Common use of Changed Conditions Clause in Contracts

Changed Conditions. If Owner discovers that one or more of the Warranties or one of the conditions referred to in the Warranties has changed after this Option Agreement is executed, through no fault of Owner, Owner will immediately inform Optionee, in writing, of that discovery. If the changed condition or Warranty cannot be cured within _________ (__) days of the date Owner discovers the change, then Optionee may terminate this Option Agreement (and its exercise of the Option, if any) by giving written notice of termination to Owner within _________ (__) days after receiving the notice from Owner, and all Option Money Payments previously paid by Optionee will be returned to Optionee. If the changed condition or Warranty can be corrected within _________ (__) days after discovery by Owner, Optionee will not have the right to terminate this Option Agreement under this section and Owner will correct the changed condition or Warranty within _________ (__) days of the discovery. If Optionee does not terminate this Option Agreement and the changed condition or Warranty can be corrected and is not corrected by the Closing Date, then Optionee will have the right to withhold 150% of the estimated costs of correcting the changed condition or Warranty until the changed condition is corrected, and Owner will correct the changed condition, at Owner’s sole expense and in an expeditious manner, failing which Optionee may use the withheld sums to make the correction. A change caused by Owner is deemed to be a breach of this Option Agreement by Owner if the change materially and adversely affects the Easement Property or Optionee’s rights.

Changed Conditions. If Owner discovers that one or more of the Warranties or one of the conditions referred to in the Warranties has changed after this Option Agreement is executed, through no fault of Owner, Owner will immediately inform Optionee, in writing, of that discovery. If the changed condition or Warranty cannot be cured within _________ (__) days of the date Owner discovers the change, then Optionee may terminate this Option Agreement (and its exercise of the Option, if any) by giving written notice of termination to Owner within _________ (__) days after receiving the notice from Owner, and all Option Money Payments previously paid by Optionee will be returned to Optionee. If the changed condition or Warranty can be corrected within _________ (__) days after discovery by Owner, Optionee will not have the right to terminate this Option Agreement under this section and Owner will correct the changed condition or Warranty within _________ (__) days of the discovery. If Optionee does not terminate this Option Agreement and the changed condition or Warranty can be corrected and is not corrected by the Closing Date, then Optionee will have the right to withhold 150% of the estimated costs of correcting the changed condition or Warranty until the changed condition is corrected, and Owner will correct the changed condition, at Owner’s sole expense and in an expeditious manner, failing which Optionee may use the withheld sums to make the correction. A change caused by Owner is deemed to be a breach of this Option Agreement by Owner if the change materially and adversely affects the Easement Property or Optionee’s rights.

Changed Conditions. If Owner discovers that one or more of the Warranties or one of the conditions referred to in the Warranties has changed after this Option Agreement is executed, through no fault of Owner, Owner will immediately inform Optionee, in writing, of that discovery. If the changed condition or Warranty cannot be cured within _________ (__) 10 days of the date Owner discovers the change, then Optionee may terminate this Option Agreement (and its exercise of the Option, if any) by giving written notice of termination to Owner within _________ (__) 15 days after receiving the notice from Owner, and all Option Money Payments previously paid by Optionee will be returned to Optionee. If the changed condition or Warranty can be corrected within _________ (__) 10 days after discovery by Owner, Optionee will not have the right to terminate this Option Agreement under this section and Owner will correct the changed condition or Warranty within _________ (__) 10 days of the discovery. If Optionee does not terminate this Option Agreement and the changed condition or Warranty can be corrected and is not corrected by the Closing Date, then Optionee will have the right to withhold 150% of the estimated costs of correcting the changed condition or Warranty until the changed condition is corrected, and Owner will correct the changed condition, at Owner’s sole expense and in an expeditious manner, failing which Optionee may use the withheld sums to make the correction. A change caused by Owner is deemed to be a breach of this Option Agreement by Owner if the change materially and adversely affects the Easement Property or Optionee’s rights.