Common use of Purchase Price and Escrow Deposit Clause in Contracts

Purchase Price and Escrow Deposit. The total purchase price for the Property shall be Nineteen Million Eight Hundred Eighty-Five Thousand Dollars ($19,885,000.00) (the “Purchase Price”). The sum of $250,000.00 (the “Escrow Deposit”) shall be deposited by Purchaser within one (1) business day after the full execution of this Agreement by Seller and Purchaser, with Chicago Title Insurance Company, 000 X. Xxxxxx Street, San Jose, CA 95110, Attn: Xxxxxxx XxXxxxx (the “Title Company” or “Escrow Agent”). The balance of the Purchase Price remaining after deduction of the Escrow Deposit and after taking into account the adjustments and prorations provided for herein, shall be paid by federal funds wire transfer by Purchaser to the Escrow Agent on or before the Closing. Upon the earlier to occur of (A) one (1) business day following the expiration of the Review Period (as hereinafter defined), or (B) Purchaser’s waiver of the right to terminate this Agreement during the Review Period (such earlier date being hereinafter referred to as the “Contingency Expiration Date”), the Escrow Deposit shall be deemed non-refundable, but shall be applicable to the Purchase Price at Closing. The Title Company shall deposit the Escrow Deposit in one or more interest bearing accounts with a bank or other financial institution reasonably acceptable to Purchaser and Seller. Interest earned on the Escrow Deposit shall be deemed a portion of the Escrow Deposit. The Escrow Deposit shall be applied toward the payment of the Purchase Price at the Closing, or otherwise disbursed in accordance with this Agreement.

Purchase Price and Escrow Deposit. The total purchase price to be paid by Purchaser to Seller for the Property (the "Purchase Price") shall be Nineteen Eleven Million Eight Hundred Eighty-Five Thousand and No/100 Dollars ($19,885,000.0011,800,000). The Purchase Price shall be payable as follows: (a) Purchaser shall deposit Forty Four Thousand Four Hundred and No/100 Dollars ($44,400) (the “Purchase Price”). The sum "Initial Deposit") in the form of $250,000.00 (the “Escrow Deposit”) shall be deposited by Purchaser within one (1) business day after the full a certified or cashier's check or wire transfer simultaneously with execution of this Agreement by Seller and Purchaserwith Xxxxxx Xxxxxxx Xxxxx & Xxxxxx, with Chicago Title Insurance CompanyP.A., 000 X. Xxxxxx Xxxxxxx Street, San JoseSuite 1400, CA 95110Jacksonville, Attn: Xxxxxxx XxXxxxx Florida 32202. (b) In the “Title Company” or “Escrow Agent”). The balance event that Purchasers elects to proceed with acquisition of the Purchase Price remaining after deduction Property, then Purchaser shall deposit an additional Two Hundred Twenty-One Thousand Eight Hundred and No/100 Dollars ($221,800) in the form of the Escrow Deposit and after taking into account the adjustments and prorations provided for herein, shall be paid by federal funds a certified or cashier's check or wire transfer by Purchaser to the with Escrow Agent on or before the Closing. Upon the earlier to occur of (A) one (1) business day following the expiration of the Review Feasibility Period described in Section 2.2 (as hereinafter definedthe "Additional Deposit"), or (B) Purchaser’s waiver of the right to terminate this Agreement during the Review Period (such earlier date being hereinafter referred to as the “Contingency Expiration Date”), the Escrow Deposit shall be deemed non-refundable, but shall be applicable to the Purchase Price at Closing. The Title Company shall deposit Initial Deposit and the Escrow Deposit in one or more Additional Deposit, if made, and any extension deposit, if made, together with any interest bearing accounts with a bank or other financial institution reasonably acceptable to Purchaser and Seller. Interest earned on the Escrow Deposit deposits shall be deemed a portion referred to collectively as (the "Escrow Deposit"). (c) At Closing, Purchaser shall either assume the Seller's obligations under Seller's existing mortgage financing for the Property (the Existing Note and Mortgage") and obtain Seller's release from obligations under the Existing Note and Mortgage or Purchaser shall pay any prepayment penalty or other similar charge associated with the payoff of the Existing Note and Mortgage. In addition, Purchaser shall deposit with the Escrow Deposit. The Escrow Deposit shall be applied toward Agent the additional payment necessary to complete payment of the Purchase Price at after closing costs, credits and adjustments. The additional payment shall be made in the Closingform of a certified or cashier's check or by wire transfer. In the event that Purchaser assumes the Existing Note and Mortgage, then the amount of principal and interest due and owing on such Existing Note and Mortgage as of the date of Closing shall be credited toward the Purchase Price. Alternatively, if the Existing Note and Mortgage is to be paid off, then the payoff of all interest and principal due and owing on the Existing Note and Mortgage as of the Closing Date shall be made from Seller's proceeds. In any event, Purchaser shall be responsible for any loan assumption fees, prepayment penalties or otherwise disbursed in accordance other similar charges associated with this Agreementthe assumption or payoff of the Existing Note and Mortgage and any such charges shall not be credited against the Purchase Price.

