Example ContractsClausesEarnest Money
Earnest Money
Earnest Money contract clause examples

Purchaser shall deliver to Commonwealth Land Title, 4100 Newport Place Drive, Suite 120, Newport Beach, CA 92660, Attn: Kelly Ralph (“Escrow Agent”), as agent for a national title underwriter acceptable to Purchaser (the “Title Company”), within three (3) business days after the Effective Date (as defined below), an earnest money deposit (the “Initial Deposit”) in the amount of Two Hundred Seventy Five Thousand and no/100 Dollars ($275,000.00). In the event that Purchaser delivers the “Closing Notice” (as defined in Section 4.1.1 of this Agreement) to Seller, then within three (3) business days following the expiration of the “Approval Period” (as defined in Section 4.1.1 of this Agreement), Purchaser shall make an additional deposit (the “Additional Deposit”) with Escrow Agent in the amount of Four Hundred Seventy Five Thousand and no/100 Dollars ($475,000.00).

Earnest Money. Buyer shall deposit one and thirty six hundredths (1.36%) percent of the Purchase Price for a sum of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000) (“Earnest Money”) with Alamo Title Company (the “Escrow Agent”) within two (2) business days of the Effective Date, which Escrow Money shall be delivered to Seller upon recordation of a memorandum of option agreement, in the form set forth in [Schedule 9], in the office of the San Patricio County Recorder of Deeds. The Earnest Money shall be applied to the Purchase Price at the Closing and, in the absence of a Closing, shall be retained by Seller in all circumstances other than a breach of this Contract by Seller (including, without limitation, Seller’s failure or refusal to close) or as expressly specified otherwise in this Contract, in which event Seller shall be required to return and pay such Earnest Money to Buyer within thirty (30) days after Buyer’s demand therefor. In the event Buyer extends the Option Period for an additional thirty (30) days in accordance with paragraph two (2), the Buyer shall deposit an additional One Hundred Fifty Thousand and 00/100 Dollars ($150,000) (“Additional Earnest Money”) with Alamo Title Company simultaneous with its notice of such extension . The Escrow Agent shall in turn immediately disburse the Additional Earnest Money to Seller, and such Additional Earnest Money shall be considered to be part of the Earnest Money for all purposes under this Contract and shall be distributed and applied in the same manner as such Earnest Money under this Contract.

Purchaser shall deliver to Fidelity National Title, 555 S. Flower St., Ste. 4420, [[Address A:Address]], Attn: [[Person A:Person]]/[[Person B:Person]] (“Escrow Agent”), as agent for a national title underwriter acceptable to Purchaser (“Title Company”), within three (3) business days after the “Effective Date” (as defined below), an earnest money deposit (the “Initial Deposit”) in the amount of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00). In the event that Purchaser delivers the “Closing Notice” (as defined in Section 4.1.1 of this Agreement) to Seller, then within three (3) business days following the expiration of the “Approval Period” (as defined in Section 4.1.1 of this Agreement), Purchaser shall make an additional deposit (the “Additional Deposit”) with Escrow Agent in the amount of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) .

Earnest Money. Within two (2) Business Days after the Contract Date, Purchaser shall deposit with [[Organization A:Organization]] (the “Escrow Agent” or “Title Company” as applicable), as earnest money hereunder, the sum of Four Hundred Thousand and No/100 Dollars ($400,000.00) (the “Initial Deposit”) by wire transfer of

Earnest Money. The definition of “Earnest Money” set forth in Section 1.1(e) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

Earnest Money. Within two (2) business days after Date of this Agreement, Purchaser shall deposit the Initial Earnest Money into a strict joint order escrow with the Escrow Agent. In the event the Agreement is not terminated on or prior to the expiration of the Due Diligence Period, Purchaser shall deposit the Additional Earnest Money on or prior to the last day of the Due Diligence Period. The Escrow Agent shall pay the Earnest Money to Seller at and upon the Closing, or otherwise, to the party entitled to receive the Earnest Money in accordance with this Agreement. The Earnest Money shall be held and disbursed by the Escrow Agent pursuant to the joint order escrow agreement executed by the parties. The Earnest Money may be invested by the Escrow Agent as Purchaser directs in United States Treasury Bills or a federally insured money AmericasActive:17009577.1

Earnest Money. The definition of “Earnest Money” set forth in Section 1.1(e) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

The Initial Deposit, together with the Additional Deposit, if delivered hereunder, and together with all interest accrued thereon, are herein collectively called the “Earnest Money”. The Initial Deposit and the Additional Deposit, if made, shall be invested by the Escrow Agent in an FDIC-insured, interest‑bearing account as Purchaser shall direct. If the sale of the Property is consummated under this Agreement, the Earnest Money shall be paid to Seller and applied as a credit against the Purchase Price at Closing. If Purchaser terminates this Agreement in accordance with any right to terminate granted to Purchaser by the terms of this Agreement, the Earnest Money shall be returned to Purchaser by Escrow Agent.

Purchaser shall deliver to Republic Title of Texas, Inc., 2626 Howell Street, 10th Floor, Dallas, Texas 75204, Attn: Jeff Porter (“Escrow Agent”), as agent for a national title underwriter acceptable to Purchaser (“Title Company”), within three (3) business days after the “Effective Date” (as defined below), an earnest money deposit (the “Initial Deposit”) in the amount of Five Hundred Thousand and no/100 Dollars ($500,000.00). In the event that Purchaser delivers the “Closing Notice” (as defined in Section 4.1.1 of this Agreement) to Seller, then within three (3) business days following the expiration of the “Approval Period” (as defined in Section 4.1.1 of this Agreement), Purchaser shall make an additional deposit (the “Additional Deposit”) with Escrow Agent in the amount of ($500,000.00).

Earnest Money. The Initial Deposit, in immediately available federal funds, evidencing Purchaser’s good faith to perform Purchaser’s obligations under this Agreement, shall be deposited by Purchaser with Escrow Agent not later than two (2) business days after the Opening of Escrow. Without limiting Purchaser’s right to terminate the Agreement pursuant to Section 2.4, Purchaser’s failure to timely make the Initial Deposit hereunder shall entitle Seller to terminate this Agreement until Purchaser has remitted the Initial Deposit. In addition, if Purchaser has not terminated this Agreement pursuant to Section 2.4, Purchaser shall remit the Additional Deposit, in immediately available federal funds to Escrow Agent, further evidencing Purchaser’s good faith to perform Purchaser’s obligations under this Agreement, not later than two (2) business days after the expiration of the Due Diligence Period. In the event that Purchaser has not terminated this Agreement pursuant to Section 2.4, but Purchaser fails to timely deposit the Additional Deposit with the Escrow Agent when required in this Section 1.3, then notwithstanding any provision to the contrary in this Agreement such failure shall automatically terminate this Agreement and Seller shall have the right to retain the Initial Deposit as liquidated damages (and the parties agree to cooperate to provide confirmations of any such termination upon request), whereupon neither party shall have any further obligations under this Agreement other than those obligations which are expressly made herein to survive such termination; provided, however, if any termination of the this Agreement occurs prior to the expiration of the Due Diligence Period then the Earnest Money shall be returned to Purchaser notwithstanding any provision to the contrary. At Closing, the Earnest Money shall be applied to the Purchase Price. Subject to Section 1.4, otherwise, the Earnest Money shall be delivered to the party entitled to receive the Earnest Money in accordance with Article 9 of this Agreement.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.