Common use of Failure of a Developer Closing Condition Clause in Contracts

Failure of a Developer Closing Condition. If any of the Developer Closing Conditions has not been satisfied on or before the Closing Date, then Developer may, in its sole discretion, elect to either (i) extend the Closing Date for up to 30 days in order to permit the Commission additional time in order to attempt to satisfy the Developer Closing Conditions, or (ii) terminate this Agreement by written notice to the Commission, in which event the parties shall have no further right or obligation under this Agreement (except for rights or obligations which expressly survive the termination of this Agreement). Developer shall have the right to unilaterally waive any Developer Closing Condition by written notice to the Commission or by proceeding to the Closing.

Failure of a Developer Closing Condition. If any of the Developer Closing Conditions has not been satisfied on or before the Closing Date, then Developer may, in its sole discretion, elect to either (i) extend the Closing Date for up to 30 days in order to permit the Commission additional time in order to attempt to satisfy the Developer Closing Conditions, or (ii) terminate this Agreement by written notice to the Commission, in which event the parties shall have no further right or obligation under this Agreement (except for rights or obligations which expressly survive the termination of this Agreement)) and the Xxxxxxx Money shall be promptly returned to the Developer. Developer shall have the right to unilaterally waive any Developer Closing Condition by written notice to the Commission or by proceeding to the Closing.