Effort to Remove LGI De’s Liability for Loan. The Parties acknowledge that the Closing is expressly and absolutely conditioned and contingent on the financing contingencies set forth in Section 4.2.4. The Parties agree to use commercially reasonable efforts to obtain such financing and eliminate Xxx Xxxxxxxxx’x personal liability for the Loan or any subsequent loan secured by the Property. The Parties acknowledge that either Party may terminate this Agreement pursuant to Section 4.3 if any such pre-closing contingency is not met. In the event LGI De's existing loan is assumed by NetREIT, NetREIT shall credit LGI De with the amount of approximately $700,000.00 from the leasing reserve balance upon closing. The actual amount of such credit shall be added to the Net Value of the Property. The Due Diligence Deadline may be extended, if necessary, for any lender-driven delay beyond NetREIT's control. Any loan secured by the Property upon Closing is herein referred to as a "Loan." 4.3 Failure of Pre-Closing Conditions; Approval of General Contingency Matters. If, for any reason or no reason whatsoever, any of the Pre-Closing Conditions are not satisfied or if LGI De, in its sole and absolute discretion, is not satisfied with the Partnership Documentation or if NetREIT, in its sole and absolute discretion, is not satisfied with any aspect of the Partnership Documentation or the Property, including the condition and suitability of the Property for the Partnership's contemplated use thereof, then that Party may, at its sole option, elect to terminate this Agreement by delivering written notice to Escrow Holder and the other Party at any time prior to Due Diligence Deadline. The Pre-Closing Conditions shall be deemed to have failed and be disapproved by NetREIT unless prior to the Due Diligence Deadline the Party delivers to the other Party a written Notice that the Pre-Closing Conditions have all been satisfied or waived by the Party and that Party elects to proceed with the acquisition of the Property in accordance with this Agreement (the "Approval Notice"). If the Party delivers the Approval Notice, then all of that Party's Pre-Closing Conditions shall be deemed satisfied or waived and the Parties shall, subject to the satisfaction of their respective Closing Conditions, be obligated to proceed to the Closing. The Party shall not be entitled to send an Approval Notice that is a conditional approval of any of the Pre-Closing Conditions (or any aspect thereof). Any Approval Notice that contains anything other...
Effort to Remove LGI De’s Liability for Loan. The Parties acknowledge that the Closing is expressly and absolutely conditioned and contingent on the financing contingencies set forth in Section 4.2.4. The Parties agree to use commercially reasonable efforts to obtain such financing and eliminate Lxx Xxxxxxxxx’x personal liability for the Loan or any subsequent loan secured by the Property. The Parties acknowledge that either Party may terminate this Agreement pursuant to Section 4.3 if any such pre-closing contingency is not met. In the event LGI De's existing loan is assumed by NetREIT, NetREIT shall credit LGI De with the amount of approximately $700,000.00 from the leasing reserve balance upon closing. The actual amount of such credit shall be added to the Net Value of the Property. The Due Diligence Deadline may be extended, if necessary, for any lender-driven delay beyond NetREIT's control. Any loan secured by the Property upon Closing is herein referred to as a "Loan."
