Common use of Deposits by Buyer Clause in Contracts

Deposits by Buyer. On or before the Closing Date (unless a specific delivery date is set forth below), Buyer shall deposit or cause to be deposited into Escrow: (a) not later than 1:00 p.m. (eastern time) on the Closing Date, the Purchase Price, net of the Deposit, plus sufficient funds to pay Buyer’s share of all Escrow costs and closing expenses as set forth in Section 6.5 below by means of a wire transfer to Escrow Holder of U. S. Dollars in immediately available federal funds; (b) a counterpart Assignment and Assumption of Assigned Rights and Obligations, executed by Buyer; (c) a counterpart of a settlement statement prepared by the Escrow Holder; and (d) such disclosures, reports or mortgage transfer affidavits as may be required by applicable state and local law in connection with the conveyance of the Loan.