Common use of Disposition of Deposit Upon Failure to Close Clause in Contracts

Disposition of Deposit Upon Failure to Close. If the Close of Escrow fails to occur due to Buyer's default under this Agreement (all of the conditions to Buyer's obligation to close having been satisfied or waived), then the disposition of the Deposit and all interest accrued thereon shall be governed by SECTION 13.1 hereof; if the Close of Escrow fails to occur due to Seller's default under this Agreement (all of the conditions to Seller's obligation to close having been satisfied or waived), then the Deposit (including the Performance Deposit) and all interest accrued thereon shall promptly be refunded to Buyer; and if the Close of Escrow fails to occur due to the failure of any of the conditions set forth in SECTIONS 7.1 or 7.2 hereof other than as a result of Buyer's or Seller's default under this Agreement, then the disposition of the Deposit and all interest accrued thereon shall be governed by SECTION 9.3 hereof. Notwithstanding the foregoing, the provisions of this SECTION 3.3 are expressly subject to the provisions of SECTION 3.2.1 herein.

Disposition of Deposit Upon Failure to Close. If the Close of Escrow fails to occur due to Buyer's ’s default under this Agreement (all of the conditions to Buyer's ’s obligation to close having been satisfied or waived), then the disposition of the Deposit and all interest accrued thereon shall be governed by SECTION Section 13.1 hereof; if the Close of Escrow fails to occur due to Seller's ’s default under this Agreement (all of the conditions to Seller's ’s obligation to close having been satisfied or waived), then the Deposit (including the Performance Deposit) and all interest accrued thereon shall promptly be refunded to Buyer; and if the Close of Escrow fails to occur due to the failure of any of the conditions set forth in SECTIONS Sections 7.1 or 7.2 hereof other than as a result of Buyer's ’s or Seller's ’s default under this Agreement, then the disposition of the Deposit and all interest accrued thereon shall be governed by SECTION Section 9.3 hereof. Notwithstanding the foregoing, the provisions of this SECTION Section 3.3 are expressly subject to the provisions of SECTION Section 3.2.1 herein.