Common use of Second Deposit Clause in Contracts

Second Deposit. If this Agreement has not been previously terminated, then on or before the expiration of the Due Diligence Period, Buyer shall deposit or cause to be deposited with Escrow Holder, in Immediately Available Funds, the additional sum of Two Hundred Twenty-Five Thousand and 00/100 Dollars ($225,000.00) (the “Second Deposit”). Upon the expiration of the Due Diligence Period, and provided that ▇▇▇▇▇ has not terminated this Agreement and Seller has delivered the Memorandum to Escrow Holder, the First Deposit and the Second Deposit shall (a) become non-refundable except upon Seller’s default or as otherwise provided herein, and (b) be credited toward the payment of the Purchase Price at the Close of Escrow (as defined below). In the event this Agreement terminates as a result of a default by Seller, the First Deposit and the Second Deposit, and any interest thereon, shall be immediately released to Buyer by Escrow Holder. Notwithstanding the foregoing, the First Deposit and the Second Deposit and any interest thereon shall be returned to Buyer if this Agreement is terminated pursuant to Section 13, or if the Close of Escrow does not occur as a result of the failure of a condition as provided in Section 7.2. The First Deposit and Second Deposit are sometimes referred to herein individually as a “Deposit” and collectively as the “Deposits.”