Xxxxxxx Money Amount and Terms. The sum of Two Hundred Fifty Thousand and 00/100 dollars ($250,000.00) (the “Xxxxxxx Money”) has been paid to the Seller, and the receipt of said Xxxxxxx Money is hereby acknowledged by the Seller. The Xxxxxxx Money has been deposited into a joint interest-bearing account in the name of Seller and the Buyer at the Bank which requires both Parties’ consent prior to withdrawal. The Parties hereby agree that if the transaction contemplated herein cannot be consummated as set forth in this Agreement due to (i) the Buyer terminating this Agreement pursuant to Section 13.1(b)(ii) of this Agreement, (ii) the parties mutually terminating this Agreement pursuant to Section 13.1(a) of this Agreement, or (iii) the Buyer terminating this Agreement pursuant to Section 13.1(c) of this Agreement, the Seller shall immediately refund to the Buyer the Xxxxxxx Money, plus all accrued interest thereon. In the event that the transaction contemplated herein is not consummated for any reason other than specifically described in the foregoing sentence (including, without limitation, the failure of the Buyer to obtain all necessary bank regulatory approvals), as liquidated damages and as its sole recourse against the Buyer, the Seller shall be entitled to retain all of the Xxxxxxx Money, plus accrued interest thereon. In the event the transaction contemplated herein is consummated, the Xxxxxxx Money, plus interest accrued thereon, shall be applied to payment of the Purchase Price and shall be disbursed in immediately available funds to Seller on the Closing Date.
