Common use of Application of Escrow Funds Clause in Contracts

Application of Escrow Funds. The parties and Escrow Agent agree that the Deposit, together with all interest earned thereon (the Deposit, together with all interest earned thereon, are referred to herein together as the "Escrow Funds"), shall be applied as follows: 5.2.1. If Closing is held, the Deposit shall be paid over to Sellers at Closing (by wire transfer of immediately available federal funds) and the Initial Deposit shall be credited to the Purchase Price; and all interest earned thereon shall be paid to Purchaser. 5.2.2. If Closing is not held by reason of Purchaser's default, the Escrow Funds shall be paid over to Sellers for use and application by Sellers as provided for in Section 20.2 below. 5.2.3. If Closing is not held by reason of Sellers' default, the Escrow Funds and the Letters of Credit (if any) posted by Purchaser shall be paid over to Purchaser for use and application by Purchaser as provided for in Section 20.1 below. 5.2.4. If Closing is not held by reason of a failure of condition and not by reason of a default by Sellers or Purchaser hereunder, the Escrow Funds shall be paid over to Purchaser, this Agreement shall terminate and no longer shall be of any force or effect, and no party shall have any further liability or obligation hereunder to any other, except under such provisions which shall expressly survive a termination of this Agreement.

Application of Escrow Funds. The parties and Escrow Agent agree that the Deposit, together with all interest earned thereon (the Deposit, together with all interest earned thereon, are referred to herein together as the "“Escrow Funds"”), shall be applied as follows: 5.2.1. (1) If Closing is held, the Deposit Escrow Funds shall be paid over to Sellers the Contributor at Closing (by wire transfer of immediately available federal funds) and funds to the Initial Deposit account of Contributor or such other person or persons as Contributor may designate in writing), all of which shall be credited to against the Purchase Price; and all interest earned thereon shall be paid to PurchaserCash Consideration due at Closing. 5.2.2. (2) If Closing is not held by reason of Purchaser's defaulta default by the Operating Partnership or the REIT, the Escrow Funds shall be paid over to Sellers Contributor for use and application by Sellers Contributor as provided for in Section 20.2 18.2 below. 5.2.3. (3) If Closing is not held by reason of Sellers' defaulta default by the Contributor, the Escrow Funds and the Letters of Credit (if any) posted by Purchaser shall be paid over to Purchaser the Operating Partnership for use and application by Purchaser the Operating Partnership as provided for in Section 20.1 18.1 below. 5.2.4. (4) If Closing is not held by reason of a failure of condition and not by reason of a default by Sellers Contributor or Purchaser the Operating Partnership or the REIT hereunder, the Escrow Funds shall be paid over to Purchaserthe Operating Partnership, this Agreement shall terminate and no longer shall be of any force or effect, and no party shall have any further liability or obligation hereunder to any other, except under such provisions which shall expressly survive a termination of this Agreement.