DEPOSIT MONIES Clause Samples
The 'Deposit Monies' clause defines the requirements and procedures for handling funds that are paid upfront as a deposit in a contractual arrangement. Typically, this clause specifies the amount to be deposited, the timing of the payment, and the conditions under which the deposit may be retained, refunded, or forfeited. For example, it may state that the deposit will be held in escrow until certain obligations are met or outline what happens if the agreement is terminated early. The core function of this clause is to provide financial security for one or both parties and to clarify the treatment of deposit funds, thereby reducing the risk of disputes over payments.
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DEPOSIT MONIES. All deposit monies will be held in escrow by GovDeals until closing. If the deposit is invested in an interest-bearing account, all earnings belong to the Seller and will not be credited against the purchase price.
DEPOSIT MONIES. The BROKER is authorized to accept an ▇▇▇▇▇▇▇ money deposit on the SELLER’s behalf. SELLER authorizes the BROKER to deduct the commission at the closing from the initial deposit or any subsequent deposit. This contract shall be deemed an order for the payment of such commission by any person in possession of such deposit(s). In the event the Buyer defaults and the SELLER is entitled to retain said deposit, the BROKER shall be entitled to retain one-half (1/2) of the Seller’s retained damages, up to an amount not exceeding the full brokerage fee due, in payment of services, advertising, and other expenses.
DEPOSIT MONIES. All deposit monies will be held in trust (³Trust Account´) by Foundation Title, LLC until closing. If the deposit is invested, all earnings belong to the Seller and will not be a credit against the purchase price.
DEPOSIT MONIES. All deposit monies will be held in a non-interest-bearing trust account by until closing of Title.
DEPOSIT MONIES. All deposit payments made by the Buyer on account of the Purchase Price shall be held in the non-interest bearing Escrow Account of [INSERT] Title Agency (the “Escrow Holder”) and shall be applied to the Purchase Price at Closing unless there is a dispute between the Seller and Buyer, in which event paragraph 5 below applies. The Buyer’s Tax I.D. number is [INSERT].
DEPOSIT MONIES. The $225,000.00 deposit referenced in Paragraph 2 above was previously paid by VCS Holdings LLC, an affiliated company of Buyer, to Seller under an earlier contract which the parties acknowledge is hereby terminated, the within Contract being in substitution therefor. Said deposit has been retained by Seller and is non-refundable. The two $25,000.00 deposits referenced in Paragraph 2 is to be held in the trust account of C▇▇▇▇▇ A▇▇▇▇▇▇ & J▇▇▇▇ (the “Escrow Agent”) until closing of title or earlier Contract termination; provided, however, in the event the Buyer requests a three month extension pursuant to paragraph 3 above, then in that event an additional $25,000.00 deposit, which shall be released to Seller and be non-refundable, but applied to the purchase price, shall be due upon exercise of the three month extension.
DEPOSIT MONIES. All deposit monies will be held in escrow by the ▇▇▇▇▇ Law Group LLC until closing. If the deposit is invested in an interest-bearing account, all earnings belong to the Seller and will not be a credit against the purchase price. Except in the case of termination under paragraph 9, the deposit shall be nonrefundable to the Buyer.
DEPOSIT MONIES. All deposit monies will be held in trust by the Buyer’s attorney, ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, LLC.
DEPOSIT MONIES. Paragraph 5 of the First Amendment is hereby deleted in its entirety and the following provision are hereby substituted therefor: ""The Purchase Price, plus or minus any net closing adjustments, shall be pied by wire transfer or trust account check of the Escrow Agent on the Closing Date. All references in the Original Agreement to the "Deposit are hereby deleted." All references in the Original Agreement to the term "Deposit" are deleted.
DEPOSIT MONIES. All deposit monies will be held in escrow by the Township clerk until closing.