Conditions to the Close of Escrow. Escrow shall not close unless and until both parties have deposited with Escrow Holder all sums and documents required to be deposited as provided in this Agreement. Additionally, Buyer’s obligation to proceed with the transaction contemplated by this Agreement is subject to the satisfaction of all of the following conditions precedent, which are for Buyer’s benefit and may be waived only by Buyer: 4.5.1 Seller shall have performed all agreements to be performed by Seller hereunder. 4.5.2 Title Company shall have issued or shall have committed to issue the Title Policy to Buyer, for the amount of the Purchase Price, showing fee title to the Property to be vested in Buyer subject only to the Approved Title Exceptions. If any of the conditions to Close of Escrow are not timely satisfied for a reason other than a default of Buyer or Seller under this Agreement, and this Agreement is terminated, then upon termination of this Agreement, Escrow Holder shall promptly return to Buyer all funds (and all interest accrued thereon) and documents deposited by Buyer in escrow and to return to Seller all funds and documents deposited by Seller in escrow and which are held by Escrow Holder on the date of the termination (less, in the case of the party otherwise entitled to such funds, however, the amount of any cancellation charges required to be paid by such party under Section 4.11 below).
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Conditions to the Close of Escrow. Escrow shall not close unless and until both parties have deposited with Escrow Holder all sums and documents required to be deposited as provided in this Agreement. Additionally, BuyerXxxxx’s obligation to proceed with close the transaction contemplated by this Agreement is subject to the satisfaction of all of the following conditions precedent, which are for Buyer’s benefit and may be waived only by BuyerXxxxx:
4.5.1 4.6.1 Seller shall have performed all agreements to be performed by Seller hereunder.;
4.5.2 4.6.2 As of the Close of Escrow, there shall have been no material adverse changes in the physical condition of the Property since Buyer’s inspection;
4.6.3 Title Company shall have issued or shall have committed to issue the Title Policy to Buyer, for the amount of the Purchase Price, showing fee title to the Property to be vested in Buyer subject only to the Approved Title Exceptions. If any of the such conditions to Close of Escrow are not timely satisfied for a reason other than a default of satisfied, Buyer or Seller under may terminate this AgreementAgreement by written notice to Seller, and this Agreement is terminated, then upon termination of this Agreement, Escrow Holder shall promptly return to Buyer all other funds (and all interest accrued thereon) and documents deposited by Buyer in escrow and to return to Seller all funds and documents deposited by Seller in escrow and which are held by Escrow Holder on the date of the termination (less, in the case of the party otherwise entitled to such funds, however, the amount of any cancellation charges required to be paid by such party under Section 4.11 below).
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
Conditions to the Close of Escrow. Escrow shall not close unless and until both parties have timely deposited with Escrow Holder all sums and documents required to be deposited as provided in this Agreement. AdditionallyThe failure of a party to timely deposit any such sums and/or documents shall constitute a default by such party, Buyersubject to reasonable cure as provided in this Agreement. Xxxxx’s obligation to proceed with the transaction contemplated by this Agreement is subject to the satisfaction of all of the following conditions precedent, which are for BuyerXxxxx’s benefit and may be waived only by BuyerXxxxx:
4.5.1 4.6.1 Seller shall have performed all agreements to be performed by Seller hereunder.;
4.5.2 4.6.2 As of the Close of Escrow, there shall have been no material adverse changes in the physical condition of the Property caused by Seller after Xxxxx’s approval of the condition of the Property;
4.6.3 Title Company shall have issued or shall have committed to issue the Title Policy to Buyer, for the amount of the Purchase Price, Price showing fee title to the Property to be vested in Buyer Buyer, subject only to the Approved Title Exceptions; and
4.6.4 All legal prerequisites to the sale of the Property by the Seller shall have been satisfied. If any of In the event that the conditions to Close of Escrow are not timely satisfied for a reason other than a default of Buyer or Seller under this Agreement, and this Agreement is terminated, then upon termination of this Agreement, Escrow Holder shall promptly return to Buyer all funds (and all interest accrued thereon) and documents deposited by Buyer in escrow and to return to Seller all funds and documents deposited by Seller in escrow and which are held by Escrow Holder on the date of the termination (less, in the case of the party otherwise entitled to such funds, however, the amount of any cancellation charges required to be paid by such party under Section 4.11 below).
Appears in 1 contract
Samples: Purchase and Sale Agreement
