Extended Closing Date. In the event that the Zone Change, Specific Plan Amendment or Buyer’s Final Map has not been Approved at least ninety (90) days before the Closing Date, but the Final Parcel Map has been Approved and recorded, Buyer shall have the right to extend the Closing Date for two (2) additional sixty (60)-day periods (each a “Closing Date Extension”) as set forth in this Section 7.2. To exercise a Closing Date Extension, Buyer shall provide written notice to Seller and Escrow Holder (the “Closing Date Extension Notice”) not later than thirty (30) days before the then applicable Closing Date. Buyer’s right to extend the Closing Date shall apply if and only if, at the time Buyer provides the Closing Date Extension Notice, the Authorities have not Approved the Zone Change, Specific Plan Amendment, or Buyer’s Final Map. Buyer shall pay to Seller, through Escrow, the sum of Twenty-Five Thousand Dollars ($25,000.00) (an “Extension Fee”) for each Closing Date Extension that Buyer elects to exercise. The Extension Fee shall be due and payable upon Buyer’s delivery of the Closing Date Extension Notice, and Escrow Holder shall promptly disburse any and all Extension Fees to Seller. Any and all Extension Fees paid to Seller pursuant to this Section shall not be applicable toward the Purchase Price and shall be non-refundable to Buyer.
Extended Closing Date. If Escrow Agent is unable to procure the Title Policy specified in 11.1.3 [Title Policy] because of a defect in title or a non-Permitted Matter recorded against the Property after the date of the Updated Report by a third party not affiliated with any person or entity comprising Seller and disapproved by Buyer (collectively a "Defect"), Seller in its sole discretion may extend the Closing Date for a period not exceeding 90 days by notifying Escrow Agent and Buyer in writing before the scheduled Closing Date of Seller's desire to extend the Closing Date for said period ("Extended Closing Date"). If Seller extends the Closing Date, Seller shall use its reasonable best efforts to cure the Defect within said 90 day period but nothing herein shall require Seller to expend in excess of $50,000 to cure the Defect. As used herein, the term Defect shall not include (1) a monetary lien or encumbrance (other than non-delinquent real property taxes) which shall be removed by Seller concurrently with or before the Closing Date, (2) the exercise of a Purchase Right (as defined in Article 6.1.8), or (3) an exception recorded by or at the request of Seller. If Seller cures such Defect within said 90 day period, the Closing Date shall be on or before twenty (20) days after Seller and the Title Insurer provide confirmation reasonably acceptable to Buyer that the Defect has been cured. If Seller is unable to cure the Defect within the period set forth above, Buyer shall have the option, on or before 5:00 p.m. of the second business day following the Extended Closing Date, to CONFIDENTIAL TREATMENT unilaterally waive its objection to the Defect by delivery of written notice thereof to Escrow Agent and Seller and take title to the Property subject to said Defect without, however, any decrease, diminution or offset of or against the Total Purchase Price. In the event Buyer does waive such objection, then the Closing shall be on or before 5:00 p.m. of the 20th day following the Extended Closing Date ("Buyer's Extended Closing Date"). In the event of no waiver by Buyer of such objection, then Escrow shall be terminated as provided in Article 6.2 [Non-Satisfaction of Buyer's Conditions - Refund of Deposit and Waiver]. Provided Seller complies with its obligations under this Article 5.4, said failure to cure a Defect shall not be a breach of this Agreement by Seller. Recordation of any instrument pertaining to an exercise of a Purchase Right on or after Opening of Escrow shall cons...
Extended Closing Date. Buyer or Seller may, in its sole and absolute discretion, obtain a one-time 15-day extension of the Closing Date upon written notice to the other party prior to the Closing Date.
Extended Closing Date. Notwithstanding anything to the contrary --------------------- contained in Section 11.5, if the Closing Date has not occurred by August 31, 1997:
Extended Closing Date. Buyer shall have the right to extend the Closing Date as provided in this paragraph 2.2.
Extended Closing Date. In the event that the conditions of Section 1.05(a) are not met as of August 6, 2010, the Closing Date shall be extended to September 10, 2010 (the “Extended Closing Date”).”
Extended Closing Date. In the event Purchaser shall not have terminated this Agreement as provided in Section 3.3.2 or Section 3.6, but, as of the end of the Due Diligence Period, Purchaser has not obtained a financing commitment for a Business and Industry Government Loan (the "Financing Commitment"), then Purchaser shall have the right to extend the Date of Closing for an additional sixty (60) days (the "Financing Extension Period"), only for the purpose of obtaining the Financing Commitment, by providing written notice to Seller on or before the expiration of the Due Diligence Period and by depositing $150,000.00 with the Title Company (the "Financing Extension Deposit"). The Financing Extension Deposit shall be non-refundable, shall be in addition to the Initial Deposit and the Additional Deposit, and for purposes of this Agreement, shall be treated as, and disbursed as a part of, the Deposit. In the event Purchaser shall not have obtained the Financing Commitment by the end of the Financing Extension Period, Purchaser shall have the right to terminate this Agreement and its obligations hereunder by providing written notice to Seller of such termination on or before the expiration of the Financing Extension Period, whereupon the Deposit (including the Financing Extension Deposit), shall be paid to Seller; or, in the event that Purchaser fails to deliver such written notice to Seller terminating this Agreement, such failure shall be deemed to be an election of Purchaser to proceed to Closing and to purchase the Property pursuant to the terms and conditions herein contained, and, upon Closing, the Financing Extension Deposit shall be credited against the Purchase Price as a part of the Deposit.
Extended Closing Date. Purchaser shall have five (5) options to extend the Closing Date from the last business day of the month commencing April 30, 1996 (each hereinafter referred to respectively as a "Monthly Extension") to the last day of the next following month; however, in no event shall the closing occur later than the Outside Closing Date. Each Monthly Extension shall be exercised by delivery to the Seller of $25,000.00 paid by check, on or before the last day of the month for the ensuing monthly extension. Monthly Extension payments shall not be credited against the Purchase Price and shall be a payment made directly to Seller in consideration for the extension of the Closing Date. In the event the Closing occurs after April 30, 1996, on a Closing Date other than the last day of a given month, then the Monthly Extension payment for said month will be prorated as of the Closing Date.
Extended Closing Date. Section 4.1 of the Agreement is hereby deleted in its entirety and the following language is substituted in lieu thereof:
Extended Closing Date. Notwithstanding the foregoing, if any of Buyer’s conditions to Closing set forth in Article VII hereof are not satisfied or otherwise waived by Buyer as of the Initial Closing Date, then Buyer shall have the option, by written notice to Seller, to extend the Closing beyond the Initial Closing Date until the date which is five (5) business days following the date that all such conditions to Closing set forth in Article VII hereof are satisfied, but in no event to exceed sixty (60) days beyond December 31, 2009 (the “Extended Closing Date”).
