Common use of XXXXXXX MONEY/DEPOSITS Clause in Contracts

XXXXXXX MONEY/DEPOSITS. Simultaneously with the Purchaser's execution of this Agreement, Purchaser will deposit, as an initial xxxxxxx money deposit (the "Initial Deposit"), in escrow with Lawyer's Title Insurance Company or another title insurance company mutually acceptable to the parties (the "Escrow Agent"), the sum of Twenty-One Thousand Dollars ($21,000.00), in the form of a certified or bank check or by wire transfer of immediately available funds. Upon the expiration of the Due Diligence Period (as defined in Paragraph 3 hereof), if the Purchaser has not terminated this Agreement pursuant to said Paragraph 3, an additional Sixty Three Thousand Dollars ($63,000.00) (the "Additional Deposit") shall be deposited with the Escrow Agent. Until the Additional Deposit is paid, the Initial Deposit shall be also referred to herein as the "Deposit". When the Additional Deposit has been paid, the Initial Deposit, together with the Additional Deposit, shall be together referred to herein as the "Deposit". In the event that Purchaser terminates its obligations with respect to the Property in accordance with the terms hereof, the entire amount of such Deposit shall be returned to Purchaser or handled in the manner specified in a written instruction to the Escrow Agent, signed by both the Seller and Purchaser. Escrow Agent shall invest the Deposit in either a federally insured money market account, United States Treasury Bills, or such other instruments as Purchaser and Seller may agree upon. At Closing, the Deposit, together with all accrued interest and dividends thereon, will be credited against the Purchase Price. Any and all interest and dividends earned on the Deposit shall be paid over to the party entitled to the receipt of the Deposit under the terms of this Agreement. UPON A PURCHASER DEFAULT AFTER THIS AGREEMENT HAS BEEN FULLY EXECUTED, SELLER'S SOLE AND EXCLUSIVE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT AND RETAIN THE DEPOSIT (AND ALL INTEREST ACCRUED THEREON) AS LIQUIDATED DAMAGES.

XXXXXXX MONEY/DEPOSITS. Simultaneously Broker acknowledges receipt of the sum of $ by cash or check (check # ) which shall be held, deposited and disbursed pursuant to paragraph 10. Brokerage , By Date 10.1 The BUYER has deposited with a Broker the Purchaser's execution of this Agreementsum receipted from in the Xxxxxxx Money Deposit box in paragraph 10. 10.2 If no contract shall have been entered into, Purchaser will deposit, as an initial the xxxxxxx money deposit (the "Initial Deposit"), in escrow with Lawyer's Title Insurance Company or another title insurance company mutually acceptable to the parties (the "Escrow Agent"), the sum of Twenty-One Thousand Dollars ($21,000.00), in the form of a certified or bank check or by wire transfer of immediately available funds. Upon the expiration of the Due Diligence Period (as defined in Paragraph 3 hereof), if the Purchaser has not terminated this Agreement pursuant to said Paragraph 3, an additional Sixty Three Thousand Dollars ($63,000.00) (the "Additional Deposit") shall be deposited with the Escrow Agent. Until the Additional Deposit is paid, the Initial Deposit shall be also referred to herein as the "Deposit". When the Additional Deposit has been paid, the Initial Deposit, together with the Additional Deposit, shall be together referred to herein as the "Deposit". In the event that Purchaser terminates its obligations with respect to the Property in accordance with the terms hereof, the entire amount of such Deposit shall be returned to Purchaser the BUYER. 10.3 Upon acceptance of this contract by both parties in writing, the Broker shall deposit the xxxxxxx money deposit in its trust account. Subject to collection by the Broker’s depository, the xxxxxxx money deposit is to be disbursed as follows: a. The xxxxxxx money deposit shall be applied on the purchase price or handled in the manner specified in a written instruction returned to the Escrow Agent, signed by both BUYER when the Seller and Purchaser. Escrow Agent shall invest the Deposit in either a federally insured money market account, United States Treasury Billstransaction is closed. b. If any written contingency is not satisfied or waived, or such other instruments as