Common use of Concurrent Closings Clause in Contracts

Concurrent Closings. Concurrent with execution of this Agreement, Stafford Commerce Center, L.L.C., Stafford Commerce Center II, L.L.C., and Xxxxxxxx Commerce Center III, L.L.C., each Virginia limited liability companies (the “Related Sellers”) controlled by the same individuals as Seller, and Purchaser have entered into those certain other Agreements of Sale and Purchase (the “Related Contracts”) for the properties known as Xxxxxxxx Commerce Center Building I, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center I”), Stafford Commerce Center Building II, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center II”) and Stafford Commerce Center Building III, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Xxxxxxxx Commerce Center III”, and collectively with Stafford Commerce Center I and Stafford Commerce Center II, the “Related Properties”). Purchaser and Seller recognize and agree that the sale of the Property and Closing hereunder are expressly conditioned upon the concurrent closings on the Related Properties by the applicable Related Sellers and Purchaser or an entity or entities to be designated by Purchaser for the purpose of acquiring the Related Properties (each, a “Related Purchaser”). If due to the default of the Purchaser or any Related Purchaser, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, such default shall constitute a default under this Agreement and the provisions of Section 11.1 below shall apply. If due to the default of the Seller or any Related Seller, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, any such default shall constitute a default under this Agreement. In such event, Purchaser shall be entitled to elect its remedy under Section 11.2 herein, but Purchaser agrees that it shall not be entitled to (i) waive the default hereunder and proceed to Closing on this Agreement without closing on all of the Related Contracts, or (ii) pursue a suit for specific performance hereunder unless Purchaser has elected to pursue specific performance on all of the Related Contracts. If for any reason other than a Purchaser or Seller default, any of the Related Contracts shall terminate in accordance with its terms or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, then this Agreement shall automatically terminate, the Deposit shall be refunded to Purchaser and the parties shall be released of all obligations hereunder other than the obligations of Purchaser under Section 4.1 above.

Concurrent Closings. Concurrent with execution of this Agreement, Stafford Commerce Center, L.L.C., Stafford Commerce Center II, L.L.C., and Xxxxxxxx Commerce Center IIIIV, L.L.C., each Virginia limited liability companies (the “Related Sellers”) controlled by the same individuals as Seller, and Purchaser have entered into those certain other Agreements of Sale and Purchase (the “Related Contracts”) for the properties known as Xxxxxxxx Commerce Center Building I, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center I”), Stafford Commerce Center Building II, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center II”) and Stafford Commerce Center Building IIIIV, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Xxxxxxxx Commerce Center IIIIV”, and collectively with Stafford Commerce Center I and Stafford Xxxxxxxx Commerce Center II, the “Related Properties”). Purchaser and Seller recognize and agree that the sale of the Property and Closing hereunder are expressly conditioned upon the concurrent closings on the Related Properties by the applicable Related Sellers and Purchaser or an entity or entities to be designated by Purchaser for the purpose of acquiring the Related Properties (each, a “Related Purchaser”). If due to the default of the Purchaser or any Related Purchaser, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, such default shall constitute a default under this Agreement and the provisions of Section 11.1 below shall apply. If due to the default of the Seller or any Related Seller, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, any such default shall constitute a default under this Agreement. In such event, Purchaser shall be entitled to elect its remedy under Section 11.2 herein, but Purchaser agrees that it shall not be entitled to (i) waive the default hereunder and proceed to Closing on this Agreement without closing on all of the Related Contracts, or (ii) pursue a suit for specific performance hereunder unless Purchaser has elected to pursue specific performance on all of the Related Contracts. If for any reason other than a Purchaser or Seller default, any of the Related Contracts shall terminate in accordance with its terms or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, then this Agreement shall automatically terminate, the Deposit shall be refunded to Purchaser and the parties shall be released of all obligations hereunder other than the obligations of Purchaser under Section 4.1 above.

