Examples of Xxxxxxx Deposit in a sentence
Interest on the Xxxxxxx Deposit shall be added to and deemed part of the Xxxxxxx Deposit.
Interest on the Xxxxxxx Deposit shall be paid to the party entitled to receive the Xxxxxxx Deposit pursuant to this Agreement.
In the event this Agreement is terminated in accordance with the foregoing, the parties shall have no further rights or obligations under this Agreement except for the obligations which specifically survive the termination of this Agreement, and the Xxxxxxx Deposit shall be returned to Buyer.
If either party breaches the terms of this Agreement, the non-breaching party shall be entitled to pursue all legal remedies available by law and the release of the Xxxxxxx Deposit does not prevent the Seller from seeking additional damages from the Buyer for the failure to close on the purchase of this Property.
Notwithstanding any provisions of this Agreement to the contrary, if Buyer fails to close this transaction for reasons other than Seller’s default or the failure of any of the express conditions to Buyer’s performance, then this Agreement shall terminate, and the Xxxxxxx Deposit shall be delivered to Seller as agreed-upon liquidated damages as Seller’s sole remedy.
If either party breaches the terms of this Agreement, the non-breaching party shall be entitled to pursue all legal remedies available by law and the release of the Xxxxxxx Deposit shall be the sole and exlusive remedy available to Seller as liquidated damages.
By execution of this Agreement and the Escrow Agreement, the Escrow Agent agrees that the Xxxxxxx Deposit shall be held as a deposit under this Agreement in an interest bearing account and: (i) applied against the Purchase Price if Closing occurs; (ii) delivered to Purchaser if Purchaser terminates this Agreement prior to expiration of the due Diligence Period as hereafter set forth; or (iii) delivered to Seller or Purchaser, in accordance with the Escrow Agreement.
Upon termination, Escrow Agent shall immediately return the Xxxxxxx Deposit to Buyer.
When the tenancy officially starts, the Xxxxxxx Deposit is usually utilised as rental payment for the first month of occupancy.
If such conditions are not satisfied within such time, this Agreement shall be null and void, in which event neither Buyer nor Seller shall be liable for damages hereunder to the other, and all Xxxxxxx Deposit paid by Buyer shall be refunded to Buyer.