Purchaser and Seller may agree upon. At Closingif the SELLER fails or refuses to perform, or if the BUYER rescinds this contract pursuant to paragraph 3, the Depositxxxxxxx money deposit shall be returned to the BUYER. If the BUYER fails or refuses to perform, together with all accrued interest and dividends thereon, will be credited against the Purchase Price. Any and all interest and dividends earned on the Deposit xxxxxxx money deposit shall be paid over to the party entitled SELLER. c. Notwithstanding the foregoing, in the event of a dispute between the SELLER and BUYER regarding the disbursement of the xxxxxxx money deposit, the Broker is required by Ohio law to maintain such funds in his trust account until the Broker receives (a) written instructions signed by the SELLER and BUYER specifying how the xxxxxxx money deposit is to be disbursed or (b) a final court order that specifies to whom the xxxxxxx money deposit is to be awarded. If within two years from the date the xxxxxxx money was deposited in the Broker’s trust account, the parties have not provided the Broker with such signed instructions or written notice that such legal action to resolve the dispute has been filed, the Broker shall return the xxxxxxx money to the receipt BUYER with no further notice to the SELLER. d. If the Broker cannot locate the BUYER at the time of disbursement, after providing the notice that the division (D) of section 169.03 of the Deposit under Revised Code requires, the terms xxxxxxx money becomes unclaimed funds as defined in division (M) (2) of this Agreementsection 169.02 of the Revised Code, and the Broker must report the unclaimed funds to the director of commerce pursuant to section 169.03 of the Revised Code and must remit all of the xxxxxxx money to the director. 10.4 The return or payment of the xxxxxxx money deposit shall in no way prejudice the rights of the SELLER, BUYER or Broker in any action for damages or specific performance. UPON A PURCHASER DEFAULT AFTER THIS AGREEMENT HAS BEEN FULLY EXECUTED, Acknowledged as read: Initials: Date BUYER Date SELLER'S SOLE AND EXCLUSIVE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT AND RETAIN THE DEPOSIT (AND ALL INTEREST ACCRUED THEREON) AS LIQUIDATED DAMAGES.

XXXXXXX MONEY/DEPOSITS. Simultaneously with the Purchaser's execution of this Agreement, Purchaser will deposit, as an initial xxxxxxx money deposit (the "Initial Deposit"), in escrow with Lawyer's Title Insurance Company or another title insurance company mutually acceptable to the parties (the "Escrow Agent"), the sum of Twenty-One Eleven Thousand Dollars ($21,000.0011,000.00), in the form of a certified or bank check or by wire transfer of immediately available funds. Upon the expiration of the Due Diligence Period (as defined in Paragraph 3 hereof), if the Purchaser has not terminated this Agreement pursuant to said Paragraph 3, an additional Sixty Thirty Three Thousand Dollars ($63,000.0033,000.00) (the "Additional Deposit") shall be deposited with the Escrow Agent. Until the Additional Deposit is paid, the Initial Deposit shall be also referred to herein as the "Deposit". When the Additional Deposit has been paid, the Initial Deposit, together with the Additional Deposit, shall be together referred to herein as the "Deposit". In the event that Purchaser terminates its obligations with respect to the Property in accordance with the terms hereof, the entire amount of such Deposit shall be returned to Purchaser or handled in the manner specified in a written instruction to the Escrow Agent, signed by both the Seller and Purchaser. Escrow Agent shall invest the Deposit in either a federally insured money market account, United States Treasury Bills, or such other instruments as Purchaser and Seller may agree upon. At Closing, the Deposit, together with all accrued interest and dividends thereon, will be credited against the Purchase Price. Any and all interest and dividends earned on the Deposit shall be paid over to the party entitled to the receipt of the Deposit under the terms of this Agreement. UPON A PURCHASER DEFAULT AFTER THIS AGREEMENT HAS BEEN FULLY EXECUTED, SELLER'S SOLE AND EXCLUSIVE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT AND RETAIN THE DEPOSIT (AND ALL INTEREST ACCRUED THEREON) AS LIQUIDATED DAMAGES.

