By purchasing a policy with Earnest Money Protection LLC, the Client, as the purchaser of the policy and as the purchaser under the Purchase Contract to which the policy pertains, shall receive a full reimbursement of any Earnest Money funds deposited in escrow/title/trust account that are refundable pursuant to the terms of the Purchase Contract, up to an amount equal to or less than $10,000, pursuant to the terms and conditions of the Purchase Contract, and subject to the terms and conditions contained in the policy and in the Purchase Contract. Client agrees and understands that reimbursement under the policy is contingent upon the Client’s full compliance with the terms and conditions of the policy and the Purchase Contract, including but not limited to, deadlines for notices of breach and responses thereto, deadlines for cancellation, deadlines for waiving any applicable contingencies or terminating the Purchase Contract if the contingencies are not waived, deadlines for satisfaction of any applicable financing contingency and any applicable appraisal contingency, satisfaction of all title requirements applicable to the purchaser under the Purchase Contract, satisfaction of all requirements or requests of the Client’s lender, and all other terms and conditions of the Purchase Contract. Client must purchase the policy, if at all, within within 5 days of acceptance of the Purchase Contract. Earnest money protection LLC shall refund refundable Earnest Money deposits if the Purchase Contract is terminated prior to earlier of expiration or Client’s waiver of the inspection period provided for under the Purchase Contract. Client shall (and shall cause its agent to) make every attempt to protect Earnest Money deposits and shall comply with the terms and conditions of the Purchase Contract in all respects. In the case of arbitration or mediation under the Purchase Contract, Client must exhaust all efforts in accordance with the Purchase Contract before making a claim under the policy.