Purchase Price and Escrow Deposit. The total purchase price to be paid by Purchaser to Seller for the Property (the "Purchase Price") shall be Nineteen Seven Million Eight Hundred Eighty-Five Thousand and No/100 Dollars ($19,885,000.007,800,000). The Purchase Price shall be payable as follows: (a) Purchaser shall deposit Twenty Nine Thousand Three Hundred and No/100 Dollars ($29,300) (the “Purchase Price”). The sum "Initial Deposit") in the form of $250,000.00 (the “Escrow Deposit”) shall be deposited by Purchaser within one (1) business day after the full a certified or cashier's check or wire transfer simultaneously with execution of this Agreement by Seller and Purchaserwith Xxxxxx Xxxxxxx Xxxxx & Xxxxxx, with Chicago Title Insurance CompanyP.A., 000 X. Xxxxxx Xxxxxxx Street, San JoseSuite 1400, CA 95110Jacksonville, Attn: Xxxxxxx XxXxxxx Florida 32202. (b) In the “Title Company” or “Escrow Agent”). The balance event that Purchasers elects to proceed with acquisition of the Purchase Price remaining after deduction Property, then Purchaser shall deposit an additional Forty Six Thousand Seven Hundred and No/100 Dollars ($46,700) in the form of the Escrow Deposit and after taking into account the adjustments and prorations provided for herein, shall be paid by federal funds a certified or cashier's check or wire transfer by Purchaser to the with Escrow Agent on or before the Closing. Upon the earlier to occur of (A) one (1) business day following the expiration of the Review Feasibility Period described in Section 2.2 (as hereinafter definedthe "Additional Deposit"), or (B) Purchaser’s waiver of the right to terminate this Agreement during the Review Period (such earlier date being hereinafter referred to as the “Contingency Expiration Date”), the Escrow Deposit shall be deemed non-refundable, but shall be applicable to the Purchase Price at Closing. The Title Company shall deposit Initial Deposit and the Escrow Deposit in one or more Additional Deposit, if made, and any extension deposit, if made, together with any interest bearing accounts with a bank or other financial institution reasonably acceptable to Purchaser and Seller. Interest earned on the Escrow Deposit deposits shall be deemed a portion referred to collectively as (the "Escrow Deposit"). (c) At Closing, Purchaser shall either assume the Seller's obligations under Seller's existing mortgage financing for the Property (the Existing Note and Mortgage") and obtain Seller's release from obligations under the Existing Note and Mortgage or Purchaser shall pay any prepayment penalty or other similar charge associated with the payoff of the Existing Note and Mortgage. In addition, Purchaser shall deposit with the Escrow Deposit. The Escrow Deposit shall be applied toward Agent the additional payment necessary to complete payment of the Purchase Price at after closing costs, credits and adjustments. The additional payment shall be made in the Closingform of a certified or cashier's check or by wire transfer. In the event that Purchaser assumes the Existing Note and Mortgage, then the amount of principal and interest due and owing on such Existing Note and Mortgage as of the date of Closing shall be credited toward the Purchase Price. Alternatively, if the Existing Note and Mortgage is to be paid off, then the payoff of all interest and principal due and owing on the Existing Note and Mortgage as of the Closing Date shall be made from Seller's proceeds. In any event, Purchaser shall be responsible for any loan assumption fees, prepayment penalties or otherwise disbursed in accordance other similar charges associated with this Agreementthe assumption or payoff of the Existing Note and Mortgage and any such charges shall not be credited against the Purchase Price.

