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Book : 3870 Page : 499 <br /> 3. Earnest Money. Buyer shall pay $100,000.00 earnest money to <br /> be held by Central Illinois Title. The earnest money shall be invested in an <br /> insured interest bearing account. Buyer's tax identification number shall be used <br /> for Internal Revenue purposes. At closing, Buyer shall be credited toward the <br /> purchase price with the earnest money and the interest accrued thereon. In the <br /> event Buyer fails to close for any reason or in the event of a default by Buyer, the <br /> parties agree said earnest money shall be forfeited to Seller and Seller shall be <br /> entitled to retain the earnest money as full agreed liquidated damages. <br /> 4. Purchase Price. The purchase price for the all of the Purchased <br /> Assets shall be $7,225,000.00 (the "Purchase Price") subject to the following <br /> adjustments: <br /> a. Less $125,000.00 required to be paid by Horve to Seller pursuant <br /> to Article V, Section 4 of the Management Agreement. Seller agrees that the <br /> maximum required to be paid to the Seller by Horve pursuant to said Section of <br /> the Management Agreement is $125,000.00. <br /> b. Less any amount of the $500,000.00 maintenance and replacement <br /> reserve provided for in Article I, Section 5 of the Management Agreement that <br /> has not been expended as provided for in Article I of the Management <br /> Agreement. <br /> c. Plus accrued and unpaid interest on Seller's indebtedness arising <br /> from its purchase of the Hotel, said amount having been $7,225.000.00 at 5.15% <br /> per annum interest. <br /> d. Plus the difference between the interest on Seller's indebtedness <br /> that will incur from the date of purchase to December 15, 2009 (the earliest date <br /> 4 <br />