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 with (a) Upon the Purchaser's full execution of this Agreement, Purchaser will deposit, shall deposit with Seller as an initial xxxxxxx money deposit (an Acceptable Letter of Credit in 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 amount of Twenty-One Thousand Eleven Million Dollars ($21,000.0011,000,000). (The letter(s) of credit held as xxxxxxx money from time to time pursuant to this Agreement are referred to, individually or collectively, as the “Xxxxxxx Money Letter of Credit”.) On or before the later to occur of (i) the date ten (10) Business Days after Purchaser’s receipt of the Ballroom Closing Notice and (ii) the date of closing (“Construction Loan Closing”) of Seller’s loan(s) financing construction of the Project (the “Construction Loan”), Purchaser shall either cause the amount of the Xxxxxxx Money Letter of Credit previously delivered to be increased to Seventeen Million Dollars ($17,000,000) or shall deliver an additional Acceptable Letter of Credit in the amount of Six Million Dollars ($6,000,000) (the date on which such increase has been effectuated is the “First Increased Deposit Date”). On or before the later to occur of (x) the date one (1) year after Purchaser’s receipt of the Ballroom Closing Notice or (y) the first anniversary of the Construction Loan Closing, Purchaser shall either cause the Xxxxxxx Money Letter of Credit to be increased to Twenty-Three Million Dollars ($23,000,000) or shall deliver an additional Acceptable Letter of Credit in the amount of Six Million Dollars ($6,000,000) (the date on which such increase has been effectuated is the “Second Increased Deposit Date”). Purchaser shall cause each Xxxxxxx Money Letter of Credit to remain in place until Closing (except as otherwise expressly set forth herein). Upon the Ballroom Closing and payment of the Ballroom Purchase Price, the amount of the Xxxxxxx Money Letter of Credit shall be reduced to Thirteen Million Dollars ($13,000,000). The Xxxxxxx Money Letter of Credit shall be returned upon payment of the Purchase Price in full. If any Xxxxxxx Money Letter of Credit will expire in thirty (30) days or less, Seller shall have the right to draw thereon in full, in which event (unless at such xxxx Xxxxxx has the right to retain the proceeds thereof in accordance with this Agreement) Seller shall continue to hold the proceeds thereof as a xxxx xxxxxxx money deposit in accordance herewith. Any such xxxxxxx money, whether in the form of a certified an Xxxxxxx Money Letter of Credit or bank check or by wire transfer in the form of immediately available funds. Upon the expiration of the Due Diligence Period (as defined in Paragraph 3 hereof)cash, 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 The Deposit shall be returned to Purchaser or handled in the manner specified in a written instruction to the Escrow Agentnonrefundable, 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 except 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 DAMAGESherein provided.

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.