Common use of RIGHT TO NOTICE Clause in Contracts

RIGHT TO NOTICE. Purchaser and Seller hereby agree that in the event Seller notifies Escrow Agent that Purchaser has breached this Agreement by reason of Purchaser's failure to timely deposit the Xxxxxxx Money or to timely close the transaction or for any other reason as set forth in this Agreement and that Seller has thereby elected to declare Purchaser's Xxxxxxx Money forfeited, the Escrow Agent shall notify the Purchaser as to the same. Purchaser shall have five (5) business days from the date Escrow Agent notifies Purchaser of Seller's forfeiture notice to dispute Seller's notice. In the event Purchaser fails to dispute such notice, within said five day period, then, Escrow Agent is hereby authorized by Purchaser and Seller to remit the Xxxxxxx Money and any accrued interest to Seller, reduced by the Escrow Agent's actual expenses described above. In the event that a dispute shall arise as to the disposition of all or any portion of the Total Xxxxxxx Money held by the Escrow Agent, Escrow Agent shall either (i) hold the Total Xxxxxxx Money subject to final determination of said dispute by a court of competent jurisdiction or receipt of joint instructions from Seller and Purchaser or

RIGHT TO NOTICE. Purchaser and Seller hereby agree that in the event Seller notifies Escrow Agent that Purchaser has breached this Agreement by reason of Purchaser's failure to timely deposit the Xxxxxxx Money or to timely close the transaction or for any other reason as set forth in this Agreement and that Seller has thereby elected to declare Purchaser's Xxxxxxx Money forfeited, the Escrow Agent shall notify the Purchaser as to the same. Purchaser shall have five (5) business days from the date Escrow Agent notifies Purchaser of Seller's forfeiture notice to dispute Seller's notice. In the event Purchaser fails to dispute such notice, within said five day period, then, Escrow Agent is hereby authorized by Purchaser Xxxxxxxxx and Seller to remit the Xxxxxxx Money and any accrued interest to Seller, reduced by the Escrow Agent's actual expenses described above. Purchaser hereby agrees to indemnify, save harmless and agree to defend Escrow Agent from and against any claims, demand, costs or damages (including reasonable attorney's fees) incurred by Xxxxxx Agent and arising from or out of or with respect to Escrow Agent's complying with such demand by Seller. In the event that a dispute shall arise as to the disposition of all or any portion of the Total Xxxxxxx Money held by the Escrow Agent, Escrow Agent shall either (i) hold the Total Xxxxxxx Money subject to final determination of said dispute by a court of competent jurisdiction or receipt of joint instructions from Seller and Purchaser or