Treatment of Deposit. The Deposit shall be paid to Sellers upon cancellation of the Escrow as a result of a Buyer Default. The Deposit shall be returned to Buyer upon cancellation of the Escrow pursuant to Sections 6.1, 14.1, or 16.1. In all other events, the Deposit shall be applied as specified in this Agreement.
Appears in 3 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (CNL Lifestyle Properties Inc), Purchase and Sale Agreement and Joint Escrow Instructions (Senior Housing Properties Trust)
Treatment of Deposit. The Deposit shall be paid to Sellers credited toward the Purchase Price in the event that the Closing takes place at the time and in the manner provided in this Agreement. The Deposit shall be retained by Seller as liquidated damages upon cancellation of the Escrow as by Seller pursuant to Section 4.7(a) following a result of a Buyer Purchaser Default. The Deposit shall be returned to Buyer Purchaser upon cancellation of the Escrow pursuant to Sections 6.1, 14.1, Section 4.7(b) or 16.1. In all other events, the Deposit shall be applied as specified in this Agreement4.7(c) hereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement and Joint Escrow Instructions (Wells Real Estate Investment Trust Inc)
