Common use of Closing Condition Failure Clause in Contracts

Closing Condition Failure. (a) Subject to Seller’s right to extend the Closing Date pursuant to Section 9.1(c), if any condition set forth in Section 8.1 or Section 9.1 is not satisfied on the Closing Date (and such failure is not the result of a default under this Agreement or any act or omission intentionally taken or not taken for purposes of frustrating Closing by the Party in whose favor such condition runs), then the party for whom such condition(s) precedent is not satisfied (and only such party) may, in its sole and absolute discretion, (i) terminate this Agreement by providing written notice to such effect to the other party whereupon Escrow Company shall immediately return the Deposit to Purchaser, the Parties shall each pay one-half the costs of escrow, and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement, except for the Surviving Obligations, or (ii) waive such closing condition(s) at or prior to the Closing Date without any increase in, abatement of, or credit against the Purchase Price, or claim against the other party and proceed to Closing; provided however, if either Party terminates this Agreement due to a default by the other Party, then Section 15.1 and Section 15.2, as applicable, shall control the rights, remedies and obligations of the Parties.

Closing Condition Failure. (a) Subject to Seller’s right to extend the Closing Date pursuant to Section 9.1(c), if any condition set forth in Section 8.1 or Section 9.1 is 9.1is not satisfied on the Closing Date (and such failure is not the result of a default under this Agreement or any act or omission intentionally taken or not taken for purposes of frustrating Closing by the Party in whose favor such condition runs), then the party for whom such condition(s) precedent is not satisfied (and only such party) may, in its sole and absolute discretion, (i) terminate this Agreement by providing written notice to such effect to the other party whereupon Escrow Company shall immediately return the Deposit to Purchaser, the Parties shall each pay one-half the costs of escrow, and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement, except for the Surviving Obligations, or (ii) waive such closing condition(s) at or prior to the Closing Date without any increase in, abatement of, or credit against the Purchase Price, or claim against the other party and proceed to Closing; provided however, if either Party terminates this Agreement due to a default by the other Party, then Section 15.1 1.1 and Section 15.2, as applicable, shall control the rights, remedies and obligations of the Parties.

Closing Condition Failure. (ae) Subject to Seller’s right to extend the Closing Date pursuant to Section 9.1(c), if any condition set forth in Section 8.1 or Section 9.1 is not satisfied on the Closing Date (and such failure is not the result of a default under this Agreement or any act or omission intentionally taken or not taken for purposes of frustrating Closing by the Party in whose favor such condition runs), then the party for whom such condition(s) precedent is not satisfied (and only such party) may, in its sole and absolute discretion, (i) terminate this Agreement by providing written notice to such effect to the other party whereupon Escrow Company shall immediately return the Deposit to Purchaser, the Parties shall each pay one-half the costs of escrow, and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement, except for the Surviving Obligations, or (ii) waive such closing condition(s) at or prior to the Closing Date without any increase in, abatement of, or credit against the Purchase Price, or claim against the other party and proceed to Closing; provided however, if either Party terminates this Agreement due to a default by the other Party, then Section 15.1 and Section 15.2, as applicable, shall control the rights, remedies and obligations of the Parties.

Closing Condition Failure. (a) Subject to Seller’s right to extend the Closing Date pursuant to Section 9.1(c), if any condition set forth in Section 8.1 or Section 9.1 is not satisfied on the Closing Date (and such failure is not the result of a default under this Agreement or any act or omission intentionally taken or not taken for purposes of frustrating Closing by the Party in whose favor such condition runs), then the party for whom such condition(s) precedent is not satisfied (and only such party) may, in its sole and absolute discretion, (i) terminate this Agreement by providing written notice to such effect to the other party whereupon Escrow Company shall immediately return the Deposit to Purchaser, the Parties shall each pay one-half the costs of escrow, and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement, except for the Surviving Obligations, or (ii) waive such closing condition(s) at or prior to the Closing Date without any increase in, abatement of, or credit against the Purchase Price, or claim against the other party and proceed to Closing; provided however, if either Party terminates this Agreement due to a default by the other Party, then Section 15.1 and Section 15.2, as applicable, shall control the rights, remedies and obligations of the Parties.then

Closing Condition Failure. (ac) Subject to Seller’s right to extend the Closing Date pursuant to Section 9.1(c), if any condition set forth in Section 8.1 or Section 9.1 is not satisfied on the Closing Date (and such failure is not the result of a default under this Agreement or any act or omission intentionally taken or not taken for purposes of frustrating Closing by the Party in whose favor such condition runs), then the party for whom such condition(s) precedent is not satisfied (and only such party) may, in its sole and absolute discretion, (i) terminate this Agreement by providing written notice to such effect to the other party whereupon Escrow Company shall immediately return the Deposit to Purchaser, the Parties shall each pay one-half the costs of escrow, and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement, except for the Surviving Obligations, or (ii) waive such closing condition(s) at or prior to the Closing Date without any increase in, abatement of, or credit against the Purchase Price, or claim against the other party and proceed to Closing; provided however, if either Party terminates this Agreement due to a default by the other Party, then Section 15.1 1.1 and Section 15.2, as applicable, shall control the rights, remedies and obligations of the Parties.