Common use of Purchaser’s Deposit Clause in Contracts

Purchaser’s Deposit. In order to secure Purchaser's performance hereunder, including, without limitation, its obligation to pay liquidated damages as provided in Section 10.2, Purchaser has heretofore provided, or will provide immediately upon the execution and delivery of this Agreement, a cash deposit in the amount of the Liquidated Damages Amount (said deposit is herein referred to as the "Deposit") to the Escrow Agent. The Escrow Agent shall hold and disburse the Deposit pursuant to the terms of the Escrow Agreement entered into among Seller, Purchaser and Escrow Agent of even date herewith, a true copy of which is attached hereto as Schedule P (the "Escrow Agreement"). If Purchaser defaults on its obligations hereunder such that Seller becomes entitled to the Liquidated Damages Amount as provided in Section 10.2, Seller shall be immediately entitled to the entire Deposit as such liquidated damages. If Purchaser elects to terminate this Agreement pursuant to Sections 2.3 or 8.4, or if Seller elects to terminate this Agreement pursuant to the provisions of Section 3.3, Purchaser shall be entitled to the prompt return of the Deposit and the parties shall so direct the Escrow Agent to pay the Deposit to Purchaser and thereupon shall have no further obligations hereunder in respect of the Property except any obligations which expressly survive a termination of this Agreement. In the event Seller becomes entitled to the Deposit hereunder, the Escrow Agent shall promptly disburse the Deposit to Seller in the manner provided for in the Escrow Agreement. The Deposit shall be held by Escrow Agent in an interest-bearing account and Escrow Agent shall be authorized to deliver the interest accrued thereon from time to time to Purchaser. In the event that Closing is consummated hereunder, the Deposit shall be returned to Purchaser promptly following the occurrence of the Closing.

Purchaser’s Deposit. In order to secure Purchaser's performance hereunder, including, without limitation, its obligation to pay liquidated damages as provided in Section 10.2, Purchaser has heretofore provided, or will provide immediately upon the execution and delivery of this Agreement, a Two Million Three Hundred Ninety-One Thousand Nine Hundred Fifty Dollars ($2,391,950) cash deposit in the amount of the Liquidated Damages Amount (said deposit is herein referred to as the "Deposit") to the Escrow Agent. The Escrow Agent shall hold and disburse the Deposit pursuant to the terms of the Escrow Agreement entered into among Seller, Purchaser and Escrow Agent of even date herewith, a true copy of which is attached hereto as Schedule P (the "Escrow Agreement"). If Purchaser defaults on its obligations hereunder such that Seller becomes entitled to the Liquidated Damages Amount $2,391,950 liquidated damages as provided in Section 10.2, Seller shall be immediately entitled to the entire ($2,391,950) Deposit as such liquidated damages. If Purchaser elects to terminate this Agreement in respect of a Property pursuant to Sections 2.3 2.3, 2.4, 2.5, 2.7 or 8.4, or if Seller elects to terminate this Agreement pursuant to the provisions of Section 3.33.5 or 3.6, or if either party elects to terminate this Agreement pursuant to Section 3.1, Purchaser shall be entitled to the prompt return of the portion of the Deposit allocable to the affected Property (as provided below) and the parties shall so direct the Escrow Agent to pay the Deposit such portion to Purchaser and thereupon shall have no further obligations hereunder in respect of the such Property except any obligations which expressly survive a termination of this Agreement. In the event Seller becomes entitled to the Deposit hereunder, the Escrow Agent shall promptly disburse the Deposit to Seller in the manner provided for in the Escrow Agreement. The Deposit shall be held by Escrow Agent in an interest-bearing account and Escrow Agent shall be authorized to deliver the interest accrued thereon from time to time to Purchaser. In Upon the event occurrence of Closing in respect of a given Property, the Escrow Agent shall return to the Purchaser that Closing is consummated hereunderportion of the Deposit allocable to the Property being closed upon. For purposes hereof, the Deposit shall be allocated among the Properties as follows: Residence Inn, Mira Mesa, California, $771,150; Residence Inn, Merrifield, Virginia, $940,800; TownePlace Suites, Newark, California, $680,000. Any portion of the Deposit not applied to liquidated damages and/or reasonable attorneys' fees and expenses pursuant to Section 10.2., or previously returned to Purchaser pursuant to the terms hereof will be returned to Purchaser promptly following the occurrence of the ClosingClosing of all three (3) Properties.

