Common use of Dependent Contracts Clause in Contracts

Dependent Contracts. Seller and Purchaser acknowledge that on the Effective Date of this Contract, Purchaser entered into those certain contracts of sale described in Schedule 14.1 hereof (collectively, the "Dependent Contracts"). Notwithstanding anything contained in this Contract to the contrary, Seller and Purchaser agree with respect to the Dependent Contracts as follows: (a) Purchaser's obligations under this Contract to purchase the Property is expressly subject to and conditioned upon the consummation of the closing of the acquisition of the properties set forth and described in the Dependent Contracts pursuant to the terms and conditions thereof; (b) Seller's obligations under this Contract to sell the Property to Purchaser is expressly subject to and conditioned upon the consummation of the closing of the acquisition of the properties set forth and described in the Dependent Contracts pursuant to the terms and conditions thereof; (c) A default by Purchaser or any of the sellers (the "Dependent Sellers") under any of the Dependent Contracts shall be deemed to be a default by Purchaser or Seller, respectively, under this Contract and shall entitle such non-defaulting party to the rights and remedies set forth in this Contract; (d) The termination by Purchaser of this Contract pursuant to a right hereunder automatically terminates each of the Dependent Contracts and a termination by Purchaser of any of the Dependent Contracts automatically terminates this Contract and the other Dependent Contracts and any termination of this Contract by Purchaser which entitles Purchaser to receive the Xxxxxxx Money Deposit shall terminate all of the other Dependent Contracts and the Xxxxxxx Money Deposit held under this Contract and the xxxxxxx money deposits held under the Dependent Contracts shall be promptly returned to Purchaser; (e) The termination by Seller of this Contract pursuant to a right hereunder automatically terminates each of the Dependent Contracts and a termination by any of the Dependent Sellers of any of the Dependent Contracts automatically terminates this Contract and the other Dependent Contracts and any termination of this Contract by Seller which entitles Seller to receive the Xxxxxxx Money Deposit shall terminate all of the other Dependent Contracts and the Xxxxxxx Money Deposit held under this Contract shall be promptly paid to Seller and the xxxxxxx money deposits held under the Dependent Contracts shall be promptly paid to the applicable Dependent Sellers; and (f) Notwithstanding anything contained in this Section 14.1 hereof, in the event of a termination of this Contract or any of the Dependent Contracts due to (x) the failure or refusal of Seller to consummate the Closing under this Contract (other than due to a termination permitted hereunder or a failure of a condition precedent to Seller's obligation to close or due to the default of Purchaser hereunder) or the failure or refusal of any of the Dependent Sellers to consummate the closing under any of the Dependent Contracts (other than due to a termination permitted thereunder or a failure of a condition precedent to such Dependent Seller's obligation to close or due to the default of Purchaser thereunder) or (y) a casualty or condemnation pursuant to the terms and provisions set forth in Article IX hereof, then at Purchaser's option, the Dependent Contracts and this Contract not so terminated shall not be automatically terminated and the closings thereunder shall occur pursuant to the terms thereof.