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12605782 167 10. TIME IS OF THE ESSENCE. 169 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. 170 11. BINDING EFFECT. 171 This contract shall be binding on and for the benefit of the parties and their respective heirs, personal 172 reprB8entatives, executors, administrators or assigns. 173 12. EARNEST MONEY. 174 Buyer Clnd Seller agree that the earnest money received by the escrow agent in connection with 175 this contract shall be deposited within ten (10) banking days after the . Acceptance '76 Deadline" date. Additional earnest money, if applicable, is to be deposited by a:scrow 177 agent within ten (10) banking days after receipt. Any earnest money re~eived within ten 178 (10) banking days prior to the scheduled closing date, shelf! be in the form of a cashier's check 179 or any other form acceptable to the escrow agent. If sale is closed, earnest money to apply to 100 the purchase. Ir any earnest money is being returned lo Buyer, Buyer agrees '8' that any expenses for services request~d by Buyer may be withheld by escrow agent and 182 p:lld to the C1pplicable service provider(s). 183 In the event of a dispute over any earnest money held by the escrow agent, the escrow 184 :lgent shall continue Lo hold said deposit in its escrow account until: 1) escrow agenL ha~ ~ 185 written release from all p~rtles consenting to its disposition; or 2) until a civil action is filed 186 to determine its disposition (at wllich time payment may be made Into court. and in such 187 event, court costs and escrow agent's attorney fees will be paid from earnest money); or 3) 188 until . a final court judgment mandates its disposition; or 4) as may be reQuired by applicable '89 law. The parties specifically aCKnowleC!ge and agree that whenever ownen5hip of the earnest 190 money or any other escrowed funds, received by a Missouri licensed real estate broker, is In 1E11 dispute between the parties, said broker is required by Missouri Statute, Section 339. '05.'1 '92 RSMo to report and deliver the monies to the State Treasurer within 365 days of the initial 193 projected closing date. Broker shall not report and deliver any such monies to the State 194 Treasurer until at least sixty (60) days after the initial projected dosing date. . 195 Not.: An e.crow :!lIent who is not a licl:n$ed r~.1 catate broker is not bound by Missouri statutes and 196 relJulQtiOIl$ which apply to e.rnest money Cleposlts. If the .racrow ..gent is not .:II lict"n:oed brokcr. lhe 197 parties ere urged to hav. the escrow agent agree in writing to bt" bound by the provisions of thill 198 cantr.act before being named 3S the e!:C/'ow "'gcnl. '99 13. REMEDIES. 200 201 202 203 204 205 206 207 208 209 2H'1 211 212 213 2101 215 216 217 218 14. 219 ZZO If either party defaults in the performance of any obligation of this contr:;:ct, th~ party claiming a default shall notify the other PQrty in writing of the nature of the default and his election of remedy. The notifying party may, but is not required to, provide the defaulting party with a deadline for curing the default If the default is by Buyer, Seller may either accept the earnest money as liQuidated damages and release Buyer from the contract (in lieu of making any cl~irn in court), or may pursue any remedy at law or in equity. If Seller accepts the earnest money. it shall be divided as folloW5: expenses of broker and seller in this transaction will be reimbursed, and balance to go one-half to Seller, and one-half divided equal- ly between listing broker and selling broker (if working as subagent of Seller) in lieu of commission on this contract. If the default is by Seller. Buyer may either release Seller from liability upon Seller's release of the earnest money and reimbursement to Buyer for all direct costs and expenses, as specified In Buyers notice of default (in lieu of making any claim in court), or may pursue any remedy at law and in equrty, including enforcement of sale. Buya:r's release of Seller does not relieve Seller of his liability to brokers under the listing contract. In the event of litigation between the parties. the prevailing PQrty shall recover, In addition to dam<lges or eQuitable relief, the cost of litigation including reasonable al1omey's fee. This provision shall survive dosing and delivery of Seller's deed to Buyer. GOVERNING LAW. This contract sholl be considered a contract for the sale of real property and shall be construed in accordance with the laws of the State of Missouri. ZZ' 1 S. ZZ2 2Z3 224 ENTIRE AGREEMENT. This contract constitutes the entire agreement between the parties hereto and there are no other understandings, written or oral, . relating to the subject matter nereof. The contract may not be changed. modified or amended, in whole or in part, except In writing signed by all parties. 40t6