PROVISIONS OF THIS CONTRACT WHICH SET FORTH LIMITED CIRCUMSTANCES UNDER WHICH
THE DEPOSIT MAY BECOME REFUNDABLE WHICH ARE THE FOLLOWING:
(I) SECTION 10.2
(WHICH GRANTS PURCHASER THE RIGHT TO TERMINATE THIS CONTRACT ON ACCOUNT OF A
DEFAULT BY SELLER AND RECOVER THE DEPOSIT); (II) SECTION 8.1 (WHICH GRANTS
PURCHASER THE RIGHT TO TERMINATE THIS CONTRACT IN THE EVENT THAT A CONDITION
PRECEDENT TO PURCHASER'S OBLIGATION TO CLOSE IS NOT SATISFIED AND TO OBTAIN A
REFUND OF THE ADDITIONAL DEPOSIT (BUT NOT THE INITIAL DEPOSIT)); (III) SECTION
11.1 (WHICH GRANTS PURCHASER THE RIGHT TO TERMINATE THIS CONTRACT AS A RESULT OF
MAJOR DAMAGE AND RECOVER THE DEPOSIT); AND (IV) SECTION 12.1 (WHICH GRANTS
PURCHASER THE RIGHT TO TERMINATE THIS CONTRACT AS A RESULT OF THE EXERCISE OF A
RIGHT OF EMINENT DOMAIN AND RECOVER THE DEPOSIT).
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 AN FDIC-INSURED,
INTEREST-BEARING BANK ACCOUNT OR FDIC-INSURED MONEY MARKET FUND REASONABLY
APPROVED BY PURCHASER AND SELLER, 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 AND APPLY THE DEPOSIT IN
STRICT ACCORDANCE WITH THE TERMS OF THIS CONTRACT.
THE TAX IDENTIFICATION
NUMBERS OF THE PARTIES SHALL BE FURNISHED TO ESCROW AGENT UPON REQUEST.
2.3.3.
IF PRIOR TO THE CLOSING DATE 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
5 BUSINESS DAYS AFTER THE GIVING OF SUCH NOTICE, ESCROW AGENT IS HEREBY
AUTHORIZED TO MAKE SUCH PAYMENT.
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 BOTH SELLER
AND PURCHASER TO THIS CONTRACT OR A FINAL JUDGMENT FROM A COURT OF COMPETENT
JURISDICTION.
HOWEVER, ESCROW AGENT SHALL HAVE THE RIGHT AT ANY TIME TO DELIVER
THE DEPOSIT AND INTEREST THEREON, IF ANY,
OR INTERPLEAD 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 AGENT IS ACTING
SOLELY AS A STAKEHOLDER AT THEIR REQUEST AND FOR THEIR CONVENIENCE, AND THAT
ESCROW AGENT SHALL NOT BE DEEMED TO BE THE AGENT OF EITHER OF THE PARTIES AND
SHALL NOT BE LIABLE FOR ANY ACT OR OMISSION ON ITS