Common use of Completion/Closing Date Clause in Contracts

Completion/Closing Date. Closing shall not occur until substantial completion of the Unit, as determined by Seller in its reasonable discretion (“Substantial Completion”), provided that Substantial Completion shall in all cases be deemed to occur upon the issuance of a Certificate of Occupancy for the Unit, which may be conditional or temporary. No more than 10 business days prior to Substantial Completion, Seller will deliver written notice to Buyer setting forth the date of Closing (the “Closing Date”) and Buyer shall promptly initiate any further actions necessary to prepare for the Closing on such Closing Date. If the written notice does not specify a Closing Date, the Closing Date shall be 10 business days following the date of such notice. At Closing, Buyer shall pay the full balance of the Purchase Price to Seller, and the Parties shall timely execute such documents and take such actions as are reasonably necessary to carry out the terms of this Contract. There will be no escrows at Closing for Punch List items or otherwise. Closing shall be deemed acceptance of the Unit, the Limited Common Elements, and Common Elements, as constructed, except as set forth on the Punch List. This Section 6.3 shall survive the Closing and delivery of the Deed.