Examples of Extension Xxxxxxx Money in a sentence
The definition of “Xxxxxxx Money” in Section 1.6(a) of the Purchase Agreement is hereby amended to mean, collectively, the Initial Deposit, the Second Deposit, the Extension Xxxxxxx Money, the August Extension Xxxxxxx Money and the September Extension Xxxxxxx Money (if any), together with any interest thereon.
Within two (2) business days after the Effective Date, Buyer shall deposit with Escrow Holder the amount of Two Hundred Fifty Thousand Dollars ($250,000) (together with accrued interest, the “Initial Xxxxxxx Money”; and, together with any Extension Xxxxxxx Money Deposit (as hereinafter defined) and all accrued interest thereon, collectively, the “Xxxxxxx Money”) by wire transfer of immediately available funds.
Upon Purchaser’s timely and proper delivery of the September Extension Notice and the September Extension Xxxxxxx Money, the Closing Date under Section 4.1 of the Purchase Agreement shall be extended to September 19, 2014 (TIME IS OF THE ESSENCE).
Seller and Purchaser acknowledge that as of the date of this Amendment, Purchaser has deposited with the Escrow Agent the Initial Deposit, the Second Deposit, the Extension Xxxxxxx Money and the August Extension Xxxxxxx Money.
In the event that Purchaser properly exercises the extension pursuant to Section 2(b) above, then Purchaser shall deposit with the Escrow Agent the September Extension Xxxxxxx Money.
The Extension Xxxxxxx Money shall become part the Xxxxxxx Money and shall be deemed non-refundable except as otherwise set forth in this Agreement.
For example, if the total Xxxxxxx Money contributed by a date certain is $4,000,000.00 (i.e. the Initial Xxxxxxx Money and one deposit of Extension Xxxxxxx Money), and Bluerock contributed $3,000,000.00 and CWS contributed $1,000,000.00, if $1,000,000.00 of such Xxxxxxx Money becomes the Non-Refundable Portion of the Xxxxxxx Money, then the refundable portion of the Xxxxxxx Money (i.e. $3,000,000.00) shall be paid back as follows: Bluerock shall receive $2,500,000.00 and CWS shall receive $500,000.00.
BH/RE shall advance to OpBiz (or to the escrow account into which OpBiz is to deposit the Extension Xxxxxxx Money Deposit) 85% of the amount of each Extension Xxxxxxx Money Deposit, so that OpBiz can make payment of such Extension Xxxxxxx Money Deposit.
Purchaser shall have a one-time right to extend the Closing to November 25, 1998 by (i) notifying Seller in writing of said extension at least ten (10) days prior to the then scheduled Closing, and (ii) simultaneously with delivery of the written notice of extension to Seller, depositing with the Title Company in good funds the additional sum of Fifty Thousand and No/100 Dollars ($50,000.00) (the "Extension Xxxxxxx Money") to be held by the Title Company as part of the Xxxxxxx Money.
The Extension Xxxxxxx Money shall be added to and become a part of the Xxxxxxx Money, and applied in the same manner as the Xxxxxxx Money.