Purchaser’s Deposit. In order to secure Purchaser's performance hereunder, including, without limitation, its obligation to pay liquidated damages as provided in Section 10.2, Purchaser has heretofore provided, or will provide immediately upon the execution and delivery of this Agreement, a Seven Hundred Sixty Thousand Seven Hundred Thirty Dollar ($760,730.00) cash deposit in the amount of the Liquidated Damages Amount (said deposit is herein referred to as the "Deposit") to the Escrow Agent. The Escrow Agent shall hold and disburse the Deposit pursuant to the terms of that certain Escrow Agreement, dated November 24, 1999 (the "Original Escrow Agreement Agreement"), entered into among SellerMI, Purchaser Purchaser, Escrow Agent, TownePlace Management Corporation and Residence Inn by Marriott, Inc., as amended by that certain Amendment to Escrow Agent Agreement of even date herewith, a true copy of which is attached hereto entered into among the parties to the Original Escrow Agreement and SpringHill SMC Corporation (the Original Escrow Agreement as Schedule P (so amended herein the "Escrow Agreement"). The Deposit together with the "Deposit" under the 3-Pack Contract is herein referred to as the "Aggregate Deposit." If Purchaser defaults on its obligations hereunder such that Seller becomes entitled to the Liquidated Damages Amount liquidated damages as provided in Section 10.2, Seller shall be immediately entitled to the entire Aggregate Deposit as to be applied to such liquidated damages. If Purchaser elects to terminate this Agreement pursuant to Sections 2.3 2.3, 2.4, 2.5, 2.7 or 8.4, or if Seller elects to terminate this Agreement pursuant to the provisions of Section 3.33.5 or 3.6, or if either party elects to terminate this Agreement pursuant to Section 3.1, Purchaser shall be entitled to the prompt return of the Deposit and the parties shall so direct the Escrow Agent to pay the Deposit to Purchaser and thereupon shall have no further obligations hereunder in respect of the Property except any obligations which expressly survive a termination of this Agreement. In the event Seller becomes entitled to the Deposit Aggregate Deposit, inclusive of the Deposit, hereunder, the Escrow Agent shall promptly disburse the Deposit Aggregate Deposit, including the Deposit, to Seller in the manner provided for in the Escrow Agreement. The Aggregate Deposit (inclusive of the Deposit) shall be held by Escrow Agent in an interest-bearing account and Escrow Agent shall be authorized to deliver the interest accrued thereon from time to time to Purchaser. In the event that Closing is consummated hereunder, the Deposit shall be returned to Purchaser promptly following Upon the occurrence of the Closing, the Escrow Agent shall return the Deposit to Purchaser.

Purchaser’s Deposit. In order to secure Purchaser's performance hereunder, including, without limitation, its obligation to pay liquidated damages as provided in Section 10.2, Purchaser has heretofore provided, or will provide immediately upon the execution and delivery of this Agreement, a Two Million Three Hundred Ninety-One Thousand Nine Hundred Fifty Dollars ($2,391,950) cash deposit in the amount of the Liquidated Damages Amount (said deposit is herein referred to as the "Deposit") to the Escrow Agent. The Escrow Agent shall hold and disburse the Deposit pursuant to the terms of the Escrow Agreement entered into among Seller, Purchaser and Escrow Agent of even date herewith, a true copy of which is attached hereto as Schedule P (the "Escrow Agreement"). The Deposit together with the "Deposit" under the Gaithersburg Contract is herein referred to as the "Aggregate Deposit." If Purchaser defaults on its obligations hereunder such that Seller becomes entitled to the Liquidated Damages Amount liquidated damages as provided in Section 10.2, Seller shall be immediately entitled to the entire Aggregate Deposit as to be applied to such liquidated damages. If Purchaser elects to terminate this Agreement in respect of a Property pursuant to Sections 2.3 2.3, 2.4, 2.5, 2.7 or 8.4, or if Seller elects to terminate this Agreement pursuant to the provisions of Section 3.33.5 or 3.6, or if either party elects to terminate this Agreement pursuant to Section 3.1, Purchaser shall be entitled to the prompt return of the portion of the Deposit allocable to the affected Property (as provided below) and the parties shall so direct the Escrow Agent to pay the Deposit such portion to Purchaser and thereupon shall have no further obligations hereunder in respect of the such Property except any obligations which expressly survive a termination of this Agreement. In the event Seller becomes entitled to the Aggregate Deposit, including the Deposit hereunder, the Escrow Agent shall promptly disburse the Deposit Aggregate Deposit, including the Deposit, to Seller in the manner provided for in the Escrow Agreement. The Aggregate Deposit shall be held by Escrow Agent in an interest-bearing account and Escrow Agent shall be authorized to deliver the interest accrued thereon from time to time to Purchaser. In Upon the event occurrence of Closing in respect of a given Property, the Escrow Agent shall return to the Purchaser that Closing is consummated hereunderportion of the Deposit allocable to the Property being closed upon. For purposes hereof, the Deposit shall be allocated among the Properties as follows: Residence Inn, Mira Mesa, California, $771,150; Residence Inn, Merrifield, Virginia, $940,800; TownePlace Suites, Newark, California, $680,000. Any portion of the Deposit not applied to liquidated damages and/or reasonable attorneys' fees and expenses pursuant to Section 10.2., or previously returned to Purchaser pursuant to the terms hereof will be returned to Purchaser promptly following the occurrence of the ClosingClosing of all three (3) Properties hereunder."