Forfeit of Deposit Clause Samples
The Forfeit of Deposit clause establishes that if one party fails to fulfill certain obligations under the contract, they may lose any deposit paid as a penalty. Typically, this applies in situations such as a buyer backing out of a purchase agreement or failing to meet payment deadlines, resulting in the seller retaining the deposit instead of returning it. The core function of this clause is to deter breaches of contract and compensate the non-breaching party for potential losses or inconvenience caused by the default.
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Forfeit of Deposit. If a deposit of money is forfeited by a purchaser produced by ▇▇▇▇▇▇, one half shall be retained by the Broker, providing that this amount does not exceed the commission, and one half shall be paid to the Owner.
Forfeit of Deposit. If USER terminates this Agreement on or after ten (10) days before the date scheduled for USER's first use of the facility at WMU, USER shall forfeit [all / ______ %] of its deposit to cover WMU's expenses.
Forfeit of Deposit. The Purchase Deposit, plus accrued interest, shall be forfeited by Purchaser and be retained by Seller in the event that this Agreement is terminated by Seller pursuant to Section 9.1(b), other than pursuant to either condition precedent Section 6.3, Legal Proceedings, or Section 6.4, Consents, in which case the Purchase Deposit, plus accrued interest, shall be returned to Purchaser.
Forfeit of Deposit. If a Successful Bidder breaches any of its obligations under the terms of the SISP or any definitive transaction documentation, its Deposit shall be forfeited as liquidated damages and not as a penalty. The Petitioners shall apply and use any forfeited Deposit in the manner agreed upon by the Petitioners and the Monitor and as approved in writing by the Interim Lender.
Forfeit of Deposit. If this Agreement is not terminated pursuant to the provisions contained in Section 3.1, 3.7, or 3.8 hereof, then the Deposit will constitute forfeitable ▇▇▇▇▇▇▇ money that will belong to Seller pursuant to Section 8.1 in the event Purchaser defaults in its obligation to purchase the Assets for any reason OTHER THAN Seller's default.
Forfeit of Deposit. (a) Notwithstanding anything herein to the contrary, on the Closing Date, if Purchaser refuses to close, is unable to close because it does not have sufficient funds to consummate the transactions contemplated hereby or has been advised, in writing, by any applicable regulatory authority that it does not hold sufficient regulatory capital in compliance with all terms of supervisory and regulatory requirements to continue the Business and Purchaser's existing banking business immediately following the Closing, breaches its representations or warranties hereunder or otherwise fails to perform its obligations under this Agreement thereby causing this Agreement to be terminated, Purchaser shall forfeit its Deposit to Seller as complete liquidated damages therefor and Escrow Agent shall pay such Deposit to Seller upon written notice therefor.
(b) Notwithstanding anything contained in this Agreement to the contrary, if, by the Closing Date of no later than January 31, 2004, Purchaser has not yet received regulatory approval to close the transaction contemplated hereby due to concerns on the part of the Regulators that Purchaser does not have sufficient capital to operate both the Business and Purchaser's existing banking business ("Insufficient Capital Concern"), then Purchaser may either (i) elect to terminate this Agreement and thereby Purchaser shall forfeit its Deposit as provided in Section 12.03(a), above, or (ii) Purchaser may elect to extend this Agreement for an additional seventy-five (75) days during which time Purchaser shall have the opportunity to satisfy the Insufficient Capital Concern. In the event Purchaser elects to extend the Closing Date for an additional seventy-five (75) days, Purchaser shall give written notice to Seller to that effect no later than January 31, 2004, and shall simultaneously with such notice instruct the Escrow Agent to deliver to Seller the $500,000 Deposit then being held by the Escrow Agent pursuant to this Agreement, and Purchaser shall also deliver to the Escrow Agent the entire amount of the purchase price to be paid to Seller hereunder, less the $500,000 Deposit ("Remainder of the Purchase Price"). Upon receipt of such notice, the $500,000 Deposit shall be delivered by the Escrow Agent to Seller and the Remainder of the Purchase Price shall be placed in escrow and invested by the Escrow Agent in an interest-bearing account. In the event that Purchaser receives regulatory approval to close the transaction contemplat...
Forfeit of Deposit. IF, FOR ANY REASON, THE TENANT FAILS TO BEGIN THIS LEASE, THE FULL AMOUNT OF THE DEPOSIT IS FORFEITED.
Forfeit of Deposit. The Deposit will be forfeited to the Seller if:
(a) this document is validly terminated by the Seller pursuant to clause 7.3(b); or
(b) the Interdependent Sale Agreement is validly terminated by the Seller pursuant to clause 7.3(b) of that agreement.
Forfeit of Deposit. Unless otherwise agreed in writing by the ARC, if Owner or Guarantor fail to complete all required landscaping, revegetation, clean-up, and other requirements of the Governing Documents before the one (1) year anniversary of Wasatch County’s issuance of a Certificate of Occupancy, the Deposit shall be forfeited to the Association. In the case of a Homesite for which a Notice of Noncompliance has been issued, the Deposit shall be forfeited to the Association if the Homesite does not receive a Letter of Certification within one- hundred and twenty (120) calendar days from the date of Notice.
Forfeit of Deposit forfeit is when campus living retains the resident’s deposit in full. a deposit is forfeited in the following circumstances: