Exercise or Waiver of First Option Right by Xxxxxx Sample Clauses

Exercise or Waiver of First Option Right by Xxxxxx. Lessor shall have 45 days from the receipt of the Option Notice to exercise its First Option Right to either exercise its option to purchase each Residential Unit for no more than the maximum purchase price approved by the Trustees, or to identify a purchaser to purchase each such Residential Unit for no more than the maximum purchase price approved by the Trustees. The term “exercise” for purposes of the preceding sentence shall mean that the Lessor has provided notice to Lessee (the “Exercise Notice”) on or before the expiration of the 45-day period, that Lessor is going to purchase the Residential Unit or that Lessor has identified a purchaser to purchase of the Residential Unit. If the Lessor does not exercise the First Option Right within such foregoing applicable period, or otherwise fails to respond within such period, then Lessor shall automatically be deemed to have waived its First Option Right only with respect to each such Residential Unit and thereafter Lessee shall have the right to sell the Property to a Qualified Buyer in accordance with the sale procedures set forth herein in Item (d) below and in the CLT Guidelines. The Lessor’s waiver of its First Option Right with respect to the first sale of each Residential Unit does not waive the terms and conditions of the First Option Right with respect to any subsequent sale of the Residential Unit, which right shall be memorialized in the Ground Lease to be recorded at each sale in the form set forth on Exhibit , attached hereto and incorporated herein. The purchase of the Residential Unit by Lessor or the identified Employee of Lessor shall be completed within 60 days of the delivery of the Exercise Notice, or within such other period as the Lessor, the owner of the Residential Unit, the Employee of Lessor and Lessee shall agree. The sale of the Residential Unit to Lessor or the identified Employee of Lessor shall be undertaken by the Lessee in accordance with the procedures for the sale of a Residential Unit set forth in this Lease and the CLT Guidelines, including without limitation, the standard terms for the sales contract.
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Related to Exercise or Waiver of First Option Right by Xxxxxx

  • Survival The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

  • Limitation of Liability No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • Notice Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice: if to the Issuer, at 00 Xxxxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx, and if to Distributors, at 00 Xxxxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx.

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

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