BUYER'S EXTENSION Clause Samples
The Buyer's Extension clause allows the buyer to extend certain deadlines or timeframes specified in the contract. Typically, this clause outlines the conditions under which the buyer may request additional time, such as for completing due diligence, securing financing, or fulfilling other contractual obligations. By providing a formal mechanism for extensions, the clause helps prevent contract breaches due to unforeseen delays and ensures both parties have clear expectations regarding timeline adjustments.
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BUYER'S EXTENSION. Buyer may elect to extend the Original Closing Date through the expiration of (a) the First Extension Period upon (i) delivery of notice of its election to so extend the Original Closing Date to Seller and Escrow Holder and (ii) payment of the Extension Deposit to Escrow Holder, not later than five (5) business days prior to the Original Closing Date and (b) the Second Extension Period upon delivery of notice of its election to so extend the Closing Date to Seller and Escrow Holder; provided that Buyer is not in default of any of its obligations hereunder either at the time Buyer delivers notice pursuant to clause (a)(i) or (b) or at the commencement of the First Extension Period or the Second Extension Period, as applicable.
BUYER'S EXTENSION. In the event Buyer is unable to obtain any permits Buyer deems necessary for Buyer's intended use of the Premises, Buyer may elect to extend the Closing Date hereunder for two (2) periods of ninety (90) days each (each an "Extension Period") upon the following terms and conditions. Fourteen (14) days prior to the Closing Date (as the same may be extended hereunder), Buyer shall deliver notice to Seller of its election so to extend the Closing Date (an "Extension Notice") to that date which is ninety (90) days from the then-scheduled Closing Date (or in the event such date falls on a weekday or holiday, to the next business day thereafter). Upon Seller's receipt of Buyer's first Extension Notice, notwithstanding anything set forth in Paragraph 27 to the contrary, the balance of the Deposit ($100,000.00) shall be released by the Escrow Agent to Seller, and such funds shall become property of the Seller and shall not be refundable to Buyer for any reason thereafter except as set forth below, but shall be credited against the Purchase Price at the time of closing. In the event that the Buyer elects not to extend the Closing Date and does not close on the Closing Date for any reason, the $100,000 then being held in escrow shall be immediately returned to the Buyer. As a condition precedent to Buyer's exercise of its right to extend the terms of this Agreement for a second Extension Period, Buyer shall pay directly to Seller simultaneously with the Extension Notice $50,000, which amount shall be non-refundable, but credited against the Purchase Price at the time of closing. During the Extension Period(s), the Buyer shall also pay to the Seller, at the commencement of each 30-day period, $9,000 which shall constitute an extension payment on account of Buyer's extension of the terms hereof for such 30-day period (or any part thereof) and shall not be applied to reduce the Purchase Price. Buyer may, during any Extension Period, establish a Closing Date earlier than the last day of such Extension Period, upon ten (10) days' written notice to Seller. Notwithstanding anything to the contrary herein contained, in the event that the Seller does not comply with its obligations hereunder, all Deposits and extension payments paid hereunder shall, at the Buyer's option, be