09.08.2015 / Allgemein / /

The Initial is consideration for the rights granted to Buyer

In the alternative, if Buyer is unable obtain such approval from Franchisor or to obtain such new franchise agreement before the expiration of such sixty (60) day period, Buyer shall have the right to extend for an additional thirty (30) days the period of time in which Buyer may obtain a franchise agreement for the Hotel by depositing with Escrow Agent an additional deposit in the amount of One Hundred Fifty Thousand Dollars ($150,000.00), which amount shall thereupon become part of the and be held and disbursed by Escrow Agent in accordance with the provisions of this Agreement.Upon execution of this Agreement, Buyer, within one (1) Business Day of the Effective Date, shall deliver in escrow to the Escrow Agent the Initial by wire transfer. The Initial is consideration for the rights granted to Buyer to purchase the Property and shall be deemed non refundable after the Feasibility Date, unless notice is given in accordance with Section 2.2 or Seller default. Notwithstanding the preceding sentence, the amount of One Hundred Thousand Dollars ($100,000.00) of the Initial shall be non refundable on the Effective Date unless Buyer, during the Feasibility Period, shall elect to terminate this Agreement because of the discovery of survey, title, or zoning matters or environmental issues that are not acceptable to Buyer in its sole discretion..

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