Common use of Additional Termination Option Clause in Contracts

Additional Termination Option. If Purchaser shall elect, pursuant to any provision of this Agreement or of the Other Agreements, to terminate any three or more of the Other Agreements and/or this Agreement, then, together with such notice of termination with respect to this Agreement or an Other Agreement which taken by itself or together with any prior notices of termination would result in the three or more such terminations, Purchaser may, in such notice, or Seller may, within 10 Business Days of receipt of such notice of termination by written notice to Purchaser, terminate this Agreement and simultaneously terminate the Other Agreements and the Group Two Sale Agreement, in which event the Deposit shall be returned to Purchaser and the parties to this Agreement shall have no further obligations under this Agreement, the Other Agreements or the Group Two Sale Agreement except as expressly provided in this Agreement, the Other Agreements or the Group Two Sale Agreement. Notwithstanding the foregoing, if any provision in any Other Agreement expressly provides that a termination thereof shall not be considered for purposes of determining with respect to this Section 3.5 whether three such terminations have ----------- occurred, such provision of the Other Agreement shall be controlling.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (American General Hospitality Corp), Purchase and Sale Agreement (American General Hospitality Corp)

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Additional Termination Option. If Purchaser shall ----------------------------- elect, pursuant to any provision of this Agreement or of the Other Agreements, Agreements to terminate any three or more of the Other Agreements and/or this Agreement, then, together with such notice of termination with respect to this Agreement or an Other Agreement which taken by itself or together with any prior notices of termination would result in the three or more such terminations, Purchaser may, in such notice, or Seller may, within 10 Business Days of receipt of such notice of termination by written notice to Purchaser, terminate this Agreement and simultaneously terminate the Other Agreements and the Group Two Sale Agreement, in which event the Deposit shall be returned to Purchaser and the parties to this Agreement shall have no further obligations under this Agreement, the Other Agreements or and the Group Two Sale Agreement except as expressly provided in this Agreement, the Other Agreements or the Group Two Sale Agreement. Notwithstanding the foregoing, if any provision in any Other Agreement expressly provides that a termination thereof shall not be considered for purposes of determining with respect to this Section 3.5 whether three such terminations have ----------- occurred, such provision of the Other Agreement shall be controlling.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (American General Hospitality Corp), Purchase and Sale Agreement (American General Hospitality Corp)

Additional Termination Option. If Purchaser shall elect, pursuant to any provision of this Agreement or of the Other Agreements, to terminate any three or more of the Other Agreements and/or this Agreement, then, together with such notice of termination with respect to this Agreement or an Other Agreement which taken by itself or together with any prior notices of termination would result in the three or more such terminations, Purchaser may, in such notice, or Seller may, within 10 Business Days of receipt of such notice of termination by written notice to Purchaser, terminate this Agreement and simultaneously terminate the Other Agreements and the Group Two Sale Agreement, in which event the Deposit shall be returned to Purchaser and the parties to this Agreement shall have no further obligations under this Agreement, the Other Agreements or the Group Two Sale Agreement except as expressly provided in this Agreement, the Other Agreements or the Group Two Sale Agreement. Notwithstanding the foregoing, if any provision in any an Other Agreement expressly provides that a termination thereof shall not be considered for purposes of determining with respect to this Section 3.5 whether three such ----------- terminations have ----------- occurred, such provision of the Other Agreement shall be controlling.

Appears in 1 contract

Samples: Purchase and Sale Agreement (American General Hospitality Corp)

Additional Termination Option. If Purchaser shall elect, pursuant to any provision of this Agreement or of the Other Agreements, to terminate any three or more of the Other Agreements and/or this Agreement, then, together with such notice of termination with respect to this Agreement or an Other Agreement which taken by itself or together with any prior notices of termination would result in the three or more such terminations, Purchaser may, in such notice, or Seller may, within 10 Business Days of receipt of such notice of termination by written notice to Purchaser, terminate this Agreement and simultaneously terminate the Other Agreements and the Group Two Sale Agreement, in which event the Deposit shall be returned to Purchaser and the parties to this Agreement shall have no further obligations under this Agreement, the Other Agreements or the Group Two Sale Agreement except as expressly provided in this Agreement, the Other Agreements or the Group Two Sale Agreement. Notwithstanding the foregoing, if any provision in any Other Agreement expressly provides that a termination thereof shall not be considered for purposes of determining with respect to this Section 3.5 whether three such terminations have ----------- occurred, such provision of the Other Agreement shall be controlling.

Appears in 1 contract

Samples: Purchase and Sale Agreement (American General Hospitality Corp)

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Additional Termination Option. If Purchaser shall elect, ----------------------------- pursuant to any provision of this Agreement or of the Other Agreements, Agreements to terminate any three or more of the Other Agreements and/or this Agreement, then, together with such notice of termination with respect to this Agreement or an Other Agreement which taken by itself or together with any prior notices of termination would result in the three or more such terminations, Purchaser may, in such notice, or Seller may, within 10 Business Days of receipt of such notice of termination by written notice to Purchaser, terminate this Agreement and simultaneously terminate the Other Agreements and the Group Two Sale Agreement, in which event the Deposit shall be returned to Purchaser and the parties to this Agreement shall have no further obligations under this Agreement, the Other Agreements or and the Group Two Sale Agreement except as expressly provided in this Agreement, the Other Agreements or the Group Two Sale Agreement. Notwithstanding the foregoing, if any provision in any Other Agreement expressly provides that a termination thereof shall not be considered for purposes of determining with respect to this Section 3.5 whether three such terminations have ----------- occurred, such provision of the Other Agreement shall be controlling.

Appears in 1 contract

Samples: Purchase and Sale Agreement (American General Hospitality Corp)

Additional Termination Option. If Purchaser shall elect, pursuant to any provision of this Agreement or of the Other Agreements, Agreements to terminate any three or more of the Other Agreements and/or this Agreement, then, together with such notice of termination with respect to this Agreement or an Other Agreement which taken by itself or together with any prior notices of termination would result in the three or more such terminations, Purchaser may, in such notice, or Seller may, within 10 Business Days of receipt of such notice of termination by written notice to Purchaser, terminate this Agreement and simultaneously terminate the Other Agreements and the Group Two Sale Agreement, in which event the Deposit shall be returned to Purchaser and the parties to this Agreement shall have no further obligations under this Agreement, the Other Agreements or and the Group Two Sale Agreement except as expressly provided in this Agreement, the Other Agreements or the Group Two Sale Agreement. Notwithstanding the foregoing, if any provision in any Other Agreement expressly provides that a termination thereof shall not be considered for purposes of determining with respect to this Section 3.5 whether three such terminations have ----------- occurred, such provision of the Other Agreement shall be controlling.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Prime Hospitality Corp)

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