20B - AA PURCHASE SALE OF BRISTOL ST IMP PROJECT

Home Browse Search

obligations as "Escrow Holder." Escrow Holder shall hold and dispose of the Escrow Deposit (as defined below) in accordance with the terms of this Agreement. The Escrow Holder's General Provisions are attached: hereto as. Exhibit "B" and made a part hereof.. 2.1 Purchase Price The total purchase price for the Property shall be the sum of Nine Hundred Five Thousand Dollars ($905,000.00) ("Purchase Price"). (a) Escrow Deposit. Within three (3) business days following the Effective Date, Buyer will remit into escrow a deposit of Twenty Thousand Dollars ($20,000.00) ("Escrow Deposit"). Such Escrow Deposit shall be fully refundable until the expiration of the Due Diligence Period and as otherwise set forth herein. Such Escrow Deposit shall be credited towards the Purchase Price paid to Seller as providedin this Agreement. (b) Closing Payment. The Purchase Price, as adjusted by the application of the Escrow Deposit and by the proration and credits specified herein, shall be paid by Buyer to Seller in cash at the Close of Escrow (the amount to be paid under this Section 2.1(b) being herein called the "Closing Payment"). (c) Independent Consideration. Escrow Holder shall pay a portion of the Escrow Deposit in the amount of One Hundred Dollars ($100.00) ("Independent Consideration") to Seller upon the earlier to occur of the Close of Escrow (as defined below) or the termination of this Agreement for any reason. The Independent Consideration constitutes bargained -for consideration for this Agreement and Buyer's rights under Section 2.6(d) and is expressly acknowledged to be adequate. The obligation of Buyer to pay the Independent Consideration to Escrow Holder, and the obligation of Escrow Holder to pay the same to Seller, are unconditional and shall survive any termination of this Agreement. 2.2 Close of Escrow If Buyer does not exercise its right to terminate this Agreement under Section 2.6 of this Agreement, then Escrow shall close ("Close of Escrow") on a date mutually agreeable to the parties within ten (1'0) days subsequent to Buyer's attainment of all of the Approvals (as defined' below) including, without limitation, the building permit and all related, municipal' and other governmental approvals, as applicable; for the Intended Use (as defined below).