Common use of Deposit and Escrow Clause in Contracts

Deposit and Escrow. 1.4.1 Within three (3) Business Days after the Effective Date, Buyer shall deliver to GRS Global, Attn: S▇▇▇▇ ▇▇▇▇▇▇▇, located at 9▇▇ ▇. ▇▇▇▇ Street, Suite 1100, Richmond, Virginia 23219, Telephone: (▇▇▇)▇▇▇-▇▇▇▇, E-mail: s▇▇▇▇▇▇▇@▇▇▇-▇▇▇▇▇▇.▇▇▇ (“Escrow Holder”) an e▇▇▇▇▇▇ money deposit in the amount of ten thousand and No/100 Dollars ($10,000) (together with any interest thereon, the “Deposit”). The Deposit shall be held in an insured, interest-bearing account with interest accruing for the benefit of the party entitled to the Deposit pursuant to the terms of this Agreement. The Escrow Holder may conclusively rely upon and act in accordance with any certificate, instructions, notice, letter, e-mail, facsimile and/or other written instrument believed to be genuine and to have been signed or communicated by the proper party or parties. 1.4.2 The Deposit shall be applied to the Purchase Price if the Closing occurs. After the expiration of the Due Diligence Period, the Deposit shall be nonrefundable to Buyer except as otherwise provided herein, including, without limitation, unless escrow fails to close due to Seller’s breach or default under this Agreement, a failure of a representation or warranty by Seller to be true and correct as of the Closing or due to the failure of a condition precedent set forth in Section 5.4, and shall constitute liquidated damages to Seller if escrow fails to close solely as a result of Buyer’s default as provided in Section 6.1 below. In the event Buyer shall elect to terminate this Agreement during the Due Diligence Period, the Deposit shall be returned to Buyer as provided in Section 3.6 below.

Deposit and Escrow. 1.4.1 Within three (3) Business Days after the Effective Date, Buyer shall deliver to GRS Global, Attn: S▇▇▇▇ ▇▇▇▇▇▇▇, located at 9▇▇ ▇. ▇▇▇▇ Street, Suite 1100, Richmond, Virginia 23219, Telephone: (▇▇▇)) ▇▇▇-▇▇▇▇, E-mail: s▇▇▇▇▇▇▇@▇▇▇-▇▇▇▇▇▇.▇▇▇ (“Escrow Holder”) an e▇▇▇▇▇▇ money deposit in the amount of ten thousand and No/100 Dollars ($10,000) (together with any interest thereon, the “Deposit”). The Deposit shall be held in an insured, interest-bearing account with interest accruing for the benefit of the party entitled to the Deposit pursuant to the terms of this Agreement. The Escrow Holder may conclusively rely upon and act in accordance with any certificate, instructions, notice, letter, e-mail, facsimile and/or other written instrument believed to be genuine and to have been signed or communicated by the proper party or parties. 1.4.2 The Deposit shall be applied to the Purchase Price if the Closing occurs. After the expiration of the Due Diligence Period, the Deposit shall be nonrefundable to Buyer except as otherwise provided herein, including, without limitation, unless escrow fails to close due to Seller’s breach or default under this Agreement, a failure of a representation or warranty by Seller to be true and correct as of the Closing or due to the failure of a condition precedent set forth in Section 5.4, and shall constitute liquidated damages to Seller if escrow fails to close solely as a result of Buyer’s default as provided in Section 6.1 below. In the event Buyer shall elect to terminate this Agreement during the Due Diligence Period, the Deposit shall be returned to Buyer as provided in Section 3.6 below.

Deposit and Escrow. 1.4.1 Within three (3) Business Days after the latter of (a) the Effective DateDate or (b) the receipt of all of the Property Information (as described in Section 3.3), Buyer shall deliver to GRS GlobalEscrow Agent at the following address: Chicago Title Company, Attn: S▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇, located at 9▇▇ ▇. ▇▇▇▇ Street, Suite 1100800, RichmondDallas, Virginia 23219Texas 75201, Telephone: Telephone (▇▇▇)) ▇▇▇-▇▇▇▇, E-mail▇ Attn: s▇▇▇▇▇▇▇@▇▇▇-▇ ▇▇▇▇▇▇.▇▇▇ (“Escrow Holder”) an e▇▇▇▇▇▇ money , a deposit in the amount of ten thousand Two Hundred Thousand and No/100 Dollars ($10,000200,000.00) (together with any interest thereonthereon and any Additional Deposit (as defined below), the “Deposit”). The Deposit shall be held in an insured, interest-bearing account with interest accruing for the benefit of the party entitled to the Deposit pursuant to the terms of this AgreementBuyer. The Escrow Holder Agent may conclusively rely upon and act in accordance with any certificate, instructions, notice, letter, e-mail, facsimile and/or facsimile, or other written instrument believed to be genuine and to have been signed or communicated by the proper party or parties. 1.4.2 The Deposit shall be applied to the Purchase Price if the Closing (as defined below) occurs. After Upon the expiration Expiration of the Due Diligence PeriodPeriod (as defined below), the Deposit shall not be nonrefundable returned to Buyer except as otherwise provided herein, including, without limitation, unless escrow fails to close due to (i) Seller’s breach or default under this Agreement, a failure of a representation Agreement or warranty by Seller to be true and correct as of the Closing or due to the failure of a condition precedent set forth in Section 5.4, and shall constitute liquidated damages to Seller if escrow fails to close solely as a result of Buyer’s default as provided in Section 6.1 below. In the event Buyer shall elect to terminate or shall be deemed to have terminated this Agreement during the Due Diligence PeriodPeriod (, the Deposit (and any interest accrued thereon) shall be returned to Buyer as provided in Section 3.6 below3.6.

Deposit and Escrow. 1.4.1 Within three (3) Business Days after the Effective Date, Buyer shall deliver to GRS Global▇▇▇▇▇ Title, Attn: S▇▇▇▇▇ ▇▇▇▇▇▇▇, located at 9▇▇ ▇. ▇▇▇▇ Street▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, Suite 1100▇▇▇▇▇ ▇▇▇, Richmond▇▇▇▇▇▇▇▇, Virginia 23219▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Telephone: (▇▇▇)) ▇▇▇-▇▇▇▇, E-mail: s▇▇▇▇▇▇▇@▇▇▇-▇▇▇▇▇▇▇.▇▇▇ (“Escrow Holder”) an e▇▇▇▇▇▇▇ money deposit in the amount of ten thousand and No/100 Dollars ($10,00010,000.00) (together with any interest thereon, the “Deposit”). The Deposit shall be held in an insured, insured interest-bearing account with interest accruing for the benefit of the party entitled to the Deposit pursuant to the terms of this Agreement. The Escrow Holder may conclusively rely upon and act in accordance with any certificate, instructions, notice, letter, e-mail, facsimile and/or other written instrument believed to be genuine and to have been signed or communicated by the proper party or parties. 1.4.2 The Deposit shall be applied to the Purchase Price if the Closing occurs. After the expiration of the Due Diligence PeriodPeriod (as hereinafter defined), the Deposit shall be nonrefundable to Buyer except as otherwise provided herein, including, without limitation, unless escrow fails to close due to Seller’s breach or default under this Agreement, a failure of a representation or warranty by Seller to be true and correct as of the Closing or due to the failure of a condition precedent set forth in Section 5.45.2, and shall constitute liquidated damages to Seller if escrow fails to close solely as a result of Buyer’s default as provided in Section 6.1 below. In the event Buyer shall elect to terminate this Agreement during the Due Diligence Period, the Deposit shall be returned to Buyer as provided in Section 3.6 below.