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37745645 167 10. TIME IS OF THE ESSENCE. 168 Time is of the essence in the performance of the obligations of the parties. All references to a 169 specified time shall mean Central Time. 17011. BINDING EFFECT. 171 This contract shall be binding on and for the benefit of the parties and their respective heirs, personal 172 representatives, executors, administrators or assigns. 17312. EARNEST MONEY. 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 Buyer and Seller agree that the earnest money received by the escrow agent in connection with this contract shall be deposited within ten (10) banking days after the "Acceptance Deadline" date. Additional earnest money, if applicable, is to be deposited by. escrow agent within ten (10) banking days after receipt.. Any earnest money received within ten (10) banking days prior to the scheduled closing date, shall be in the form of a cashier's check or any other form acceptable to the escrow agent. If sale is closed, earnest money to apply to the purchase. If any earnest money is being returned to Buyer, Buyer agrees that any expenses for services requested by Buyer may be withheld by escrow agent and paid to the applicable service provider(s). In the event of a dispute over any earnest money held by the escrow agent, the escrow agent shall continue to hold said deposit in its escrow account until: 1) escrow agent has a written release from all parties consenting to its disposition; or 2) until a civil action is filed to determine its disposition (at which time payment may be made into court, and in such event, court costs and escrow agent's attorney fees will be paid from earnest money); or 3) until a final court judgment mandates its disposition; or 4) as may be required by applicable law. The parties specifically acknowledge and agree that whenever ownership of the earnest money or any other escrowed funds, received by a Missouri licensed real estate broker, is in dispute between the parties, said broker is required by Missouri Statute, Section 339.105.4 RSMo to report and deliver the monies to the State Treasurer within 365 days of the initial projected closing date. Broker shall not report and deliver any such monies to the State Treasurer until at least sixty (60) days after the initial projected closing date. Note: An escrow agent who is not a licensed real estate broker Is not bound by Missouri statutes and regulations which apply to earnest money deposits. If the escrow agent is not a licensed broker, the parties are urged to have the escrow agent agree in writing to be bound by the provisions of this contract before being named as the escrow agent. 19913. REMEDIES. 200 If either party defaults in the performance of any obligation of this contract, the party claiming 201 a default shall notify the other party in writing of the nature of the default and his election of remedy. The 202 notifying party may, but is not required to, provide the defaulting party with a deadline for 203 curing the default. 204 If the default is by Buyer, Seller may either accept the earnest money as liquidated damages and 205 release Buyer from the contract (in lieu of making any claim in court), or may pursue any 206 remedy at law or in equity. 207 If Seller accepts the earnest mon~y, it shall be divided as follows: expenses of broker and seller in 208 this transaction will be reimbursed, and balance to go one-half to Seller, and one-half divided equal- 209 Iy between listing broker and selling broker (if working as subagent of Seller) in lieu of 210 commission on this contract. If the default is by Seller, Buyer may either release Seller from 211 liability upon Seller's release of the earnest money and reimbursement to Buyer for all direct costs 212 and expenses, as specified in Buyer's notice of default (in lieu of making any claim in court), or may 213 pursue any remedy at law and in equity, including enforcement of sale. Buyer's release of Seller 214 does not relieve Seller of his liability to brokers under the listing contract. 215 In the event of litigation between the parties, the prevailing party shall recover, in addition to damages or 216 equitable relief, the cost of litigation including reasonable attorney's fee. This provision shall survive 217 closing and delivery of Sellers deed to Buyer. 21814. GOVERNING LA.W. 219 This contract shall be considered a contract for the sale of real property and shall be construed 220 in accordance with the laws of the State of Missouri. 221 15. ENTIRE AGREEMENT. 222 This contract constitutes the entire agreement between the parties hereto and there. are no other 223 understandings, written or oral, relating to the subject matter hereof. The contract may not be 224 changed, modified or amended, in whole or in part, except in writing signed by all parties. 4of6