Common use of Daily Delay Liquidated Damages to Extend Term Start Date Clause in Contracts

Daily Delay Liquidated Damages to Extend Term Start Date. Subject to limitations set forth in Section 1.01(a), Seller may elect to delay the Term Start Date by paying to Buyer liquidated damages in an amount equal to one percent of the Development Security per day for each day (or portion thereof) from and including the original Term Start Date to and excluding the actual Term Start Date (“Daily Delay Liquidated Damages”). To extend the Term Start Date, Seller must, at the earliest possible time, but no later than 6 a.m. on the first day of the proposed extension, provide Buyer with Notice of its election to extend the Term Start Date along with its estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Term Start Date extension period. Seller may further extend the Term Start Date beyond the original Term Start Date extension period subject to the same terms applicable to the original Term Start Date extension. The Daily Delay Liquidated Damages payments applicable to days included in any Term Start Date extension shall be nonrefundable and are in addition to and not to be considered part of the Development Security. Seller shall be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Term Start Date was actually extended. In no event may Seller extend the Term Start Date for more than a total of [___] days by the payment of Daily Delay Liquidated Damages. {Buyer Comment: To be completed by Seller, and subject to Buyer’s acceptance.}

Daily Delay Liquidated Damages to Extend Term Start Date. Subject to limitations set forth in Section 1.01(a), Seller may elect to delay the Term Start Date by paying to Buyer liquidated damages in an amount equal to one percent of the Development Security per day for each day (or portion thereof) from and including the original Term Start Date to and excluding the actual Term Start Date (“Daily Delay Liquidated Damages”). To extend the Term Start Date, Seller must, at the earliest possible time, but no later than 6 a.m. on the first day of the proposed extension, provide Buyer with Notice of its election to extend the Term Start Date along with its estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Term Start Date extension period. Seller may further extend the Term Start Date beyond the original Term Start Date extension period subject to the same terms applicable to the original Term Start Date extension. The Daily Delay Liquidated Damages payments applicable to days included in any Term Start Date extension shall be nonrefundable and are in addition to and not to be considered part of the Development Security. Seller shall be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Term Start Date was actually extended. In no event may Seller extend the Term Start Date for more than a total of [___] 180 days by the payment of Daily Delay Liquidated Damages. {Buyer Comment: To be completed by Seller, and subject to Buyer’s acceptance.}

Daily Delay Liquidated Damages to Extend Term Start Date. Subject to limitations set forth in Section 1.01(a), Seller may elect to delay the Term Start Date by paying to Buyer liquidated damages in an amount equal to one percent of the Development Security per day for each day (or portion thereof) from and including the original Term Start Date to and excluding the actual Term Start Date (“Daily Delay Liquidated Damages”). To extend the Term Start Date, Seller must, at the earliest possible time, but no later than 6 6:00 a.m. on the first day of the proposed extension, provide Buyer with Notice of its election to extend the Term Start Date along with its estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Term Start Date extension period. Seller may further extend the Term Start Date beyond the original Term Start Date extension period subject to the same terms applicable to the original Term Start Date extension. The Daily Delay Liquidated Damages payments applicable to days included in any Term Start Date extension shall be nonrefundable and are in addition to and not to be considered part of the Development Security. Seller shall be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Term Start Date was actually extended. In no event may Seller extend the Term Start Date for more than a total of [___] 180 days by the payment of Daily Delay Liquidated Damages. {Buyer Comment: To be completed by Seller, and subject to Buyer’s acceptance.}

Daily Delay Liquidated Damages to Extend Term Start Date. Subject to limitations set forth in Section 1.01(a1.01(b), Seller may elect to delay the Term Start Date by paying to Buyer liquidated damages in an amount equal to one percent of the Development Security per day for each day (or portion thereof) from and including the original Term Start Date to and excluding the actual Term Start Date (“Daily Delay Liquidated Damages”). To extend the Term Start Date, Seller must, at the earliest possible time, but no later than 6 6:00 a.m. on the first day of the proposed extension, provide Buyer with Notice of its election to extend the Term Start Date along with its estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Term Start Date extension period. Seller may further extend the Term Start Date beyond the original Term Start Date extension period subject to the same terms applicable to the original Term Start Date extension. The Daily Delay Liquidated Damages payments applicable to days included in any Term Start Date extension shall be nonrefundable and are in addition to and not to be considered part of the Development Security. Seller shall be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Term Start Date was actually extended. In no event may Seller extend the Term Start Date for more than a total of [___] 180 days by the payment of Daily Delay Liquidated Damages. {Buyer Comment: To be completed by Seller, and subject to Buyer’s acceptance.}

Daily Delay Liquidated Damages to Extend Term Start Date. Subject to limitations set forth in Section 1.01(a), Seller may elect to delay the Term Start Date by paying to Buyer liquidated damages in an amount equal to one percent of the Development Security per day for each day (or portion thereof) from and including the original Term Start Date to and excluding the actual Term Start Date (“Daily Delay Liquidated Damages”). To extend the Term Start Date, Seller must, at the earliest possible time, but no later than 6 a.m. on the first day of the proposed extension, provide Buyer with Notice of its election to extend the Term Start Date along with its estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Term Start Date extension period. Seller may further extend the Term Start Date beyond the original Term Start Date extension period subject to the same terms applicable to the original Term Start Date extension. The Daily Delay Liquidated Damages payments applicable to days included in any Term Start Date extension shall be nonrefundable and are in addition to and not to be considered part of the Development Security. Seller shall be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Term Start Date was actually extended. In no event may Seller extend the Term Start Date for more than a total of [___] three hundred sixty-five (365) days by the payment of Daily Delay Liquidated Damages. {Buyer Comment: To be completed by Seller, and subject to Buyer’s acceptance.}

Daily Delay Liquidated Damages to Extend Term Start Date. Subject to limitations set forth in Section 1.01(a)1.01, Seller may elect to delay the Term Start Date by paying to Buyer liquidated damages in an amount equal to one percent of the Development Security per day for each day (or portion thereof) from and including the original Term Start Date to and excluding the actual Term Start Date (“Daily Delay Liquidated Damages”). To extend the Term Start Date, Seller must, at the earliest possible time, but no later than 6 6:00 a.m. on the first day of the proposed extension, provide Buyer with Notice of its election to extend the Term Start Date along with its estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Term Start Date extension period. Seller may further extend the Term Start Date beyond the original Term Start Date extension period subject to the same terms applicable to the original Term Start Date extension. The Daily Delay Liquidated Damages payments applicable to days included in any Term Start Date extension shall be nonrefundable and are in addition to and not to be considered part of the Development Security. Seller shall be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Term Start Date was actually extended. In no event may Seller extend the Term Start Date for more than a total of [___] 180 days by the payment of Daily Delay Liquidated Damages. {Buyer Comment: To be completed by Seller, and subject to Buyer’s acceptance.}