Concurrent Closings. Concurrent with execution of this Agreement, Stafford Commerce CenterCenter II, L.L.C., Stafford Xxxxxxxx Commerce Center IIIII, L.L.C., and Xxxxxxxx Commerce Center IIIIV, L.L.C., each Virginia limited liability companies (the “Related Sellers”) controlled by the same individuals as Seller, and Purchaser have entered into those certain other Agreements of Sale and Purchase (the “Related Contracts”) for the properties known as Xxxxxxxx Commerce Center Building I, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center I”), Stafford Commerce Center Building II, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center II”) and Stafford ), Xxxxxxxx Commerce Center Building III, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center III”) and Xxxxxxxx Commerce Center IIIBuilding IV, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Xxxxxxxx Commerce Center IV”, and collectively with Stafford Xxxxxxxx Commerce Center I II and Stafford Commerce Center IIIII, the “Related Properties”). Purchaser and Seller recognize and agree that the sale of the Property and Closing hereunder are expressly conditioned upon the concurrent closings on the Related Properties by the applicable Related Sellers and Purchaser or an entity or entities to be designated by Purchaser for the purpose of acquiring the Related Properties (each, a “Related Purchaser”). If due to the default of the Purchaser or any Related Purchaser, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, such default shall constitute a default under this Agreement and the provisions of Section 11.1 below shall apply. If due to the default of the Seller or any Related Seller, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, any such default shall constitute a default under this Agreement. In such event, Purchaser shall be entitled to elect its remedy under Section 11.2 herein, but Purchaser agrees that it shall not be entitled to (i) waive the default hereunder and proceed to Closing on this Agreement without closing on all of the Related Contracts, or (ii) pursue a suit for specific performance hereunder unless Purchaser has elected to pursue specific performance on all of the Related Contracts. If for any reason other than a Purchaser or Seller default, any of the Related Contracts shall terminate in accordance with its terms or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, then this Agreement shall automatically terminate, the Deposit shall be refunded to Purchaser and the parties shall be released of all obligations hereunder other than the obligations of Purchaser under Section 4.1 above.

Concurrent Closings. Concurrent with execution of this Agreement, Stafford Commerce Center, L.L.C., Stafford Xxxxxxxx Commerce Center IIIII, L.L.C., and Xxxxxxxx Commerce Center IIIIV, L.L.C., each Virginia limited liability companies (the “Related Sellers”) controlled by the same individuals as Seller, and Purchaser have entered into those certain other Agreements of Sale and Purchase (the “Related Contracts”) for the properties known as Xxxxxxxx Stafford Commerce Center Building I, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Xxxxxxxx Commerce Center I”), Stafford Commerce Center Building II, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Stafford Commerce Center II”) and Stafford Commerce Center Building III, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Xxxxxxxx Commerce Center III”) and Stafford Commerce Center Building IV, with a street address of 00 Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (“Xxxxxxxx Commerce Center IV,” and collectively with Stafford Commerce Center I and Stafford Commerce Center IIIII, the “Related Properties”). Purchaser and Seller recognize and agree that the sale of the Property and Closing hereunder are expressly conditioned upon the concurrent closings on the Related Properties by the applicable Related Sellers and Purchaser or an entity or entities to be designated by Purchaser for the purpose of acquiring the Related Properties (each, a “Related Purchaser”). If due to the default of the Purchaser or any Related Purchaser, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, such default shall constitute a default under this Agreement and the provisions of Section 11.1 below shall apply. If due to the default of the Seller or any Related Seller, any of the Related Contracts terminates or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, any such default shall constitute a default under this Agreement. In such event, Purchaser shall be entitled to elect its remedy under Section 11.2 herein, but Purchaser agrees that it shall not be entitled to (i) waive the default hereunder and proceed to Closing on this Agreement without closing on all of the Related Contracts, or (ii) pursue a suit for specific performance hereunder unless Purchaser has elected to pursue specific performance on all of the Related Contracts. If for any reason other than a Purchaser or Seller default, any of the Related Contracts shall terminate in accordance with its terms or the closing on any of the Related Contracts shall not occur by the deadline for closing thereunder, then this Agreement shall automatically terminate, the Deposit shall be refunded to Purchaser and the parties shall be released of all obligations hereunder other than the obligations of Purchaser under Section 4.1 above.