Common use of Closing of Escrow Clause in Contracts

Closing of Escrow. On the Closing Date, if the conditions precedent set forth in Section 11 of this Agreement are satisfied or waived in writing by the party benefiting from such conditions, Escrow Agent shall disburse to NB 3 the Purchase Price (less the Deposit to the extent the Deposit was earlier disbursed to NB 3 pursuant to Section 5(b) above, and also less NB 3's share of the closing costs, Escrow Agent's fees, and applicable prorated items according to Section 9 of this Agreement), shall record the Deed and the Lot 3 Unit Count Declaration at the Land Court, and shall deliver the NB 3 Closing Documents to Optionee and the Optionee Closing Documents to NB 3. NB 3 acknowledges and agrees that Optionee may be required to withhold a portion of the Purchase Price pursuant to Section 235-68 of the Hawaii Revised Statutes (the "State Code") (Section 235-68 of the State Code, together with any regulations now or hereafter promulgated thereunder, being collectively referred to herein as the "State Withholding Provisions"). Any amount properly so withheld by Optionee, in accordance with subsection 8(b)(i)(O) above, shall be deemed to have been paid by Optionee as part of the Purchase Price.

Closing of Escrow. On the Closing Date, if the conditions precedent set forth in Section 11 7.1 of this Agreement are satisfied or waived in writing by the party benefiting from such conditions, Escrow Agent shall disburse to NB 3 Seller the Purchase Price (less the Deposit to principal amount of the extent the Deposit was earlier disbursed to NB 3 pursuant to Section 5(b) abovePurchase Money Note, and also less NB 3Seller's payment of the brokerage commission to Seller's Broker pursuant to Section 28 below, and also less Seller's share of the closing costs, Escrow Agent's fees, and applicable prorated items according to Section 9 6 of this Agreement), shall record the Deed Deed, the Purchase Money Mortgage, the Lot 4 Unit Count Declaration, the Grant of ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ Supplemental Declaration, the ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, and the Memorandum of Lot 3 Unit Count Declaration Option Agreement at the Bureau and/or at the Land Court, as appropriate, and shall deliver the NB 3 Seller's Closing Documents to Optionee and Purchaser, the Optionee Purchaser's Closing Documents to Seller, and NB 3's Closing Documents to Purchaser. NB 3 Seller acknowledges and agrees that Optionee Purchaser may be required to withhold a portion of the Purchase Price pursuant to Section 235-68 of the Hawaii Revised Statutes (the "State Code") (Section 235-68 of the State Code, together with any regulations now or hereafter promulgated thereunder, being collectively referred to herein as the "State Withholding Provisions"). Any amount properly so withheld by OptioneePurchaser, in accordance with subsection 8(b)(i)(O5(b)(i)(0) above, shall be deemed to have been paid by Optionee Purchaser as part of the Purchase Price.