Common use of Contract for Purchase of the Property/Closing Clause in Contracts

Contract for Purchase of the Property/Closing. As of the date of this Agreement, Grantee and the current owner of the Property, JTS Capital Realty BB LLC, a Texas limited liability company (“Seller”) shall have entered into a binding and enforceable purchase and sale agreement (the “Purchase Agreement”), pursuant to which Grantee agrees to purchase, and Seller agrees to sell, the Property. No Grant funds shall be disbursed to Grantee (i) unless and until all conditions precedent to Grantee’s obligations under the Purchase Agreement have been satisfied or have been waived by Grantee, (ii) if any event or condition has arisen that could reasonably be expected to render the timely development of the Park as contemplated in the Grant Application infeasible, impracticable, or illegal, (iii) unless and until Grantee and Seller are ready, willing, and able to consummate the purchase and sale of the Property on and subject to the terms set forth in the Purchase Agreement, (iv) unless and until the closing and consummation of the purchase and sale of the Property on and subject to the terms set forth in the Purchase Agreement (the “Closing”) is scheduled for a date certain with a title insurance company or law firm (“Closing Agent”) reasonably acceptable to Triumph, (v) unless and until Triumph has reviewed and approved the deed and the settlement statement for the closing of the transaction, and (vi) unless and until the Closing Agent has executed closing instructions acceptable to Triumph, pursuant to which, among other things, the Closing Agent agrees that, if the Closing fails to occur for any reason, Closing Agent agrees to return to Triumph any Grant funds provided by Triumph to the Closing Agent (whether such Grant funds were delivered directly by Triumph to Closing Agent or delivered by Triumph to Grantee, who in turn delivered them to Closing Agent). In the event the Closing does not occur for any reason, then upon the return of the Grant funds to Triumph, the Grant shall be deemed automatically rescinded and revoked and this Agreement shall be deemed automatically terminated and of no further force or effect and the parties hereto shall have no further liabilities or obligations to each other hereunder.

Contract for Purchase of the Property/Closing. As of the date of this Agreement, Grantee and the current owner of the Property, JTS Capital Realty BB LLC, a Texas limited liability company (“Seller”) shall have entered into a binding and enforceable purchase and sale agreement (the “Purchase Agreement”), pursuant to which Grantee Xxxxxxx agrees to purchase, and Seller agrees to sell, the Property. No Grant funds shall be disbursed to Grantee (i) unless and until all conditions precedent to Grantee’s obligations under the Purchase Agreement have been satisfied or have been waived by Grantee, (ii) if any event or condition has arisen that could reasonably be expected to render the timely development of the Park as contemplated in the Grant Application infeasible, impracticable, or illegal, (iii) unless and until Grantee and Seller are ready, willing, and able to consummate the purchase and sale of the Property on and subject to the terms set forth in the Purchase Agreement, (iv) unless and until the closing and consummation of the purchase and sale of the Property on and subject to the terms set forth in the Purchase Agreement (the “Closing”) is scheduled for a date certain with a title insurance company or law firm (“Closing Agent”) reasonably acceptable to Triumph, (v) unless and until Triumph has reviewed and approved the deed and the settlement statement for the closing of the transaction, and (vi) unless and until the Closing Agent has executed closing instructions acceptable to Triumph, pursuant to which, among other things, the Closing Agent agrees that, if the Closing fails to occur for any reason, Closing Agent agrees to return to Triumph any Grant funds provided by Triumph to the Closing Agent (whether such Grant funds were delivered directly by Triumph to Closing Agent or delivered by Triumph to Grantee, who in turn delivered them to Closing Agent). In the event the Closing does not occur for any reason, then upon the return of the Grant funds to Triumph, the Grant shall be deemed automatically rescinded and revoked and this Agreement shall be deemed automatically terminated and of no further force or effect and the parties hereto shall have no further liabilities or obligations to each other hereunder.

Contract for Purchase of the Property/Closing. As of the date of this Agreement, No Grant funds shall be disbursed to Grantee unless Grantee and the current owner of the Property, JTS Capital Realty BB LLCHitachi Cable America, a Texas limited liability company Inc. (“Seller”) shall have entered into a binding and enforceable purchase and sale agreement (the “Purchase Agreement”), pursuant to which Grantee agrees to purchase, and Seller agrees to sell, the Property. No In addition, no Grant funds shall be disbursed to Grantee (i) unless and until all conditions precedent to Grantee’s obligations under the Purchase Agreement have been satisfied or have been waived by Grantee, (ii) if any event or condition has arisen that could reasonably be expected to render the timely development purchase and renovation of the Park Property as contemplated in the Grant Application by December 31, 2025 infeasible, impracticable, or illegal, (iii) unless and until Grantee and Seller are ready, willing, and able to consummate the purchase and sale of the Property on and subject to the terms set forth in the Purchase Agreement, (iv) unless and until the closing and consummation of the purchase and sale of the Property on and subject to the terms set forth in the Purchase Agreement (the “Closing”) is scheduled for a date certain with a title insurance company or law firm (“Closing Agent”) reasonably acceptable to Triumph, (v) unless and until Triumph has reviewed and approved the deed and the settlement statement for the closing of the transaction, and (vi) unless and until the Closing Agent has executed closing instructions acceptable to Triumph, pursuant to which, among other things, the Closing Agent agrees that, if the Closing fails to occur for any reason, Closing Agent agrees to return to Triumph any Grant funds provided by Triumph to the Closing Agent (whether such Grant funds were delivered directly by Triumph to Closing Agent or delivered by Triumph to Grantee, who in turn delivered them to Closing Agent). In the event the Closing does not occur for any reason, then upon the return of the Grant funds to Triumph, the Grant shall be deemed automatically rescinded and revoked and this Agreement shall be deemed automatically terminated and of no further force or effect and the parties hereto shall have no further liabilities or obligations to each other hereunderother.