Common use of Xxxxxxx Money/Trust Money Clause in Contracts

Xxxxxxx Money/Trust Money. Buyer has paid or will pay within days after the Binding Agreement Date to 155 (name of Xxxxxx) (“Holder”) located at 156 (address of Holder), a Xxxxxxx 157 Money/Trust Money deposit of $ by check (OR 158 ) (“Xxxxxxx Money/Trust Money”). 159 A. Failure to Receive Xxxxxxx Money/Trust Money. In the event Xxxxxxx Money/Trust Money (if applicable) is not 160 timely received by Holder or Xxxxxxx Money/Trust Money check or other instrument is not honored for any reason by 161 the bank upon which it is drawn, Holder shall promptly notify Buyer and Seller of the Buyer’s failure to deposit the 162 agreed upon Xxxxxxx Money/Trust Money. Buyer shall then have one (1) day to deliver Xxxxxxx Money/Trust Money 163 in immediately available funds to Holder. In the event Buyer does not deliver such funds, Buyer is in default and 164 Seller shall have the right to terminate this Agreement by delivering to Buyer or Xxxxx’s representative written notice 165 via the Notification form or equivalent written notice. In the event Buyer delivers the Xxxxxxx Money/Trust Money in 166 immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to have waived his 167 right to terminate, and the Agreement shall remain in full force and effect. 168 B. Handling of Xxxxxxx Money/Trust Money upon Receipt by Xxxxxx. Xxxxxxx Money/Trust Money (if applicable) is 169 to be deposited promptly after the Binding Agreement Date or the agreed upon delivery date in this Xxxxxxx 170 Money/Trust Money section or as specified in the Special Stipulations section contained herein. Holder shall disburse 171 Xxxxxxx Money/Trust Money only as follows: 172 (a) at Closing to be applied as a credit toward Xxxxx’s Purchase Price; 173 (b) upon a written agreement signed by all parties having an interest in the funds; 174 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Xxxxxxx 175 Money/Trust Money; 176 (d) upon a reasonable interpretation of the Agreement; or 177 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having 178 jurisdiction over the matter. 179 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including 180 reasonable attorney’s fees. The prevailing party in the interpleader action shall be entitled to collect from the other 181 party the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be 182 liable for the same) for any matter arising out of or related to the performance of Xxxxxx’s duties under this Xxxxxxx 183 Money/Trust Money section. Xxxxxxx Money/Trust Money shall not be disbursed prior to fourteen (14) days after 184 deposit unless written evidence of clearance by bank is provided. 185 4. Closing, Prorations, Special Assessments and Warranties Transfer.

Appears in 1 contract

Samples: Purchase and Sale Agreement

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Xxxxxxx Money/Trust Money. Buyer has paid or will shall pay within days after the Binding Agreement Date to 155 156 (name of Xxxxxx) (“Holder”) located at 156 157 (address of Holder), a an Xxxxxxx 157 158 Money/Trust Money deposit of $ by check (OR 158 159 ) (“Xxxxxxx Money/Trust Money”). 159 . 160 A. Failure to Receive Xxxxxxx Money/Trust Money. In the event Xxxxxxx Money/Trust Money (if applicable) is not 160 161 timely received by Holder or Xxxxxxx Money/Trust Money check or other instrument is not honored for any reason by 161 162 the bank upon which it is drawn, Holder shall promptly notify Buyer and Seller of the Buyer’s failure to deposit the 162 163 agreed upon Xxxxxxx Money/Trust Money. Buyer shall then have one (1) day to deliver Xxxxxxx Money/Trust Money 163 164 in immediately available funds to Holder. In the event Buyer does not deliver such funds, Buyer is in default and 164 165 Seller shall have the right to terminate this Agreement by delivering to Buyer or Xxxxx’s representative written notice 165 166 via the Notification form or equivalent written notice. In the event Buyer delivers the Xxxxxxx Money/Trust Money in 166 167 immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to have waived his 167 Seller’s 168 right to terminate, and the Agreement shall remain in full force and effect. 168 169 B. Handling of Xxxxxxx Money/Trust Money upon Receipt by Xxxxxx. Xxxxxxx Money/Trust Money (if applicable) is 169 170 to be deposited promptly after the Binding Agreement Date or the agreed upon delivery date in this Xxxxxxx 170 171 Money/Trust Money section or as specified in the Special Stipulations section contained herein. Holder shall disburse 171 172 Xxxxxxx Money/Trust Money only as follows: 172 173 (a) at Closing to be applied as a credit toward Xxxxx’s Purchase Price; 173 174 (b) upon a written agreement signed by all parties having an interest in the funds; 174 175 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Xxxxxxx 175 176 Money/Trust Money; 176 (d) upon a reasonable interpretation of the Agreement; or 177 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having 178 jurisdiction over the matter. 179 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including 180 reasonable attorney’s fees. The prevailing party in the interpleader action shall be entitled to collect from the other 181 party the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be 182 liable for the same) for any matter arising out of or related to the performance of Xxxxxx’s duties under this Xxxxxxx 183 Money/Trust Money section. Xxxxxxx Money/Trust Money shall not be disbursed prior to fourteen (14) days after 184 deposit unless written evidence of clearance by bank is provided. 185 4. Closing, Prorations, Special Assessments and Warranties Transfer.;

