USH's Closing Documents Sample Clauses

USH's Closing Documents. On the Closing Date, USH shall deliver the following: (i) A copy of the Operating Agreement, executed by USH; (ii) A copy of the Management and Development Agreement, executed by USH; (iii) Two copies of the Lot Contract, executed by USH as purchaser along with the ▇▇▇▇▇▇▇ money deposit due under the Lot Contract in good funds or by letter of credit; and (iv) Cash, wire transfer or other immediately available funds in an amount equal to USH's initial capital contribution to the LLC, which shall be one-half of the Assumed Value of the Property. For purposes of this Agreement, the "Assumed Value" of the Property shall be calculated at the rate of $23,000 per single family detached home site, and $18,000 per single family attached home site, as shown on the Preliminary Plan for the Project as approved by the applicable governmental authorities. During the term of this Agreement, the Assumed Value shall increase at the rate of 6% per annum (prorated on a per diem basis), commencing on January 1, 2003, and continuing until the date of the initial lot purchase/take-down by USH under the Lot Contract. The sum so paid by USH shall be paid and disbursed to SCC by the LLC or the title company acting as Escrow Agent by cash, by wire transfer or by other immediately available funds upon Closing, which shall constitute the payment of the land purchase price to SCC for the Property for USH's one-half interest therein pursuant to the terms of this Agreement and the Operating Agreement. Thereafter, following a reimbursement to either party for any expenses incurred for the LLC, the profits and losses of the LLC shall be shared one-half by SCC and one-half by USH as provided in the Operating Agreement. The parties agree that USH's payment of its one-half of the "Assumed Value" shall bear interest at the rate of 6% per annum, from the date paid until the date of the initial lot take-down by USH under the Lot Contract.