Expiration of Feasibility Period. If any of the matters in Section 3.1 or any other title or survey matters are unsatisfactory to Purchaser for any reason, or for no reason whatsoever, in Purchaser's sole and absolute discretion, then Purchaser shall have the right to terminate this Contract by giving written notice to that effect to Seller and Escrow Agent no later than 5:00 p.m. on or before the date of expiration of the Feasibility Period. If Purchaser provides such notice, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions, and Escrow Agent shall return the Initial Deposit to Purchaser. If Purchaser fails to provide Seller with written notice of termination prior to the expiration of the Feasibility Period, Purchaser's right to terminate under this Section 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Deposit shall be non-refundable, and Purchaser's obligation to purchase the Property shall be conditional only as provided in Section 8.1.
Expiration of Feasibility Period. If the results of any of the matters referred to in Section 3.1 appear unsatisfactory to Purchaser for any reason or if Purchaser elects not to proceed with the transaction contemplated by this Contract for any other reason, or for no reason whatsoever, in Purchaser’s sole and absolute discretion, then Purchaser shall have the right to terminate this Contract by giving written notice to that effect to Seller and Escrow Agent on or before 5:00 p.m. (in the time zone in which the Escrow Agent is located) on the date of expiration of the Feasibility Period. If Purchaser exercises such right to terminate, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions, and Escrow Agent shall forthwith return the Refundable Initial Deposit Component to Purchaser (subject to Purchaser’s obligation under Section 3.5.2 to return or certify the destruction of all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Refundable Initial Deposit Component) and deliver the Non-Refundable Initial Deposit Component to Seller. If Purchaser fails to provide Seller with written notice of termination prior to the expiration of the Feasibility Period in strict accordance with the notice provisions of this Contract, Purchaser’s right to terminate under this Section 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Refundable Initial Deposit Component and the Additional Deposit when delivered in accordance with Section 2.2.2 shall be non-refundable except as expressly provided in Sections 4.3, 8.1, 10.2 and 11.1, the Non-Refundable Initial Component shall remain nonrefundable (except as provided in Section 8.1 or in the event of a default by Seller in accordance with Section 10.2) and Purchaser’s obligation to purchase the Property shall be non-contingent and unconditional except only for satisfaction of the conditions expressly stated in Section 8.1.
Expiration of Feasibility Period. If any of the matters in Section 3.1 or any other title or survey matters are unsatisfactory to Purchaser for any reason, or for no reason whatsoever, in Purchaser’s sole and absolute discretion, then Purchaser shall have the right to terminate this Contract in its entirety with respect to all Properties (but not in part with respect to less than all Properties) by delivering a Termination Notice to Sellers’ Representative and Escrow Agent no later than 5:00 p.m. on or before the date of expiration of the Feasibility Period. If Purchaser provides such Termination Notice, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions, and Escrow Agent shall return the Initial Deposit to Purchaser. If Purchaser fails to provide Sellers’ Representative with such Termination Notice prior to the expiration of the Feasibility Period, Purchaser’s right to terminate under this Section 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Deposit shall be non-refundable, except as otherwise provided herein, and Purchaser’s obligation to purchase the Properties shall be conditional only as provided in Section 8.1.
Expiration of Feasibility Period. Section 3.2 of the Contract shall be deleted in its entirety and replaced as follows: “If any of the matters in Section 3.1 or any other title or survey matters are unsatisfactory to Purchaser for any reason, or for no reason whatsoever, in Purchaser’s sole and absolute discretion, then Purchaser shall the right: (i) to terminate this Contract in its entirety with respect to all Properties, (ii) to terminate this Contract in part with respect to all (but not less than all) Maryland Properties (as such term is defined below) or (iii) terminate this Contract in part with respect to all (but not less than all) Texas Properties (as such term is defined below). If Purchaser elects to exercise its right to terminate this Contract (in whole or in part) pursuant to the foregoing sentence, then Purchaser must deliver a Termination Notice to Sellers’ Representative and Escrow Agent no later than 5:00 p.m. on or before the date of expiration of the Feasibility Period. If Purchaser timely elects to terminate this Contract in its entirety pursuant to this Section 3.2, then this Contract shall terminate and be of no further force and effect, except for the Survival Provisions, and Escrow Agent shall return the Initial Deposit to Purchaser. If Purchaser timely elects to terminate this Contract in part with respect to the Maryland Properties or the Texas Properties (as applicable) pursuant to this Section 3.2, then the following provisions shall apply: (a) this Contract shall terminate with respect to the Maryland Properties or the Texas Properties, as applicable, except for the Survival Provisions, (b) Escrow Agent shall release to Purchaser the Allocated Deposit Amount for the Properties Purchaser so elects to terminate, and the Deposit shall be deemed to be reduced by such amount of the Allocated Deposit Amount so released by Escrow Agent, (c) each of the Properties Purchaser so elects to terminate shall be removed as a “Property” hereunder and (d) the owner of each of the Properties Purchaser so elects to terminate shall be removed as a “Seller” hereunder, such that such owner shall no longer constitute a party to this Contract. If Purchaser fails to timely exercise Purchaser’s right to terminate this Contract (in whole or in part) under this Section 3.2, then such termination right shall be permanently waived and this Contract shall remain in full force and effect, the Deposit shall be non-refundable, except as otherwise provided herein, and Purchaser’s obligation to...
