Common use of Extension of Due Diligence Period Clause in Contracts

Extension of Due Diligence Period. Buyer shall have the right to extend the Due Diligence Period for one (1) additional period of sixty (60) days. To exercise such right, Buyer shall, prior to expiration of the Due Diligence Period, provide written notice of the 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, the Additional Xxxxxxx Money deposit shall be fully refundable to Buyer. If Buyer does not terminate the Agreement in accordance with this Section 6(b), unless otherwise released pursuant to the provisions of this Agreement, the Additional Xxxxxxx Money deposit shall become non-refundable to Buyer on the later of the expiration of the extended Due Diligence Period or receipt of a Master Plan Mixed Use Zoning, but 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 initial Due Diligence Period, the Xxxxxxx Money deposit made under Section 4 shall be disbursed to Seller, and shall not be refunded to Buyer for any reason except Seller’s default without regard to whether or not Buyer elects to extend the Due Diligence Period under this Section. If Buyer elects to extend the Due Diligence Period as provided in this subsection, and Buyer then terminates this Agreement during the extended Due Diligence Period, Buyer shall receive a refund of the Additional Xxxxxxx Money, but not the initial Xxxxxxx Money paid under Section 4 above.

Extension of Due Diligence Period. If Buyer determines, in its sole discretion, before the expiration of the Due Diligence Period, that Buyer requires more time to complete its analysis and investigation of the condition of the Property, Buyer shall have the right to extend the Due Diligence Period for one an additional 15 days (1the “Extended Due Diligence Period”), SUBJECT TO Buyer’s (i) additional period delivery of sixty a written notice of extension (60“Extension Notice”) days. To exercise such rightto Escrow Agent and Seller and (ii) deposit of Five Thousand Dollars ($5,000.00) with Escrow Agent (the “Extension Deposit”), Buyer shall, which Extension Notice and Extension Deposit shall be provided/deposited prior to the expiration of the Due Diligence Period. If, provide written notice through no fault of Seller, the extension to Seller and deposit with the Title Company the sum close of Thirty Thousand Dollars ($30,000.00) as “Additional Xxxxxxx Money”. In the event Buyer elects to terminate this Agreement escrow has not occurred prior to the expiration of the extended Extended Due Diligence Period, the Additional Xxxxxxx Money deposit shall be fully refundable to Buyer. If Buyer does not terminate the Agreement in accordance with this Section 6(b), unless otherwise released pursuant to the provisions of this Agreement, the Additional Xxxxxxx Money deposit shall become non-refundable to Buyer on the later of the expiration of the extended Due Diligence Period or receipt of a Master Plan Mixed Use Zoning, but shall be applied toward the Lot 1, 3 and 4 Purchase Price at Closing. Notwithstanding anything in this Agreement to the contrarythen, immediately upon expiration of the initial Extended Due Diligence Period, Escrow Agent shall release the Xxxxxxx Money deposit made under Section 4 Extension Deposit to Seller and Seller shall be disbursed entitled to Seller, keep and shall not be refunded to Buyer for any reason except retain said Extension Deposit in consideration of Seller’s default without regard to whether or not Buyer elects to extend grant of the Extended Due Diligence Period under this Section(irrespective of whether the escrow ultimately proceeds to close). If Buyer elects the escrow closes prior to extend the Due Diligence Period as provided in this subsection, and Buyer then terminates this Agreement during expiration of the extended Extended Due Diligence Period, Buyer then (A) Seller shall be entitled to receive a refund and retain, at the Closing, the entirety of the Additional Xxxxxxx MoneyExtension Deposit, but not the initial Xxxxxxx Money paid under Section 4 above.BUT

Extension of Due Diligence Period. Buyer Purchaser 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 efforts to obtain the Approvals without cost or expense to Seller. Purchaser shall have the right to extend the Due Diligence Period for one up to five (15) additional period consecutive thirty (30) day periods (each an “Extension”) in order for Purchaser to obtain the Approvals under the following conditions: (i) Purchaser provides Seller written notice of sixty (60) days. To exercise such right, Buyer shall, its election to extend prior to the expiration of the Due Diligence Period, provide written notice or any Extension thereof; (ii) as of the 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, the Additional Xxxxxxx Money deposit shall be fully refundable to Buyer. If Buyer does not terminate the Agreement in accordance with this Section 6(b), unless otherwise released pursuant to the provisions of this Agreement, the Additional Xxxxxxx Money deposit shall become non-refundable to Buyer on the later of the expiration of the extended Due Diligence Period or receipt of a Master Plan Mixed Use Zoning, but 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 day after the initial Due Diligence Period, the Xxxxxxx Money deposit made under Section 4 shall be disbursed Deposit becomes non-refundable but applicable to Sellerthe Purchase Price; and (iii) Purchaser deposits an additional $12,500 with the Escrow Agent for each Extension (each an “Extension Fee”), and shall not be refunded prior to Buyer for any reason except Seller’s default without regard to whether or not Buyer elects to extend the Due Diligence Period under this Section. If Buyer elects to extend expiration of the Due Diligence Period as provided in this subsection, and Buyer then terminates this Agreement during the extended Due Diligence Period, Buyer or any Extension thereof, to be governed by the Escrow Agreement. Each Extension Fee shall receive a refund be non-refundable but applicable to the Purchase Price. If Purchaser does not obtain the Approvals on or prior to the expiration of the Additional Xxxxxxx MoneyDue Diligence Period, but not as extended, Purchaser shall have the initial 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 paid and all Extension Fees shall be payable to Seller and neither Seller nor Purchaser shall have any further obligation or liability under Section 4 abovethis 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, this 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 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, (1each an “Extension” and together with the original Due Diligence Period the “Extended Due Diligence Period”), SUBJECT TO Buyer’s (i) additional period delivery of sixty a written notice of extension (60each an “Extension Notice”) days. To exercise such rightto 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”), Buyer shall, which Extension Notice and Extension Deposit shall be provided/deposited prior to the expiration of the Due Diligence Period, provide written notice of Period or the 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 then applicable Extended Due Diligence Period, the Additional Xxxxxxx Money deposit shall be fully refundable to Buyeras applicable. If Buyer does not terminate the Agreement in accordance with this Section 6(b)If, unless otherwise released pursuant to the provisions through no fault of this AgreementSeller, the Additional Xxxxxxx Money deposit shall become non-refundable close of escrow has not occurred prior to Buyer on the later of the expiration of the extended then applicable Extended Due Diligence Period or receipt of a Master Plan Mixed Use ZoningPeriod, but shall be applied toward the Lot 1, 3 and 4 Purchase Price at Closing. Notwithstanding anything in this Agreement to the contrarythen, immediately upon expiration of the initial then applicable Extended Due Diligence Period, Escrow Agent shall release the Xxxxxxx Money deposit made under Section 4 Extension Deposits to Seller and Seller shall be disbursed entitled to Seller, keep and shall not be refunded to Buyer for any reason except retain said Extension Deposits in consideration of Seller’s default without regard to whether or not Buyer elects to extend grant of the Extended Due Diligence Period under this Section(irrespective of whether the escrow ultimately proceeds to close). If Buyer elects the escrow closes prior to extend the Due Diligence Period as provided in this subsection, and Buyer expiration of the then terminates this Agreement during the extended applicable Extended Due Diligence Period, Buyer then (A) Seller shall be entitled to receive a refund and retain, at the Closing, the entirety of the Additional Xxxxxxx Money, but not the initial Xxxxxxx Money paid under Section 4 aboveExtension Deposits.