Common use of Approval Period Clause in Contracts

Approval Period. During the period commencing on the Effective Date and expiring at 5:00 p.m. Central Time on December 8, 2016 (the “Approval Period”), the following matters shall be conditions precedent to Purchaser’s obligations under this Agreement: (a) Purchaser’s being satisfied, in Purchaser’s sole discretion, that the Property is suitable for Purchaser’s intended use; and (b) Purchaser’s being satisfied, in Purchaser’s sole discretion, with all of the Due Diligence Items. Purchaser shall have the right to terminate this Agreement by delivering written notice of such termination to Seller at any time prior to the expiration of the Approval Period, if, in Purchaser’s sole and absolute discretion, Purchaser decides not to consummate the purchase of the Property contemplated hereby. In such event, this Agreement will terminate as of the date of such notice, the Xxxxxxx Money shall be returned to Purchaser by the Escrow Agent and neither party shall have any further rights or obligations hereunder except for the Surviving Obligations. Should Purchaser fail to so terminate this Agreement pursuant to the foregoing provisions of this Section 4.1.1, then the termination right set forth in this Section 4.1.1 shall be deemed waived, the Xxxxxxx Money shall become non-refundable (except as otherwise expressly provided in this Agreement) and the parties shall proceed to Closing.

Approval Period. During the period commencing on the Effective Date and expiring at 5:00 p.m. Central Time on December 8the later to occur of: (i) the forty fifth (45th) day following the Due Diligence Receipt Date, 2016 or (ii) the fifth (5th) business day following the “Entitlement Date”, as defined below (the “Approval Period”), Purchaser shall have the right to investigate the following matters shall be conditions precedent to Purchaser’s obligations under this Agreementmatters: (a) Purchaser’s being satisfied, in Purchaser’s sole discretion, that the suitability of the Property is suitable for Purchaser’s intended use; and (b) Purchaser’s being satisfied, in Purchaser’s sole discretion, with all of the Due Diligence Items. Purchaser may (but shall have the right to not be obligated to) terminate this Agreement by delivering written notice of such termination to Seller at any time prior to the expiration of the Approval Period, if, in Purchaser’s 's sole and absolute discretion, Purchaser decides not to consummate the purchase of the Property contemplated hereby. In such event, this Agreement will terminate as of the date of such notice, the Xxxxxxx Money shall be returned to Purchaser by the Escrow Agent and neither party shall have any further rights or obligations obligation hereunder except for the Surviving Obligations. Should If, in Purchaser’s sole and absolute discretion, Purchaser fail determines that it desires to so terminate this Agreement pursuant consummate the purchase of the Property contemplated hereby, then Purchaser will give written notice thereof (the “Closing Notice”) to Seller, prior to the foregoing provisions expiration of the Approval Period. In the event that Purchaser provides Seller with the Closing Notice, then Purchaser will be deemed to have waived its termination rights under this Section 4.1.1, and the parties will proceed to Closing, subject to all other terms and conditions of this Agreement. If Purchaser does not give Seller the Closing Notice prior to the expiration of the Approval Period and has not previously terminated this Agreement by written notice to Seller, then this Agreement automatically shall terminate upon the termination right set forth expiration of the Approval Period, and, in such event, neither party shall have any further obligation hereunder except for the Surviving Obligations. In either of such events terminating this Section 4.1.1 Agreement as described above, immediately following written request from Purchaser to the Escrow Agent, the Escrow Agent shall be deemed waived, return all of the Xxxxxxx Money shall become non-refundable (except as otherwise expressly to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided in by Seller. For purposes of this Agreement, the Entitlement Date shall mean the date upon which (i) the City of San Xxxxxxx has issued a building permit for construction of the Improvements, and the parties shall proceed (ii) Seller has delivered written notice thereof to ClosingPurchaser accompanied by a copy of such building permit.

Approval Period. During the period commencing on the Effective Date and expiring at 5:00 p.m. Central Time on December 8, 2016 the fortieth (40th) day following the Due Diligence Receipt Date (the “"Approval Period”"), the following matters shall be conditions precedent to Purchaser’s 's obligations to purchase the Property under this Agreement: (a) Purchaser’s 's being satisfied, in Purchaser’s 's sole discretion, that the Property is suitable for Purchaser’s 's intended use; and (b) Purchaser’s 's being satisfied, in Purchaser’s 's sole discretion, with all of the Due Diligence Items. Purchaser may (but shall have the right to not be obligated to) terminate this Agreement by delivering written notice of such termination to Seller at any time prior to the expiration of the Approval Period, if, in Purchaser’s 's sole and absolute discretion, Purchaser decides not to consummate the purchase of the Property contemplated hereby. In such event, this Agreement will terminate as of the date of such notice, the Escrow Agent shall return all of the Xxxxxxx Money shall to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be returned to Purchaser provided by the Escrow Agent Seller, and neither party shall have any further rights or obligations hereunder except for the Surviving Obligations. Should In the event that Purchaser fail to so does not terminate this Agreement pursuant as contemplated in the immediately preceding sentence, then Purchaser will be deemed to the foregoing provisions of have waived its termination rights under this Section 4.1.1, then the termination right set forth in this Section 4.1.1 shall be deemed waived, the Xxxxxxx Money shall become non-refundable (except as otherwise expressly provided in this Agreement) and the parties shall will proceed to Closing, subject to all other terms and conditions of this Agreement.

Approval Period. During the period commencing on the Effective Date and expiring at 5:00 p.m. Central Time on December 8, 2016 the ninetieth (90th) day following the Effective Date (the “Approval Period”), the following matters shall be conditions precedent to Purchaser’s obligations under this Agreement: (a) Purchaser’s being satisfied, in Purchaser’s sole discretion, that the Property is suitable for Purchaser’s intended use; and (b) Purchaser’s being satisfied, in Purchaser’s sole discretion, with all of the Due Diligence Items. Notwithstanding anything to the contrary, Purchaser shall have the right to terminate this Agreement Agreement, for any reason or for no reason whatsoever, by delivering written notice of such termination to Seller at any time prior to the expiration of the Approval Period, if, in Purchaser’s sole and absolute discretion, Purchaser decides not to consummate the purchase of the Property contemplated hereby. In such event, this Agreement will terminate as of the date of such notice, the Xxxxxxx Money shall be promptly returned to Purchaser by the Escrow Agent and neither party shall have any further rights or obligations hereunder except for the Surviving Obligations. Should Purchaser fail to so terminate this Agreement pursuant to the foregoing provisions of this Section 4.1.1, then the termination right set forth in this Section 4.1.1 shall be deemed waived, the Xxxxxxx Money shall become non-refundable (except for Seller’s default or as otherwise expressly provided in this Agreementherein) and the parties shall proceed to Closing.