and will be held in Escrow Agent’s escrow account, with all interest earned thereon payable to Escrow Agent as a fee for Escrow Agent’s roles and duties hereunder. The Purchase Deposit is non-refundable upon payment, for any reason other than the refusal or inability by Seller to execute the Deed or other required documents to convey the Property to Buyer at Closing. In the event that Buyer fails to close on the purchase of the Property by the time required herein for any reason other than the refusal or inability by Seller to execute the Deed or other required documents to convey the Property to Buyer at Closing, then Buyer specifically authorizes Escrow Agent to disburse the Purchase Deposit to the Auctioneer or Seller, as directed by written order or agreement from those parties. Escrow Agent shall not be required to obtain or require further written documentation or direction from Buyer or any other party to be allowed to disburse the Purchase Deposit to Auctioneer and/or Seller.
PURCHASE DEPOSITS. At Closing, at Buyer’s election, either (1) Seller shall receive a credit towards the Purchase Price for all xxxxxxx money deposits and prepayments of the purchase price made under any Purchase Contract (“Purchase Deposits”) or (2) Buyer may replace such Purchase Deposits with the seller under any Purchase Contract at or prior to Closing, in which event Seller shall receive its Purchase Deposit back from such seller.
PURCHASE DEPOSITS a. On 2016, Buyer deposited with the CITY the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) as the “Initial Purchase Deposit”. The Initial Purchase Deposit shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below, then this Agreement shall terminate and City shall instruct the Escrow Holder to return the Initial Purchase Deposit less the sum of TWENTY THOUSAND DOLLARS ($20,000) to cover the costs associated with processing and pursuing completion of this transaction (“City Costs”).
