Laserfiche WebLink
2.1 Purchase Price <br />The total purchase price for the Property shall be the sum of $1,025,000 <br />("Purchase Price"). <br />(a) Escrow Deposit. Within three (3) business days following the <br />Effective Date, Buyer will remit into escrow a deposit equal to nine percent (9%) of the <br />Purchase Price ("Escrow Deposit"). Such Escrow Deposit shall be fully refundable until <br />the expiration of the Due Diligence Period and as otherwise set forth herein. Such Escrow <br />Deposit shall be credited towards the Purchase Price paid to Seller as provided in this <br />Agreement. <br />(b) Proposal Deposit. As part of the proposal submitted for this <br />site, Buyer paid to Seller a proposal deposit equal to one percent (1 %) of the Purchase <br />Price ("Proposal Deposit"). The Proposal Deposit shall be retained by the Seller and <br />credited to the Buyer towards the Purchase Price. <br />(c) Closing Payment. The Purchase Price, as adjusted by the <br />application of the Proposal Deposit, Escrow Deposit and by any proration and credits <br />specified herein, shall be paid by Buyer to Seller in cash at the Close of Escrow (the <br />amount to be paid under this Section 2.1(c) being herein called the "Closing Payment"). <br />(d) Independent Consideration. Escrow Holder shall pay a <br />portion of the Escrow Deposit in the amount of One Hundred Dollars ($100.00) <br />("Independent Consideration") to Seller upon the earlier to occur of the Close of Escrow <br />(as defined below) or the termination of this Agreement for any reason. The Independent <br />Consideration constitutes bargained -for consideration for this Agreement and Buyer's <br />rights under Section 2.6(d) and is expressly acknowledged to be adequate. The <br />obligation of Buyer to pay the Independent Consideration to Escrow Holder, and the <br />obligation of Escrow Holder to pay the same to Seller, are unconditional and shall survive <br />any termination of this Agreement. <br />2.2 Close of Escrow <br />If Buyer does not exercise its right to terminate this Agreement under <br />Section 2.6(d) prior to the expiration of the Due Diligence Period (as defined below), then <br />Escrow shall close ("Close of Escrow") on or before December 20, 2019. If Escrow is <br />not in a condition to close by such date, Escrow shall be closed as soon as possible <br />thereafter. <br />4 <br />