Appears in 1 contract

Samples: Purchase and Sale Agreement

Xxxxxxx Money/Trust Money. Buyer has paid or will pay within days after the Binding Agreement Date to 155 139 (name of Xxxxxx) (“Holder”) 140 located at 156 (address of Holder), a an 141 Xxxxxxx 157 Money/Trust Money deposit of $ by check (OR 158 142 ) (“Xxxxxxx Money/Trust Money”). 159 . 143 A. Failure to Receive Xxxxxxx Money/Trust Money. In the event Xxxxxxx Money/Trust Money (if applicable) is not 160 timely received 144 by Holder or Xxxxxxx Money/Trust Money check or other instrument is not honored honored, for any reason by 161 the bank upon 145 which it is drawn, Holder shall promptly notify Buyer and Seller of the Buyer’s 's failure to deposit the 162 agreed upon 146 Xxxxxxx Money/Trust Money. Buyer shall then have one (1) day to deliver Xxxxxxx Money/Trust Money 163 in 147 immediately available funds to Holder. In the event Buyer does not deliver such funds, Buyer is in default and 164 148 Seller shall have the right to terminate this Agreement by delivering to Buyer or Xxxxx’s 's representative written 149 notice 165 via the Notification form or equivalent written notice. In the event Buyer delivers the Xxxxxxx Money/Trust 150 Money in 166 immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to have 151 waived his 167 right to terminate, and the Agreement shall remain in full force and effect. 168 152 B. Handling of Xxxxxxx Money/Trust Money upon Receipt by Xxxxxx. Xxxxxxx Money/Trust Money (if applicable) is 169 to be 153 deposited promptly after the Binding Agreement Date or the agreed upon delivery date in this Xxxxxxx 170 Money/Trust 154 Money section paragraph or as specified in the Special Stipulations section paragraph contained at paragraph 15 herein. Holder 155 shall disburse 171 Xxxxxxx Money/Trust Money only as follows: 172 : (a) at Closing to be applied as a credit toward Xxxxx’s Purchase Price; 173 157 (b) upon a written agreement signed by all parties having an interest in the funds; 174 158 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Xxxxxxx 175 159 Money/Trust Money; 176 160 (d) upon a reasonable interpretation of the Agreement; or 177 161 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having 178 162 jurisdiction over the matter. 179 163 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including 180 164 reasonable attorney’s fees. The prevailing party in the interpleader action shall be entitled to collect from the other 181 party 165 the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be 182 liable for 166 the same) for any matter arising out of or related to the performance of Xxxxxx’s duties under this Xxxxxxx 183 Money/Trust 167 Money sectionparagraph. Xxxxxxx Money/Trust Money shall not be disbursed prior to fourteen (14) days after 184 deposit unless 168 written evidence of clearance by bank is provided. 185 169 4. Closing, Prorations, Special Assessments and Warranties TransferAssociation Fees. 170 A. Closing Date. This transaction shall be closed ("Closed") (evidenced by delivery of warranty deed and payment of 171 Purchase Price, the "Closing"), and this Agreement shall expire at 11:59 p.m. local time on the day of 172 , ("Closing Date"), or on such earlier date as may be agreed to by the 173 parties in writing. Such expiration does not extinguish a party’s right to pursue remedies in the event of default. 