XXXXXXX MONEY/DEPOSITS. Simultaneously The Escrow Agent receiving the Xxxxxxx Money Deposits will be authorized, by the terms of the Escrow Agreement, to hold the same in escrow and to deliver and disburse same (subject to clearance of checks), in accordance with the Purchaser's execution terms and conditions of this Agreement. Failure of clearance of funds shall not excuse performance by Buyer. The Escrow Agent will be authorized to deposit the funds in an interest-bearing account at a bank or other financial institution insured by the FDIC or the FSLIC. Such account shall be maintained in the name of the Escrow Agent (as “escrow agent” or as “trustee”). The return (whether classed as interest or dividends) earned on said Xxxxxxx Money Deposits shall be paid to, Purchaser will depositfor the account of, or at the direction of Buyer, except in the event Seller becomes entitled to receive all or any portion of the Xxxxxxx Money Deposits by virtue of any default hereunder by Buyer entitling Seller to receive the Xxxxxxx Money Deposits (or any portion thereof) as an initial xxxxxxx money deposit (the "Initial Deposit")liquidated damages, in escrow with Lawyer's Title Insurance Company or another title insurance company mutually acceptable which event, Seller shall be entitled to also receive the return earned on such portion of the Xxxxxxx Money Deposits as is payable to Seller. The taxpayer identification number to be shown on the account into which the Xxxxxxx Money Deposits are deposited by the Escrow Agent shall be that of the Buyer, and Buyer shall promptly furnish such number to the parties (Escrow Agent at the "Escrow Agent"), the sum time of Twenty-One Thousand Dollars ($21,000.00), in the form of a certified or bank check or by wire transfer of immediately available funds. Upon the expiration execution of the Due Diligence Period (as defined in Paragraph 3 hereof), if Escrow Agreement by Buyer. At the Purchaser has not terminated time of execution and delivery of this Agreement pursuant by Buyer, Buyer shall execute and deliver to said Paragraph 3, an additional Sixty Three Thousand Dollars ($63,000.00) (the "Additional Deposit") Escrow Agent a Form W-9 to enable the Escrow Agent to open the interest bearing account into which the Xxxxxxx Money Deposits shall be deposited with the Escrow Agent. Until the Additional Deposit is paid, the Initial Deposit shall be also referred to herein as the "Deposit". When the Additional Deposit has been paid, the Initial Deposit, together with the Additional Deposit, shall be together referred to herein as the "Deposit"placed. In the event that Purchaser terminates its obligations with respect to the Property in accordance with the terms hereofBuyer, the entire amount Seller or any other person or entity receives any part of such Deposit shall be returned to Purchaser or handled in the manner specified in a written instruction to the Escrow Agent, signed by both the Seller and Purchaser. Escrow Agent shall invest the Deposit in either a federally insured money market account, United States Treasury Bills, or such other instruments as Purchaser and Seller may agree upon. At Closing, the Deposit, together with all accrued interest and dividends thereon, will be credited against the Purchase Price. Any and all interest and dividends any return earned on the Deposit Xxxxxxx Money Deposits, that person or entity shall be paid over cooperate in the filing of all reasonably necessary documents including, but not limited to, Forms W-9 and/or 1099 to the party entitled extent applicable to the receipt ensure proper reporting of the Deposit under the terms of this Agreement. UPON A PURCHASER DEFAULT AFTER THIS AGREEMENT HAS BEEN FULLY EXECUTED, SELLER'S SOLE AND EXCLUSIVE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT AND RETAIN THE DEPOSIT (AND ALL INTEREST ACCRUED THEREON) AS LIQUIDATED DAMAGESsuch return for federal income tax purposes.