Expiration of Feasibility Period. Except as provided in the next sentence, Purchaser agrees that, notwithstanding the provisions of the Contract, the Feasibility Period shall be deemed to have expired December 15, 2006 and Purchaser hereby agrees that it has elected not to terminate the Contract pursuant to Section 3.2 thereof. Seller agrees that, notwithstanding the prior sentence, Purchaser may have to and including December 20, 2006 to terminate the Contract if and only if the Texas Department of Housing and Community Affairs (“Housing Authority”) does not confirm that the Deed Restrictions (defined in Section 4.9 of the Contract) will be terminated in connection with the redemption of the bonds issued by the Housing Authority and that Purchaser shall have to and including December 21, 2006 to make the Additional Deposit.
Expiration of Feasibility Period. If the results of any of the matters referred to in Section 2.1 appear unsatisfactory to Purchaser for any reason, or if Purchaser elects not to proceed with the transaction contemplated by this Agreement for any other reason, or for no reason whatsoever, in Purchaser’s sole and absolute discretion, then Purchaser shall have the right to terminate this Agreement by giving written notice to that effect to Seller and Escrow Agent on or before 6:00 p.m. (Mountain Time) on December 24, 2010 (the “Termination Deadline”). If Purchaser exercises such right to terminate, this Agreement shall terminate and be of no further force and effect subject to and except for the Survival Provisions (as defined below) and Escrow Agent shall return the Deposit to Purchaser. If Purchaser fails to provide Seller with written notice of termination on or before the Termination Deadline, (a) Purchaser shall be obligated to proceed to Closing subject only to the satisfaction or waiver in writing by Purchaser of Purchaser’s Closing Conditions and the satisfaction of other terms and conditions of this Agreement (e.g., provisions relating to casualty or condemnation) and (b) this Agreement shall remain in full force and effect, and (c) the Deposit shall be non-refundable; subject, however, to the terms and conditions of this Agreement.
Expiration of Feasibility Period. If the results of any of the matters referred to in Section 3.1 appear unsatisfactory to Purchaser for any reason or if Purchaser elects not to proceed with the transaction contemplated by this Contract for any other reason, or for no reason whatsoever, in Purchaser's sole and absolute discretion, then Purchaser may elect to terminate the Agreement. However, if Purchaser approves of the matters in Section 3.1, then Purchaser shall give written notice to that effect to Seller and Escrow Agent on or before 5:00 p.m., Phoenix, Arizona time, on the date of expiration of the Feasibility Period. If Purchaser fails to give written notice of approval, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions, and Escrow Agent shall forthwith return the Initial Deposit to Purchaser (subject to Purchaser's obligation under Section 3.5.2 to return or certify the destruction of all Third-Party Reports and information and Materials provided to Purchaser as a pre-condition to the return of the Initial Deposit). If Purchaser provides Seller with written notice of acceptance prior to the expiration of the Feasibility Period in strict accordance with the notice provisions of this Contract, Purchaser's right to terminate under this Section 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Deposit (including both the Initial Deposit and, when delivered in accordance with Section 2.2.2, the Additional Deposit) shall be non-refundable, and Purchaser's obligation to purchase the Property shall be non-contingent and unconditional except only for satisfaction of the conditions expressly stated in Section 8.1.
Expiration of Feasibility Period. Buyer hereby acknowledges that the Feasibility Period has expired.
Expiration of Feasibility Period. Purchaser agrees that the Feasibility Period has expired simultaneously with the execution of this Agreement and that the Deposit (including both the Initial Deposit and, when delivered in accordance with Section 5.1, the Additional Deposit) shall be non-refundable (except as otherwise expressly set forth herein), and Purchaser’s obligation to purchase the Property shall be conditional only as specifically provided in this Agreement.
Expiration of Feasibility Period. The second sentence in Section 3.2 is hereby deleted in its entirety and replaced with the following sentence: "If Purchaser provides such notice, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions."