174 Any extension of this date must be agreed to by the parties in writing via the Closing Date/Possession Date 175 Amendment or equivalent written agreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Xxxxxxx Money/Trust Money. Buyer has paid or will pay within days after the Binding Agreement Date to 155 154 (name of Xxxxxx) (“Holder”) located at 156 155 (address of Holder), a Xxxxxxx 157 156 Money/Trust Money deposit of $ by check (OR 158 157 ) (“Xxxxxxx Money/Trust Money”). 159 . 158 A. Failure to Receive Xxxxxxx Money/Trust Money. In the event Xxxxxxx Money/Trust Money (if applicable) is not 160 159 timely received by Holder or Xxxxxxx Money/Trust Money check or other instrument is not honored for any reason by 161 160 the bank upon which it is drawn, Holder shall promptly notify Buyer and Seller of the Buyer’s failure to deposit the 162 161 agreed upon Xxxxxxx Money/Trust Money. Buyer shall then have one (1) day to deliver Xxxxxxx Money/Trust Money 163 162 in immediately available funds to Holder. In the event Buyer does not deliver such funds, Buyer is in default and 164 163 Seller shall have the right to terminate this Agreement by delivering to Buyer or Xxxxx’s representative written notice 165 164 via the Notification form or equivalent written notice. In the event Buyer delivers the Xxxxxxx Money/Trust Money in 166 165 immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to have waived his 167 166 right to terminate, and the Agreement shall remain in full force and effect. 168 167 B. Handling of Xxxxxxx Money/Trust Money upon Receipt by Xxxxxx. Xxxxxxx Money/Trust Money (if applicable) is 169 168 to be deposited promptly after the Binding Agreement Date or the agreed upon delivery date in this Xxxxxxx 170 169 Money/Trust Money section or as specified in the Special Stipulations section contained herein. Holder shall disburse 171 170 Xxxxxxx Money/Trust Money only as follows: 172 171 (a) at Closing to be applied as a credit toward Xxxxx’s Purchase Price; 173 172 (b) upon a written agreement signed by all parties having an interest in the funds; 174 173 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Xxxxxxx 175 174 Money/Trust Money; 176 175 (d) upon a reasonable interpretation of the Agreement; or 177 176 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having 178 177 jurisdiction over the matter. 179 178 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including 180 179 reasonable attorney’s fees. The prevailing party in the interpleader action shall be entitled to collect from the other 181 180 party the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be 182 181 liable for the same) for any matter arising out of or related to the performance of Xxxxxx’s duties under this Xxxxxxx 183 182 Money/Trust Money section. Xxxxxxx Money/Trust Money shall not be disbursed prior to fourteen (14) days after 184 DRAFT SPECIMEN 183 deposit unless written evidence of clearance by bank is provided. 185 184 4. Closing, Prorations, Special Assessments and Warranties Transfer.

