AZREB.com | Real Estate Clauses

Earnest Money

Within _____ days after the Opening Date, Buyer shall deposit with the Escrow Agent as earnest money, the sum of $________ [“Earnest Money Deposit”], which shall either be applied towards the payment of Buyer’s closing costs or down payment at Closing or disbursed to Seller pursuant to ________. Unless this Agreement is terminated in accordance with ________ hereof on or before the expiration of the "Feasibility Period", as defined in ________ hereof, the Earnest Money Deposit and all interest earned thereon shall be non-refundable to the Buyer. In the event that the Agreement is terminated in accordance with the terms of _________ hereof on or before the expiration of the Feasibility Period the Earnest Money Deposit and the interest earned thereon shall be returned to the party entitled thereto in accordance with the terms hereof.

The Earnest Money Deposit shall be invested by Escrow Agent in an interest-bearing account as may be directed by Buyer, provided that the funds so deposited or invested shall be available for disbursement by Escrow Agent as herein required. All earnings on such invested funds shall belong to the party receiving such funds pursuant to the terms hereof and shall be paid at such time as such party receives such funds.

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