ESCROW AGENT AN ADDITIONAL DEPOSIT (THE "
ADDITIONAL DEPOSIT") OF $125,000 BY WIRE TRANSFER OF GOOD FUNDS.
THE ADDITIONAL
DEPOSIT SHALL BE HELD AND DISBURSED IN ACCORDANCE WITH THE ESCROW PROVISIONS SET
FORTH IN SECTION 2.3.
2.2.3
[INTENTIONALLY LEFT BLANK].
2.2.4
THE BALANCE OF THE PURCHASE PRICE FOR THE PROPERTY SHALL BE PAID TO AND
RECEIVED BY ESCROW AGENT BY WIRE TRANSFER OF GOOD FUNDS NO LATER THAN 3:00 P.M.
(IN THE TIME ZONE IN WHICH ESCROW AGENT IS LOCATED) ON THE CLOSING DATE (OR SUCH
EARLIER TIME AS REQUIRED BY SELLER'S LENDER).
2.3
ESCROW PROVISIONS REGARDING DEPOSIT.
2.3.1
ESCROW AGENT SHALL HOLD THE DEPOSIT AND MAKE DELIVERY OF THE DEPOSIT TO
THE PARTY ENTITLED THERETO UNDER THE TERMS OF THIS CONTRACT.
ESCROW AGENT SHALL
INVEST THE DEPOSIT IN SUCH SHORT-TERM, HIGH-GRADE SECURITIES, INTEREST-BEARING
BANK ACCOUNTS, MONEY MARKET FUNDS OR ACCOUNTS, BANK CERTIFICATES OF DEPOSIT OR
BANK REPURCHASE CONTRACTS AS ESCROW AGENT, IN ITS DISCRETION, DEEMS SUITABLE,
AND ALL INTEREST AND INCOME THEREON SHALL BECOME PART OF THE DEPOSIT AND SHALL
BE REMITTED TO THE PARTY ENTITLED TO THE DEPOSIT PURSUANT TO THIS CONTRACT.
2.3.2
ESCROW AGENT SHALL HOLD THE DEPOSIT UNTIL THE EARLIER OCCURRENCE OF (I)
THE CLOSING DATE, AT WHICH TIME THE DEPOSIT SHALL BE APPLIED AGAINST THE
PURCHASE PRICE, OR (II) THE DATE ON WHICH ESCROW AGENT SHALL BE AUTHORIZED TO
DISBURSE THE DEPOSIT AS SET FORTH IN SECTION 2.3.3.
THE TAX IDENTIFICATION
NUMBERS OF THE PARTIES SHALL BE FURNISHED TO ESCROW AGENT UPON REQUEST.
2.3.3
IF THE DEPOSIT HAS NOT BEEN RELEASED EARLIER IN ACCORDANCE WITH
SECTION 2.3.2, AND EITHER PARTY MAKES A WRITTEN DEMAND UPON ESCROW AGENT FOR
PAYMENT OF THE DEPOSIT, ESCROW AGENT SHALL GIVE WRITTEN NOTICE TO THE OTHER
PARTY OF SUCH DEMAND.
IF ESCROW AGENT DOES NOT RECEIVE A WRITTEN OBJECTION FROM
THE OTHER PARTY TO THE PROPOSED PAYMENT WITHIN FIVE (5) BUSINESS DAYS AFTER THE
GIVING OF SUCH NOTICE, ESCROW AGENT IS HEREBY AUTHORIZED TO MAKE SUCH PAYMENT
(SUBJECT TO PURCHASER'S OBLIGATION UNDER SECTION 3.5.2 TO RETURN OR CERTIFY THE
DESTRUCTION OF ALL THIRD-PARTY REPORTS AND INFORMATION AND MATERIALS PROVIDED TO
PURCHASER AS A PRE-CONDITION TO THE RETURN OF THE DEPOSIT, OR THE APPLICABLE
PORTION THEREOF, TO PURCHASER).
IF ESCROW AGENT DOES RECEIVE SUCH WRITTEN
OBJECTION WITHIN SUCH 5-BUSINESS DAY PERIOD, ESCROW AGENT SHALL CONTINUE TO HOLD
SUCH AMOUNT UNTIL OTHERWISE DIRECTED BY WRITTEN INSTRUCTIONS FROM THE PARTIES TO
THIS CONTRACT OR A FINAL JUDGMENT OR ARBITRATOR'S DECISION.
HOWEVER, ESCROW
AGENT SHALL HAVE THE RIGHT AT ANY TIME TO DEPOSIT THE DEPOSIT AND INTEREST
THEREON, IF ANY, WITH A COURT OF COMPETENT JURISDICTION IN THE STATE IN WHICH
THE PROPERTY IS LOCATED.
ESCROW AGENT SHALL GIVE WRITTEN NOTICE OF SUCH DEPOSIT
TO SELLER AND PURCHASER.
UPON SUCH DEPOSIT, ESCROW AGENT SHALL BE RELIEVED AND
DISCHARGED OF ALL FURTHER OBLIGATIONS AND RESPONSIBILITIES HEREUNDER.
ANY
RETURN OF THE DEPOSIT TO PURCHASER PROVIDED FOR IN THIS CONTRACT SHALL BE
SUBJECT TO PURCHASER'S OBLIGATIONS SET FORTH IN SECTION 3.5.2.
2.3.4
THE PARTIES ACKNOWLEDGE THAT ESCROW