Appears in 1 contract

Samples: Purchase & Sale Agreement

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Xxxxxxx Money/Trust Money. Buyer has paid or will pay within days after the Binding Agreement Date to 155 154 (name of XxxxxxHolder) (“Holder”) located at 156 155 (address of Holder), a Xxxxxxx 157 156 Money/Trust Money deposit of $ by check (OR 158 157 ) (“Xxxxxxx Money/Trust Money”). 159 . 158 A. Failure to Receive Xxxxxxx Money/Trust Money. In the event Xxxxxxx Money/Trust Money (if applicable) is not 160 159 timely received by Holder or Xxxxxxx Money/Trust Money check or other instrument is not honored for any reason by 161 160 the bank upon which it is drawn, Holder shall promptly notify Buyer and Seller of the Buyer’s failure to deposit the 162 161 agreed upon Xxxxxxx Money/Trust Money. Buyer shall then have one (1) day to deliver Xxxxxxx Money/Trust Money 163 162 in immediately available funds to Holder. In the event Buyer does not deliver such funds, Buyer is in default and 164 163 Seller shall have the right to terminate this Agreement by delivering to Buyer or XxxxxBuyer’s representative written notice 165 164 via the Notification form or equivalent written notice. In the event Buyer delivers the Xxxxxxx Money/Trust Money in 166 165 immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to have waived his 167 166 right to terminate, and the Agreement shall remain in full force and effect. 168 167 B. Handling of Xxxxxxx Money/Trust Money upon Receipt by XxxxxxHolder. Xxxxxxx Money/Trust Money (if applicable) is 169 168 to be deposited promptly after the Binding Agreement Date or the agreed upon delivery date in this Xxxxxxx 170 169 Money/Trust Money section or as specified in the Special Stipulations section contained herein. Holder shall disburse 171 170 Xxxxxxx Money/Trust Money only as follows: 172 171 (a) at Closing to be applied as a credit toward XxxxxBuyer’s Purchase Price; 173 172 (b) upon a written agreement signed by all parties having an interest in the funds; 174 173 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Xxxxxxx 175 174 Money/Trust Money; 176 175 (d) upon a reasonable interpretation of the Agreement; or 177 176 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having 178 177 jurisdiction over the matter. 179 178 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including 180 179 reasonable attorney’s fees. The prevailing party in the interpleader action shall be entitled to collect from the other 181 180 party the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be 182 181 liable for the same) for any matter arising out of or related to the performance of XxxxxxHolder’s duties under this Xxxxxxx 183 182 Money/Trust Money section. Xxxxxxx Money/Trust Money shall not be disbursed prior to fourteen (14) days after 184 DRAFT SPECIMEN 183 deposit unless written evidence of clearance by bank is provided. 185 184 4. Closing, Prorations, Special Assessments and Warranties Transfer.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Xxxxxxx Money/Trust Money. Buyer has paid or will shall pay within days after the Binding Agreement Date 157 to 155 (name of Xxxxxx) (“Holder”) located 158 at 156 (address of Holder), a an Xxxxxxx 157 159 Money/Trust Money deposit of $ by check (OR 158 160 ) (“Xxxxxxx Money/Trust Money”). 159 . 161 A. Failure to Receive Xxxxxxx Money/Trust Money. In the event Xxxxxxx Money/Trust Money (if applicable) is not 160 162 timely received by Holder or Xxxxxxx Money/Trust Money check or other instrument is not honored for any reason by 161 163 the bank upon which it is drawn, Holder Xxxxxx shall promptly notify Buyer and Seller of the Buyer’s failure to deposit the 162 164 agreed upon Xxxxxxx Money/Trust Money. Buyer shall then have one (1) day to deliver Xxxxxxx Money/Trust Money 163 165 in immediately available funds to Holder. In the event Buyer does not deliver such funds, Buyer is in default and 164 166 Seller shall have the right to terminate this Agreement by delivering to Buyer or Xxxxx’s representative written notice 165 167 via the Notification form or equivalent written notice. In the event Buyer delivers the Xxxxxxx Money/Trust Money in 166 168 immediately available funds to Holder before Seller elects to terminate, Seller shall be deemed to have waived his 167 169 Seller’s right to terminate, and the Agreement shall remain in full force and effect. 168 170 B. Handling of Xxxxxxx Money/Trust Money upon Receipt by Xxxxxx. Xxxxxxx Money/Trust Money (if applicable) is 169 171 to be deposited promptly after the Binding Agreement Date or the agreed upon delivery date in this Xxxxxxx 170 172 Money/Trust Money section or as specified in the Special Stipulations section contained herein. Holder shall disburse 171 173 Xxxxxxx Money/Trust Money only as follows: 172 174 (a) at Closing to be applied as a credit toward Xxxxx’s Purchase Price; 173 175 (b) upon a written agreement signed by all parties having an interest in the funds; 174 176 (c) upon order of a court or arbitrator having jurisdiction over any dispute involving the Xxxxxxx 175 177 Money/Trust Money; 176 178 (d) upon a reasonable interpretation of the Agreement; or 177 179 (e) upon the filing of an interpleader action with payment to be made to the clerk of the court having 178 180 jurisdiction over the matter. 179 181 Holder shall be reimbursed for, and may deduct from any funds interpleaded, its costs and expenses, including 180 182 reasonable attorney’s fees. The prevailing party in the interpleader action shall be entitled to collect from the other 181 183 party the costs and expenses reimbursed to Holder. No party shall seek damages from Holder (nor shall Holder be 182 184 liable for the same) for any matter arising out of or related to the performance of Xxxxxx’s duties under this Xxxxxxx 183 185 Money/Trust Money section. Xxxxxxx Money/Trust Money shall not be disbursed prior to fourteen (14) days after 184 186 deposit unless written evidence of clearance by bank is provided. 185 187 4. Closing, Prorations, Special Assessments and Warranties Transfer.

Appears in 1 contract

Samples: Forms Changes

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