Common use of Extended Closing Date Clause in Contracts

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. In the event that the Zone Change, Specific Plan Amendment Buyer’s Conditional Use Permit or Buyer’s Final Map has not been Approved or Buyer’s 1031 Contingency has not been satisfied at least ninety ten (9010) 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 ten (3010) 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, Buyer’s Conditional Use Permit or Buyer’s Final Map, or Buyer’s 1031 Contingency has not been satisfied. Buyer shall pay to Seller, through Escrow, the sum of Twenty-Five Thousand Dollars ($25,000.0025,000) (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. 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 three (23) 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 ten (3010) 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 BuyerPrice.

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 three (23) 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 the Final Map. Buyer shall pay to Seller, through Escrow, the sum of Twenty-Five Thousand Dollars ($25,000.0025,000) (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.