Common use of Extension of Due Diligence Period Clause in Contracts

Extension of Due Diligence Period. If Buyer determines, in its sole discretion, before the expiration of the Outside Closing Date, that Buyer requires more time to complete the analysis and investigation of the condition of the Property, Buyer shall have the right to extend the Due Diligence Period for one or more additional 30 day periods, (each an “Extension” and together with the original Due Diligence Period the “Extended Due Diligence Period”), SUBJECT TO Buyer’s (i) delivery of a written notice of extension (each an “Extension Notice”) to Escrow Agent and Seller and (ii) deposit of Ten Thousand Dollars ($10,000) with Escrow Agent (each an “Extension Deposit” and together the “Extension Deposits”), which Extension Notice and Extension Deposit shall be provided/deposited prior to the expiration of the Due Diligence Period or the then applicable Extended Due Diligence Period, as applicable. If, through no fault of Seller, the close of escrow has not occurred prior to the expiration of the then applicable Extended Due Diligence Period, then, immediately upon expiration of the then applicable Extended Due Diligence Period, Escrow Agent shall release the Extension Deposits to Seller and Seller shall be entitled to keep and retain said Extension Deposits in consideration of Seller’s grant of the Extended Due Diligence Period (irrespective of whether the escrow ultimately proceeds to close). If the escrow closes prior to the expiration of the then applicable Extended Due Diligence Period, then (A) Seller shall be entitled to receive and retain, at the Closing, the entirety of the Extension Deposits.

Extension of Due Diligence Period. If Buyer determinesPurchaser will use commercially reasonable efforts to obtain all required zoning relief, site plan review and entitlements to allow it to operate a freight truck terminal and warehouse, with outside storage of trailers and routine truck maintenance on the Real Property, and shall keep Seller reasonably apprised of its progress in this regard (the “Approvals”). Seller shall reasonably cooperate with and assist Purchaser in its sole discretion, before efforts to obtain the expiration of the Outside Closing Date, that Buyer requires more time Approvals without cost or expense to complete the analysis and investigation of the condition of the Property, Buyer Seller. Purchaser shall have the right to extend the Due Diligence Period for one or more additional 30 up to five (5) consecutive thirty (30) day periods, periods (each an “Extension” and together with ”) in order for Purchaser to obtain the original Due Diligence Period Approvals under the “Extended Due Diligence Period”), SUBJECT TO Buyer’s following conditions: (i) delivery of a Purchaser provides Seller written notice of extension (each an “Extension Notice”) its election to Escrow Agent and Seller and (ii) deposit of Ten Thousand Dollars ($10,000) with Escrow Agent (each an “Extension Deposit” and together the “Extension Deposits”), which Extension Notice and Extension Deposit shall be provided/deposited extend prior to the expiration of the Due Diligence Period Period, or any Extension thereof; (ii) as of the then applicable Extended day after the initial Due Diligence Period, as applicable. Ifthe Xxxxxxx Money Deposit becomes non-refundable but applicable to the Purchase Price; and (iii) Purchaser deposits an additional $12,500 with the Escrow Agent for each Extension (each an “Extension Fee”), through no fault of Seller, the close of escrow has not occurred prior to the expiration of the then applicable Extended Due Diligence Period, thenor any Extension thereof, immediately upon expiration of to be governed by the then applicable Extended Due Diligence Period, Escrow Agent shall release the Agreement. Each Extension Deposits to Seller and Seller Fee shall be entitled non-refundable but applicable to keep and retain said Extension Deposits in consideration of Seller’s grant of the Extended Due Diligence Period (irrespective of whether the escrow ultimately proceeds to close)Purchase Price. If Purchaser does not obtain the escrow closes Approvals on or prior to the expiration of the then applicable Extended Due Diligence Period, then (A) as extended, Purchaser shall have the right, at its sole option, to terminate this Agreement by written notice to Seller prior to the expiration of the Due Diligence Period, as extended, and this Agreement shall thereupon terminate, the Xxxxxxx Money and all Extension Fees shall be entitled payable to receive Seller and retainneither Seller nor Purchaser shall have any further obligation or liability under this Agreement (except for obligations that are expressly intended to survive the termination of this Agreement). If this Agreement is not so terminated pursuant to the foregoing, at the Closing, the entirety of the Extension Depositsthis condition shall be deemed waived by Purchaser.

Extension of Due Diligence Period. If Buyer determines, in its sole discretion, before the expiration of the Outside Closing DateDue Diligence Period, that Buyer requires more time to complete the its analysis and investigation of the condition of the Property, Buyer shall have the right to extend the Due Diligence Period for one or more an additional 30 day periods, 15 days (each an “Extension” and together with the original Due Diligence Period the “Extended Due Diligence Period”), SUBJECT TO Buyer’s (i) delivery of a written notice of extension (each an “Extension Notice”) to Escrow Agent and Seller and (ii) deposit of Ten Five Thousand Dollars ($10,0005,000.00) with Escrow Agent (each an the “Extension Deposit” and together the “Extension Deposits”), which Extension Notice and Extension Deposit shall be provided/deposited prior to the expiration of the Due Diligence Period or the then applicable Extended Due Diligence Period, as applicable. If, through no fault of Seller, the close of escrow has not occurred prior to the expiration of the then applicable Extended Due Diligence Period, then, immediately upon expiration of the then applicable Extended Due Diligence Period, Escrow Agent shall release the Extension Deposits Deposit to Seller and Seller shall be entitled to keep and retain said Extension Deposits Deposit in consideration of Seller’s grant of the Extended Due Diligence Period (irrespective of whether the escrow ultimately proceeds to close). If the escrow closes prior to the expiration of the then applicable Extended Due Diligence Period, then (A) Seller shall be entitled to receive and retain, at the Closing, the entirety of the Extension Deposits.Deposit, BUT

Extension of Due Diligence Period. If Buyer determines, in its sole discretion, before the expiration of the Outside Closing Date, that Buyer requires more time to complete the analysis and investigation of the condition of the Property, Buyer shall have the right to extend the Due Diligence Period for one or more (1) additional 30 day periodsperiod of sixty (60) days. To exercise such right, (each an “Extension” and together with the original Due Diligence Period the “Extended Due Diligence Period”)Buyer shall, SUBJECT TO Buyer’s (i) delivery of a written notice of extension (each an “Extension Notice”) to Escrow Agent and Seller and (ii) deposit of Ten Thousand Dollars ($10,000) with Escrow Agent (each an “Extension Deposit” and together the “Extension Deposits”), which Extension Notice and Extension Deposit shall be provided/deposited prior to the expiration of the Due Diligence Period or Period, provide written notice of the then applicable Extended extension to Seller and deposit with the Title Company the sum of Thirty Thousand Dollars ($30,000.00) as “Additional Xxxxxxx Money”. In the event Buyer elects to terminate this Agreement prior to expiration of the extended Due Diligence Period, as applicablethe Additional Xxxxxxx Money deposit shall be fully refundable to Buyer. IfIf Buyer does not terminate the Agreement in accordance with this Section 6(b), through no fault unless otherwise released pursuant to the provisions of Sellerthis Agreement, the close Additional Xxxxxxx Money deposit shall become non-refundable to Buyer on the later of escrow has not occurred prior to the expiration of the then applicable Extended extended Due Diligence PeriodPeriod or receipt of a Master Plan Mixed Use Zoning, thenbut shall be applied toward the Lot 1, 3 and 4 Purchase Price at Closing. Notwithstanding anything in this Agreement to the contrary, immediately upon expiration of the then applicable Extended initial Due Diligence Period, Escrow Agent shall release the Extension Deposits to Seller and Seller Xxxxxxx Money deposit made under Section 4 shall be entitled disbursed to keep Seller, and retain said Extension Deposits in consideration of shall not be refunded to Buyer for any reason except Seller’s grant of default without regard to whether or not Buyer elects to extend the Extended Due Diligence Period (irrespective of whether the escrow ultimately proceeds to close)under this Section. If Buyer elects to extend the escrow closes prior to Due Diligence Period as provided in this subsection, and Buyer then terminates this Agreement during the expiration of the then applicable Extended extended Due Diligence Period, then (A) Seller Buyer shall be entitled to receive and retain, at the Closing, the entirety a refund of the Extension DepositsAdditional Xxxxxxx Money, but not the initial Xxxxxxx Money paid under Section 4 above.