This excerpt taken from the CHCI 10-K filed Mar 31, 2005.
5.01 The Closing shall take place on December 29, 2004. The Purchaser may adjourn the Closing once until not later than January 14, 2004 by (i) the depositing with the Escrow Agent not later than December 27, 2004, the sum of five hundred thousand and no/100 ($500,000.00) dollars (or a letter of credit conforming to the requirements of Section 3.07), which sum shall be added to the Contract Deposit and applied, upon Closing, to the Purchase Price, and (ii) giving the Seller notice of such adjournment simultaneously with making such deposit.
5.02 The Seller and the Purchaser shall endeavor to agree upon preliminary estimates of the closing adjustments and prorations to be made in accord with Article 12 hereof at least three (3) Business Days prior to the Closing Date and the final adjustments and prorations not less than one (1) Business Day prior to the Closing Date. At least one (1) Business Day prior to the Closing Date the Seller and the Purchaser shall deliver to the Escrow Agent the documents to be executed and delivered at the Closing pursuant to Article 11 hereof and the balance of the Purchase Price (as adjusted pursuant to Article 12). Upon confirmation by the Escrow Agent that it is prepared to issue an owners form of title insurance policy to the Purchaser insuring Acceptable Title to the Purchaser and all other conditions precedent to its
disbursement of the Purchase Price, the Escrow Agent shall wire the entire Purchase Price (as so adjusted) and all other moneys that the Escrow Agent is holding in immediately available funds to the Seller and its designees, if any. Upon confirmation by the Seller that the funds have been received, the Escrow Agent shall then distribute the documents it is holding to the applicable parties and issue the Purchasers title insurance policy.