Common use of ELECTRONIC CLOSING SYSTEM Clause in Contracts

ELECTRONIC CLOSING SYSTEM. It is understood and agreed that the Vendor may utilize the services of an internet-based electronic transaction management system to assist the Purchaser, the Vendor, and their respective solicitors in preparing the documents (and managing the procedures) required to complete the closing of this transaction (hereinafter referred to as the "Electronic Closing System") through a secure password protected internet website utilized by the Vendor or its solicitors (hereinafter referred to as the "eClose website"). As such, the Purchaser acknowledges and agrees that the Vendor's or its solicitors delivery of some or all of the final closing documents may be delivered electronically, by the Vendor or the Vendor's Solicitors uploading any such documentation on the internet, via the eClose website, and making same available for downloading (and ultimately for photocopying) by the Purchaser's Solicitors (or alternatively, if the Vendor's Solicitors so choose, by the Vendor's Solicitors e-mailing such documentation directly to the Purchaser's Solicitors), and delivery by such means shall be considered acceptable and effective for all purposes. In light of the foregoing, the Purchaser shall be obliged to retain a lawyer who is in good standing with the Law Society of Upper Canada and who either:

ELECTRONIC CLOSING SYSTEM. It is understood and agreed that the Vendor may utilize the services of an internet-based electronic transaction management system to assist the Purchaser, the Vendor, and their respective solicitors in preparing the documents (and managing the procedures) required to complete the closing of this transaction (hereinafter referred to as the "Electronic Closing System") through a secure password protected internet website utilized by the Vendor or its solicitors (hereinafter referred to as the "eClose website"). As such, the Purchaser acknowledges and agrees that the Vendor's or its solicitors delivery of some or all of the final closing documents may be delivered electronically, by the Vendor or the Vendor's Solicitors uploading any such documentation on the internet, via the eClose website, and making same available for downloading (and ultimately for photocopying) by the Purchaser's Solicitors (or alternatively, if the Vendor's Solicitors so choose, by the Vendor's Solicitors e-mailing such documentation directly to the Purchaser's Solicitors), and delivery by such means shall be considered acceptable and effective for all purposes. In light of the foregoing, the Purchaser shall be obliged to retain a lawyer who is in good standing with the Law Society of Upper Canada Ontario and who either: