Common use of Failure of Condition Precedent Clause in Contracts

Failure of Condition Precedent. (a) If any condition to a Party’s obligation to proceed with the Closing (as set forth in Section 9.1 for LAC4-South and in Section 9.2 for the FCRHA) has not been satisfied as of the Closing Date, such Party may, in its sole discretion, either (i) terminate this Agreement, (ii) extend the time available for the satisfaction of such condition by unilaterally extending the Closing Date, or (iii) elect to close, notwithstanding the non-satisfaction of such condition, in which event such Party will be deemed to have waived any such condition. A Party may send a Communication of its election (of the options set forth in clauses (a)(i), (a)(ii), and (a)(iii)) via those methods set forth in Section 12.4 or, for purposes of Section 9.4 only, via e-mail alone to the e-mail address(es) set forth for the other Party in Section 12.4; such e-mail notice will be deemed effective upon its sending. (b) If such Party elects to proceed pursuant to Section 9.4(a)(ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such Party may again elect to proceed pursuant to Section 9.4(a)(i), (a)(ii) or (a)(iii). (c) In the event the failure of a condition precedent for the benefit of either Party is not satisfied due to a breach of this Agreement by the other Party (for example, a failure or refusal to perform a Party’s obligations under this Agreement), the benefitted Party may also pursue its rights and remedies as set forth in Section 10.

Failure of Condition Precedent. (a) If any condition to a Party’s obligation to proceed with the Closing (as set forth in Section 9.1 for LAC4LAC9-South and in Section 9.2 for the FCRHA) has not been satisfied as of the Closing Date, such Party may, in its sole discretion, either (i) terminate this Agreement, (ii) extend the time available for the satisfaction of such condition by unilaterally extending the Closing Date, or (iii) elect to close, notwithstanding the non-satisfaction of such condition, in which event such Party will be deemed to have waived any such condition. A Party may send a Communication of its election (of the options set forth in clauses (a)(i), (a)(ii), and (a)(iii)) via those methods set forth in Section 12.4 or, for purposes of Section 9.4 only, via e-mail alone to the e-mail address(es) set forth for the other Party in Section 12.4; such e-mail notice will be deemed effective upon its sending. (b) If such Party elects to proceed pursuant to Section 9.4(a)(ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such Party may again elect to proceed pursuant to Section 9.4(a)(i), (a)(ii) or (a)(iii). (c) In the event the failure of a condition precedent for the benefit of either Party is not satisfied due to a breach of this Agreement by the other Party (for example, a failure or refusal to perform a Party’s obligations under this Agreement), the benefitted Party may also pursue its rights and remedies as set forth in Section 10.

Failure of Condition Precedent. (a) If any condition to a Party’s obligation to proceed with the Closing (as set forth in Section 9.1 for LAC4LAC9-South North and in Section 9.2 for the FCRHA) has not been satisfied as of the Closing Date, such Party may, in its sole discretion, either (i) terminate this Agreement, (ii) extend the time available for the satisfaction of such condition by unilaterally extending the Closing Date, or (iii) elect to close, notwithstanding the non-satisfaction of such condition, in which event such Party will be deemed to have waived any such condition. A Party may send a Communication of its election (of the options set forth in clauses (a)(i), (a)(ii), and (a)(iii)) via those methods set forth in Section 12.4 or, for purposes of Section 9.4 only, via e-mail alone to the e-mail address(es) set forth for the other Party in Section 12.4; such e-mail notice will be deemed effective upon its sending. (b) If such Party elects to proceed pursuant to Section 9.4(a)(ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such Party may again elect to proceed pursuant to Section 9.4(a)(i), (a)(ii) or (a)(iii). (c) In the event the failure of a condition precedent for the benefit of either Party is not satisfied due to a breach of this Agreement by the other Party (for example, a failure or refusal to perform a Party’s obligations under this Agreement), the benefitted Party may also pursue its rights and remedies as set forth in Section 10.

Failure of Condition Precedent. (a) If any condition to a Party’s obligation to proceed with the Closing (as set forth in Section 9.1 for LAC4-South North and in Section 9.2 for the FCRHA) has not been satisfied as of the Closing Date, such Party may, in its sole discretion, either (i) terminate this Agreement, (ii) extend the time available for the satisfaction of such condition by unilaterally extending the Closing Date, or (iii) elect to close, notwithstanding the non-satisfaction of such condition, in which event such Party will be deemed to have waived any such condition. A Party may send a Communication of its election (of the options set forth in clauses (a)(i), (a)(ii), and (a)(iii)) via those methods set forth in Section 12.4 or, for purposes of Section 9.4 only, via e-mail alone to the e-mail address(es) set forth for the other Party in Section 12.4; such e-mail notice will be deemed effective upon its sending. (b) If such Party elects to proceed pursuant to Section 9.4(a)(ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such Party may again elect to proceed pursuant to Section 9.4(a)(i), (a)(ii) or (a)(iii). (c) In the event the failure of a condition precedent for the benefit of either Party is not satisfied due to a breach of this Agreement by the other Party (for example, a failure or refusal to perform a Party’s obligations under this Agreement), the benefitted Party may also pursue its rights and remedies as set forth in Section 10.