Common use of Title Transfer and Payment of Purchase Price Clause in Contracts

Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller’s obligations hereunder have been satisfied, Seller agrees to convey the Property to Buyer upon confirmation of receipt of the Purchase Price by Escrow Agent as set forth below. Provided all conditions precedent to Buyer’s obligations hereunder have been satisfied, Buyer agrees to pay the amount specified in Article 3 by causing Escrow Agent to deposit the same in Seller’s designated account by 3:00 p.m. Eastern Time on the Closing Date. In addition, for each full or partial day after 3:00 p.m. Eastern Time on the Closing Date that Seller has not received in its account the payment specified in Article 3 and Seller is unable to pay off its lender or otherwise invest such funds on the Closing Date, Buyer shall pay to Seller at Closing (and as a condition thereto) the greater of (a) an amount equal to one (1) day’s interest on the unpaid funds at the rate per annum equal to the “prime rate” as such rate is reported in the “Money Rates” section of The Wall Street Journal, as published and distributed in New York, New York, in effect from time to time, and (b) an amount equal to the per diem proration for one (1) day.

Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller’s 's obligations hereunder have been satisfied, Seller agrees to convey good, clear, record and marketable title to the Property to Buyer upon confirmation of receipt of the Purchase Price by the Escrow Agent as set forth below. Provided all conditions precedent to Buyer’s 's obligations hereunder have been satisfied, Buyer agrees to pay the amount specified in Article 3 by timely delivering the same to the Escrow Agent no later than 11:00 a.m. Eastern Time on the Closing Date and causing the Escrow Agent to deposit the same in Seller’s 's designated account by 3:00 p.m. 12:00 noon Eastern Time on the Closing Date. In addition, for each full or partial day after 3:00 p.m. 12:00 noon Eastern Time on the Closing Date that Seller has not received in its account the payment specified in Article 3 and Seller is unable to pay off its lender or otherwise invest such funds on the Closing Date3, Buyer shall pay to Seller at Closing (and as a condition thereto) the greater of (a) an amount equal to one (1) day’s 's interest on the unpaid funds at the rate per annum equal to the “prime rate” as such rate is reported in the “Money Rates” section of The Wall Street Journal, as published and distributed in New York, New York, in effect from time to time, and (b) an amount equal to the per diem proration for one (1) day.

Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller’s obligations hereunder have been satisfied, Seller agrees to convey the Property to Buyer upon confirmation of receipt of the Purchase Price by Escrow Agent as set forth below. Provided all conditions precedent to Buyer’s obligations hereunder have been satisfied, Buyer agrees to pay the amount specified in Article 3 2 by causing timely delivering the same to Escrow Agent on the Closing Date and unconditionally authorizing and directing Escrow Agent no later than 1:00 p.m. Eastern Time on the Closing Date to deposit the same in Seller’s designated account by 3:00 p.m. Eastern Time on the Closing Dateaccount. In addition, for each full or partial day after 3:00 1:00 p.m. Eastern Time on the Closing Date that Seller has not received in its account Buyer fails to comply with the payment specified in Article 3 and Seller is unable to pay off its lender or otherwise invest such funds on the Closing Dateforegoing, Buyer shall pay to Seller at Closing (and as a condition thereto) the greater of (ai) an amount equal to one (1) day’s interest on the unpaid funds at the rate per annum equal to the “prime rate” as such rate is reported in the “Money Rates” section of The Wall Street Journal, as published and distributed in New York, New York, in effect from time to time, and (bii) an amount equal to the per diem proration for one (1) day.