Xxxxxxx Money Escrow Provisions. (a) Within three (3) Business Days after the Effective Date, PRLP shall deliver the sum of FIFTEEN MILLION DOLLARS ($15,000,000) in immediately available funds (together with all interest accrued thereon, the “Deposit”) to the New York office of the Title Company, in its capacity as escrow agent (the “Escrow Agent”). The Deposit shall be allocated among the Properties as set forth on Schedule B-1 hereto (such allocated amount with respect to each Property, hereinafter the “Allocated Deposit”). The Deposit shall be held by the Escrow Agent in accordance with the terms of Section 1.2(b) below. Interest earned on the Deposit shall be treated as income to PRLP for federal income tax purposes. Upon expiration of the Due Diligence Period, if PRLP has not terminated this Agreement in accordance with Article XI, the Deposit shall be held for the benefit of Landmark and be nonrefundable except in the event of a Landmark default or failure to satisfy any condition to close or in the case the funds are returned to PRLP pursuant to Section 1.2(b) below.
Xxxxxxx Money Escrow Provisions. [Attached to and a Part of the Real Estate Purchase and Sale Agreement]
Xxxxxxx Money Escrow Provisions. (a) Escrow Agent shall hold the Deposit in a segregated, interest bearing account approved by Purchaser. If the Closing occurs, the Xxxxxxx Money shall be credited against the Purchase Price. The Xxxxxxx Money shall be held and disbursed by Escrow Agent in the following manner:
Xxxxxxx Money Escrow Provisions
