Common use of Designation of Exchange Parcels Clause in Contracts

Designation of Exchange Parcels. (a) The Seller may from time to time after the date of this Agreement but, in any event, no later than forty-five (45) days after the Closing Date, designate one or more parcels of real property as Exchange Parcels, which Exchange Parcels the Purchaser shall acquire and transfer to the Seller, in exchange for the Exchange Properties, upon the terms and subject to the conditions of this Agreement. The Seller shall be unconditionally obligated to accept any Exchange Parcel acquired by the Purchaser pursuant to the terms of this Agreement. (b) In the event that the Seller does not designate any Exchange Parcels on or before the day within forty-five (45) days after the Closing Date, or if the Exchange Property Credit has not been reduced to zero on or before the Final Exchange Closing Date, the provisions of Section 12.11 shall apply. -------------

Designation of Exchange Parcels. (a) The Seller may from time to time after the date of this Agreement but, in any event, no later than forty-five (45) 45 days after the Closing Date, designate one or more parcels of real property as Exchange Parcels, which Exchange Parcels the Purchaser shall acquire and transfer to the Seller, in exchange for the Exchange Properties, upon the terms and subject to the conditions of this Agreement. The Seller shall be unconditionally obligated to accept any Exchange Parcel acquired by the Purchaser pursuant to the terms of this Agreement. (b) In the event that the Seller does not designate any Exchange Parcels on or before the day within forty-five (45) 45 days after the Closing Date, or if the Exchange Property Credit has not been reduced to zero on or before the Final Exchange Closing Date, the provisions of Section 12.11 shall apply. -------------.