Xxxxxxx Money Disbursement. The Xxxxxxx Money shall be held by Escrow Agent, in trust, and disposed of only in accordance with the following provisions:
(a) If the Closing occurs, Escrow Agent shall deliver the Xxxxxxx Money to, or upon the instructions of, Seller and Buyer on the Closing Date to be applied as part payment of the Purchase Price. If for any reason the Closing does not occur, Escrow Agent shall deliver the Xxxxxxx Money to Seller or Buyer only upon receipt of a written demand therefor from such party, subject to the following provisions of this clause (a). Subject to the last sentence of this clause (a), if for any reason the Closing does not occur and either party makes a written demand (the “Demand”) upon Escrow Agent for payment of the Xxxxxxx Money, Escrow Agent shall give written notice to the other party of the Demand within one (1) business day after receipt of the Demand. If Escrow Agent does not receive a written objection from the other party to the proposed payment within five (5) business days after the giving of such notice by Escrow Agent, Escrow Agent is hereby authorized to make the payment set forth in the Demand. If Escrow Agent does receive such written objection within such period, Escrow Agent shall continue to hold such amount until otherwise directed by written instructions signed by Seller and Buyer or a final judgment of a court. Notwithstanding the foregoing provisions of this clause (a), if Buyer delivers a notice to Escrow Agent and Seller stating that Buyer has terminated this Agreement on or prior to the expiration of the Due Diligence Period, then Escrow Agent shall immediately return the Xxxxxxx Money, together with all interest earned thereon, to Buyer without the necessity of delivering any notice to, or receiving any notice from Seller.
(b) The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties, and that Escrow Agent shall not be liable to either of the parties for any action or omission on its part taken or made in good faith, and not in disregard of this Agreement, but shall be liable for its negligent acts and for any liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred by Seller or Buyer resulting from Escrow Agent’s mistake of law respecting the scope or nature of Escrow Agent’s duties. Seller and Buyer shall jointly and severally indemnify and hold Escr...
Xxxxxxx Money Disbursement. The parties understand and agree that disbursement of the xxxxxxx money deposit can only occur at closing or upon default by Buyer(s) or Seller, or upon failure of a loan approval if expressly contained herein. Notwithstanding the foregoing, in the event of a dispute regarding disbursement of the xxxxxxx money deposit, the holder thereof shall have the right to file an interpleader action and deposit such funds with the court and thereafter have no responsibility with respect to such funds.
Xxxxxxx Money Disbursement. The Xxxxxxx Money shall be held by the Title Insurer, in escrow on Xxxxx’s behalf, and disbursed only in accordance with this Agreement, including, without limitation, the following provisions:
(a) The Title Insurer shall deposit the Xxxxxxx Money in the normal course of Title Insurer’s business and shall promptly provide Buyer and Seller with confirmation of receipt of the Xxxxxxx Money and the investment thereof in accordance with this Section 8(a).
(b) Title Insurer’s notice address for all purposes under this Agreement is: Xxxxxxx Title Guaranty Company 0000 Xxxxxxxx Xxxxxxxxx, Xxxxx 000 Charlotte, NC 28209 Attn: Xxxxxxxx Xxxxxx
Xxxxxxx Money Disbursement. In the event this offer is not accepted, or in the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then the Xxxxxxx Money shall be returned to Buyer. In the event this offer is accepted and Buyer breaches this Agreement, then the Xxxxxxx Money shall be forfeited. NOTE: In the event of a dispute between Seller and Buyer over the return or forfeiture of Xxxxxxx Money in its trust or escrow account until it has obtained a written release from the parties consenting to its disposition or until disbursement is ordered by a court of competent jurisdiction.
Xxxxxxx Money Disbursement. In the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then the Xxxxxxx Money, if any, shall be returned
Xxxxxxx Money Disbursement. Owner(s) further agree that should any xxxxxxx money deposit be paid under the terms of the “Buy & Sell Agreement” be forfeited by the purchaser, one half of such sum (but not more than the commission specified herein) shall be retained by Broker for such services rendered.
Xxxxxxx Money Disbursement. The parties hereto understand and acknowledge that disbursement of Xxxxxxx Money held by Auctioneer can occur only as follows: at Closing; upon written agreement signed by all parties having an interest in said funds; upon court order or upon interpleader; or upon failure of any contingency or failure of either party to fulfill the obligations thereof contained in this Contract.
Xxxxxxx Money Disbursement. In the event that any condition hereto is not satisfied, then the Xxxxxxx Money shall be refunded to Buyer. In the event that Seller accepts a third-party offer to purchase the Property, resulting from the “Negotiated Offer, Advertisement and Upset Bid” Process contemplated by N.C.G.S. 160A-269, then the Xxxxxxx Money shall be immediately refunded to Buyer. In the event of breach of this Agreement by Seller, the Xxxxxxx Money shall be refunded to Buyer upon Buyer’s request, but such return shall not affect any other remedies available to Buyer for such breach. In the event of breach of this Agreement by Buyer, the Xxxxxxx Money Deposit shall be paid to Seller as liquidated damages and as Seller’s sole and exclusive remedy for such breach, but without limiting Seller’s rights under Section 6(e) or Section 22 of this Agreement. It is acknowledged by the parties that payment of the Xxxxxxx Money to Seller in the event of a breach of this Agreement by Buyer is compensatory and not punitive, such amount being a reasonable estimation of the actual loss that Seller would incur as a result of such breach. The payment of the Xxxxxxx Money to Seller shall not constitute a penalty or forfeiture but actual compensation for Seller's anticipated loss, both parties acknowledging the difficulty determining Seller’s actual damages for such breach.
Xxxxxxx Money Disbursement. In the event that any of the conditions hereto are not satisfied, or in the event of a breach of this Agreement by Seller, then the Xxxxxxx Money shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for such breach. In the event Buyer breaches this Agreement, then the Xxxxxxx Money shall be forfeited, but such forfeiture shall not affect any other remedies available to Seller for such breach. In the event of any dispute between the Parties concerning the disbursement of the Xxxxxxx Money, the agent holding the Xxxxxxx Money may deposit the disputed monies with the appropriate clerk of court in accordance with North Carolina General Statutes.
