Common use of Diligence Period Conditions Clause in Contracts

Diligence Period Conditions. Purchaser hereby acknowledges and agrees that Purchaser has approved or waived all of the Diligence Period Conditions, other than those items identified on Schedule 1 attached hereto (the "Open Diligence Items") and that Purchaser has waived its rights under clauses (i), (iii) and (v) of Paragraph 11(b) of the Purchase Agreement. Purchaser and Seller acknowledge and agree that Purchaser is retaining the right in its sole and absolute discretion to approve or disapprove of the Open Diligence Items and to terminate the Purchase Agreement at any time prior to the end of the Due Diligence Period (as amended pursuant to Paragraph 1 above) in its sole and absolute discretion, in which event the Deposit shall be immediately returned to Purchaser. In the event that Purchaser fails to deliver to Seller an Approval Notice with respect to the Open Diligence Items prior to the end of the Due Diligence Period (as amended pursuant to Paragraph 1 above), the Purchase Agreement shall automatically terminate and the Deposit shall be immediately returned to Purchaser. The parties hereto acknowledge that nothing contained in this Paragraph 3 shall affect Purchaser's right under Paragraph 6 of the Purchase Agreement to terminate the Purchase Agreement in its sole and absolute discretion if any Condition Precedent set forth in Paragraph 6 of the Purchase Agreement is not satisfied, including, without limitation, the Condition Precedent set forth in Paragraph 6(b) thereof relating to the delivery of estoppel certificates, or Purchaser's right to approve any title exceptions first disclosed to Purchaser subsequent to the end of the Due Diligence Period.

Diligence Period Conditions. Purchaser hereby acknowledges and agrees that Purchaser has approved or waived all of the Diligence Period Conditions, other than those items identified on Schedule 1 attached hereto (the "Open Diligence Items") and that Purchaser has waived its rights under clauses (i), (iii) and (v) of Paragraph 11(b) of the Purchase Agreement. Purchaser and Seller acknowledge and agree that Purchaser is retaining the right in its sole and absolute discretion to approve or disapprove of the Open Diligence Items and to terminate the Purchase Agreement at any time prior to the end of the Due Diligence Period (as amended pursuant to Paragraph 1 2 above) in its sole and absolute discretion, in which event the Deposit shall be immediately returned to Purchaser. In the event that Purchaser fails to deliver to Seller an Approval Notice with respect to the Open Diligence Items prior to the end of the Due Diligence Period (as amended pursuant to Paragraph 1 2 above), the Purchase Agreement shall automatically terminate and the Deposit shall be immediately returned to Purchaserterminate. The parties hereto acknowledge that nothing contained in this Paragraph 3 shall affect Purchaser's right under Paragraph 6 of the Purchase Agreement to terminate the Purchase Agreement in its sole and absolute discretion if any Condition Precedent set forth in Paragraph 6 of the Purchase Agreement is not satisfied, including, without limitation, the Condition Precedent set forth in Paragraph 6(b) thereof relating to the delivery of estoppel certificates, or Purchaser's right to approve any title exceptions first disclosed to Purchaser subsequent to the end of the Due Diligence Period.

Diligence Period Conditions. Purchaser hereby acknowledges and agrees that Purchaser has approved or waived all of the Diligence Period Conditions, other than those items identified on Schedule 1 attached hereto (the "Open Diligence Items") and that Purchaser has waived its rights under clauses (i), (iii) and (v) of Paragraph 11(b) of the Purchase Agreement. Purchaser and Seller acknowledge and agree that Purchaser is retaining the right in its sole and absolute discretion to approve or disapprove of the Open Diligence Items set forth in paragraph 1 and 2 of Schedule 1 hereto and to terminate the Purchase Agreement at any time prior to August 8, 1997 in its sole and absolute discretion, in which event the Deposit shall be immediately returned to Purchaser. In the event that Purchaser fails to deliver to Seller an Approval Notice with respect to the Open Diligence Items set forth in paragraph 1 and 2 of Schedule 1 hereto prior to August 8, 1997, the Purchase Agreement shall automatically terminate and the Deposit shall be immediately returned to Purchaser. Purchaser and Seller further acknowledge and agree that Purchaser is retaining the right in its sole and absolute discretion to approve or disapprove of the Open Diligence Item set forth in paragraph 3 of Schedule 1 hereto and to terminate the Purchase Agreement at any time prior to the end of the Due Diligence Period (as amended pursuant to Paragraph 1 3 above) in its sole and absolute discretion, in which event the Deposit shall be immediately returned to Purchaser. In the event that Purchaser fails to deliver to Seller an Approval Notice with respect to the Open Diligence Items Item set forth in paragraph 3 of Schedule 1 hereto prior to the end of the Due Diligence Period (as amended pursuant to Paragraph 1 3 above), the Purchase Agreement shall automatically terminate and the Deposit shall be immediately returned to Purchaser. The parties hereto acknowledge that nothing contained in this Paragraph 3 4 shall affect Purchaser's right under Paragraph 6 of the Purchase Agreement to terminate the Purchase Agreement in its sole and absolute discretion if any Condition Precedent set forth in Paragraph 6 of the Purchase Agreement (as amended hereby) is not satisfied, including, without limitation, the Condition Precedent set forth in Paragraph 6(b) thereof relating to the delivery of estoppel certificates, or Purchaser's right to approve any title exceptions first disclosed to Purchaser subsequent to the end of the Due Diligence Period.