Common use of Buyer’s Right of Termination Clause in Contracts

Buyer’s Right of Termination. Buyer shall have the right to terminate this Agreement, for any or no reason whatsoever, by giving Seller written notice (“Termination Notice”) at any time prior to 5:00 p.m. Eastern Standard Time on the date which is twenty (20) days after the Effective Date, which period is referred to as the “Inspection Period”. Upon giving the Termination Notice, this Agreement shall immediately terminate (except for the indemnity obligations of Buyer to Seller under this Agreement which shall survive termination of this Agreement) and the Deposit shall be returned to Buyer, as Buyer’s sole and exclusive remedy as a result of giving the Termination Notice. If Buyer fails to timely deliver the Termination Notice prior to the expiration of the Inspection Period, the Deposit shall be non-refundable (except as otherwise provided in this Agreement) and such failure by Buyer shall be deemed a waiver of Buyer’s right to terminate this Agreement under this Paragraph 19 or by reason of the physical condition of the Premises or any other matter whatsoever relating to the Premises (except as otherwise provided in this Agreement) and shall constitute Buyer’s unconditional obligation to close the transactions contemplated hereby (except as otherwise provided in this Agreement) in accordance with and subject to the terms and conditions of this Agreement.

Buyer’s Right of Termination. If Buyer determines that it is not satisfied with the Premises and all matters relating thereto as a result of Buyer’s inspection, Buyer shall have the right to terminate this Agreement, for any reason or no reason whatsoever, in Buyer’s sole discretion, by giving Seller written notice (“Termination Notice”) at any time prior to 5:00 p.m. Eastern Standard Time on April 12, 2005 (the “Outside Termination Date”). The period from the date which hereof to 5:00 p.m. Eastern Standard Time on the Outside Termination Date is twenty (20) days after the Effective Date, which period is hereinafter referred to as the “Inspection Period”. Upon giving the Termination Notice, this Agreement shall immediately terminate (except for the indemnity obligations of Buyer to Seller under this Agreement which shall survive termination of this AgreementAgreement and any other terms of this Agreement which survive such termination) and the Deposit shall be returned to Buyer, as Buyer’s sole and exclusive remedy as a result of giving remedy. In such event, Buyer shall promptly restore the Termination NoticePremises with respect to any damages done by Buyer or its representatives during the Inspection Period. If Buyer fails Buyer’s failure to timely deliver the Termination Notice prior to the expiration of the Inspection Period, the Deposit shall be non-refundable (except as otherwise provided in this Agreement) and such failure by Buyer Period shall be deemed a waiver of Buyer’s right to terminate this Agreement under this Paragraph Section 19 or by reason of the physical condition of the Premises or any other matter whatsoever relating to the Premises (except as otherwise provided in this Agreement) and shall constitute Buyer’s unconditional obligation to close deposit the transactions contemplated hereby (except as otherwise provided in this Agreement) Second Deposit with Escrowee in accordance with and subject Section 2.1 hereof and, in such event, failure to timely make the terms and conditions of this AgreementSecond Deposit shall constitute a default by Buyer hereunder.

Buyer’s Right of Termination. If Buyer determines, in its sole and absolute discretion, that it is not satisfied with the Premises and all or any matters relating thereto as a result of Buyer’s inspection (including, without limitation, any title matters), Buyer shall have the right to terminate this Agreement, for any or no reason whatsoever, by giving Seller written notice (“Termination Notice”) at any time prior to 5:00 p.m. Eastern Standard Time on the date which is twenty (20) days after expiration of the Effective Date, which period is referred to as the “Inspection Period”. Upon giving the Termination Notice, this Agreement shall immediately terminate (except for the indemnity and other obligations of Buyer to Seller under this Agreement which shall are provided hereunder to survive the termination of this Agreement) and without further notice or instruction, the Deposit shall be returned by Escrowee to Buyer, as Buyer’s sole and exclusive remedy as a result of giving under this Agreement, at law or in equity. In any event and notwithstanding anything in this Agreement that may be construed to the Termination Notice. If Buyer fails contrary, Buyer’s failure to timely deliver the Termination Notice prior to the expiration of the Inspection Period, the Deposit Period shall be non-refundable deemed Buyer’s waiver of its termination right under this Paragraph 19 (except as otherwise provided in this Agreement) and such failure by which event, Buyer shall be deemed a waiver to have consented to and approved of Buyer’s right to terminate this Agreement under this Paragraph 19 or by reason of the physical every fact, item and condition of the Premises or any other matter whatsoever relating to the Premises (except as otherwise provided Property including, without limitation, all encumbrances and other title exceptions contained in this Agreement) the Title Report and shall constitute Buyer’s unconditional obligation to close all matters set forth in or illustrated by the transactions contemplated hereby (except as otherwise provided in this Agreement) in accordance with and subject to the terms and conditions of this AgreementSurvey Plan).

Buyer’s Right of Termination. Buyer shall have the right to terminate this Agreement, for any reason whatsoever or for no reason whatsoever, by giving Seller written notice (“Termination Notice”) at any time prior to 5:00 p.m. Eastern Standard Time on until the date which is twenty (20) days after expiration of the Effective Date, which period is referred to as the “Inspection Period”. Upon giving the Termination Notice, this Agreement shall immediately terminate (except for the indemnity or other obligations of Buyer to Seller Sellers under this Agreement which shall survive termination of this Agreement) ), and Sellers shall direct Escrow Agent to pay the Deposit shall be returned to Buyer, as . Return of the Deposit to Buyer is Buyer’s sole and exclusive remedy remedy. Except as may otherwise be expressly provided in this Agreement, Buyer shall be deemed to have consented to every fact, item and condition relating to the Property (including, without limitation, all encumbrances and other title exceptions contained in the Buyer’s Title Commitments and all matters set forth in or illustrated by Buyer’s Surveys) if a result Termination Notice is not delivered by Buyer prior to the expiration of giving the Termination NoticeInspection Period. If Buyer fails Buyer’s failure to timely deliver the Termination Notice prior to the expiration of the Inspection Period, the Deposit shall be non-refundable (except as otherwise provided in this Agreement) and such failure by Buyer Period shall be deemed a waiver of Buyer’s right to terminate this Agreement under this Paragraph 19 Section 20 or by reason of the physical condition of the Premises Property (except as provided in Sections 17 and 18 of this Agreement) or any other matter whatsoever relating to the Premises (except as otherwise provided in this Agreement) and shall constitute Buyer’s unconditional obligation to close the transactions contemplated hereby (except as otherwise provided in this Agreement) in accordance with and subject to the terms and conditions of this AgreementProperty.