Amount and Timing. Within one (1) business day after the Effective Date, Purchaser shall deliver to Escrow Agent One Hundred Thousand Dollars ($100,000.00) ("Earnest Money Deposit") ▇▇ ▇▇sh or Current Funds, to be held by Escrow Agent in escrow to be applied or disposed of by Escrow Agent as provided in this Contract. If Purchaser fails to deposit the Earnest Money Deposit ▇▇▇▇ ▇▇crow Agent as herein provided, then this Contract shall automatically terminate and neither Seller nor Purchaser shall have any further obligations hereunder except that the provisions of SECTIONS 5.1.4 and 11.1 of this Contract shall survive the termination of this Contract. "Current Funds" shall mean wire transfers, certified funds or a cashier's check in a form acceptable to Escrow Agent which would permit Escrow Agent to immediately disburse such funds.
Appears in 2 contracts
Sources: Contract to Purchase and Sell Property and Escrow Agreement (National Property Investors 5), Contract to Purchase and Sell Property and Escrow Agreement (National Property Investors 6)
Amount and Timing. Within one (1) business day after the Effective Date, Purchaser shall deliver to Escrow Agent One Hundred Agent, Seventy-Five Thousand Dollars ($100,000.0075,000) ("Earnest Money Deposit") ▇▇ ▇▇sh or Current Funds, to be held by Escrow Agent in escrow to be applied or disposed of by Escrow Agent as provided in this Contract. If Purchaser fails to deposit the Earnest Money Deposit ▇▇▇▇ ▇▇crow Agent as herein provided, then this Contract shall automatically terminate and neither Seller nor Purchaser shall have any further obligations hereunder except that the provisions of SECTIONS 5.1.4 5.1.5 and 11.1 of this Contract shall survive the termination of this Contract. "Current Funds" shall mean wire transfers, certified funds or a cashier's check in a form acceptable to Escrow Agent which would permit Escrow Agent to immediately disburse such funds.
Appears in 1 contract
Sources: Contract to Purchase and Sell Property (Angeles Partners X)