Common use of Expiration of Feasibility Period Clause in Contracts

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 purchase the Properties shall be conditional only as provided in Section 8.1. The term “Maryland Properties” shall mean, collectively, the Lazy Hollow Property and the Chimneys of Cradlerock Property and the term “Texas Properties” shall mean, collectively, the Xxxxx of Inverness Property, the Parktown Townhouse Property and the Westway Village Property.

Expiration of Feasibility Period. Section 3.2 If the results of the Contract shall be deleted in its entirety and replaced as follows: “If any of the matters referred to in Section 3.1 or any other title or survey matters are 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 's sole and absolute discretion, then Purchaser shall have the right: (i) right to terminate this Contract in its entirety with respect to all Properties, Properties (ii) to terminate this Contract but not in part with respect to all (but not less than allall Properties) Maryland Properties (as such term is defined below) or (iii) terminate this Contract in part with respect by giving written notice to all (but not less than all) Texas Properties (as such term is defined below). If Purchaser elects that effect 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’ Seller's Representative and Escrow Agent no later than 5:00 p.m. 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 timely elects exercises such right to terminate this Contract in its entirety pursuant to this Section 3.2terminate, then this Contract shall terminate and be of no further force and effect, effect subject to and except for the Survival Provisions, and Escrow Agent shall forthwith return the Initial Deposit (other than the Non-Refundable Portion) to Purchaser (subject to Purchaser. If Purchaser timely elects 's obligation under Section 3.5.2 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 return all Third Party Reports and information and Materials provided 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 as a pre-condition of the Allocated Deposit Amount so released by Escrow Agent, (c) each return of the Properties Purchaser so elects Materials Security Deposit) and deliver to terminate shall be removed as a “Property” hereunder and (d) the owner of each Seller its Applicable Share 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 ContractNon-Refundable Portion. If Purchaser fails to timely exercise provide Seller's Representative 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 's right to terminate this Contract (in whole or in part) under this Section 3.2, then such termination right 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Deposit (including both the entire Initial Deposit and, when delivered in accordance with Section 2.2.2, the Additional Deposit) shall be non-refundable, except as otherwise provided herein, and Purchaser’s 's obligation to purchase the Properties as set forth in this Contract shall be conditional non-contingent and unconditional except only as provided for satisfaction of the conditions expressly stated in Section 8.1. The term “Maryland Properties” shall mean, collectively, the Lazy Hollow Property and the Chimneys of Cradlerock Property and the term “Texas Properties” shall mean, collectively, the Xxxxx of Inverness Property, the Parktown Townhouse Property and the Westway Village Property.

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 purchase the Properties shall be conditional only as provided in Section 8.1. The term “Maryland Properties” shall mean, collectively, the Lazy Hollow Property and the Chimneys of Cradlerock Property and the term “Texas Properties” shall mean, collectively, the Xxxxx of Inverness Property, the Parktown Townhouse Property and the Westway Village Property.