Purchase Price and Escrow Deposit. The total purchase price to be paid by Purchaser to Seller for the Property shall be Nineteen Million Eight Hundred Eighty-Five Thousand Dollars ($19,885,000.00) (the “Purchase Price”) shall be Twenty Three Million One Hundred Sixty-Six Thousand and No/100 Dollars ($23,166,000.00). The Purchase Price shall be payable as follows: 1.2.1. On April 4, 2006, Purchaser deposited in the form of a wire transfer with Hunton & Xxxxxxxx for possible subsequent delivery to Purchaser’s counsel (Xxxxx XxXxxxxx Xxxxx Xxxxxxxx & Xxxxxxx, P.A.), Fidelity National Title Insurance Company or such other escrow agent as may be designated by Purchaser and reasonably acceptable to Seller (the entity holding the below-described Escrow Deposit and conducting Closing is hereinafter referred to as the “Escrow Agent”) the sum of Seven Hundred Fifty Thousand and No/100 Dollars ($250,000.00 750,000.00) (the “Escrow Deposit”) shall be deposited by Purchaser within one (1) business day after the full execution of this Agreement by Seller and Purchaser, with Chicago Title Insurance Company, 000 X. Xxxxxx Street, San Jose, CA 95110, Attn: Xxxxxxx XxXxxxx (the “Title Company” or “Escrow Agent”). The balance of the Purchase Price remaining after deduction of the Escrow Deposit and after taking into account the adjustments and prorations provided for herein, shall be paid by federal funds wire transfer by Purchaser to the Escrow Agent on or before the Closing. Upon the earlier to occur of (A) one (1) business day following the expiration of the Review Period (as hereinafter defined), or (B) Purchaser’s waiver of the right to terminate this Agreement during the Review Period (such earlier date being hereinafter referred to as the “Contingency Expiration Date”), the Escrow Deposit shall be deemed non-refundable, but shall be applicable to the Purchase Price at Closing. The Title Company shall deposit hold the Escrow Deposit in one or more an interest bearing accounts account in accordance with a bank or other financial institution reasonably acceptable the terms and conditions of this Agreement; provided however, Escrow Agent shall not be required to Purchaser and Seller. Interest earned on place the Escrow Deposit in an interest bearing account unless and until Purchaser provides Escrow Agent a completed and signed IRS Form W-9. All interest on such sum shall be deemed a portion income of Purchaser, and Purchaser shall be responsible for the payment of all costs and fees imposed on the deposit account. The Escrow DepositDeposit and all accrued interest shall be distributed in accordance with the terms of this Agreement. The Escrow Deposit shall be applied toward the payment of as a credit against the Purchase Price at Closing if Closing occurs; provided, however, that the Escrow Deposit is a material inducement to Seller entering into this Agreement and suspending Seller’s marketing of the Property, and as such, the Escrow Deposit is non-refundable and shall only be returned to Purchaser if Seller defaults under this Agreement, or as provided in Sections 3.1, 3.2, 9.10 or 9.11 below. 1.2.2. At Closing, or otherwise disbursed Purchaser shall deliver to Seller by wire transfer of immediately available federal funds, the balance of the Purchase Price, subject to the prorations and adjustments provided in accordance with this Agreement.