Common use of Failure of Conditions to Closing Clause in Contracts

Failure of Conditions to Closing. (a) If Xxxxx is unable to timely satisfy (and Xxxxxx has not waived in writing) the conditions precedent to Seller’s obligation to effect the Closing, then such failure shall constitute a default hereunder, in which case, Seller shall have the right to terminate this Agreement by notice thereof to Buyer in accordance with the terms of this Agreement. If this Agreement is so terminated, then Seller shall be entitled to receive the Deposit and thereafter, neither party shall have any further obligations hereunder, except those expressly stated to survive the termination hereof. (b) If Seller is unable to timely satisfy the conditions precedent to Xxxxx’s obligation to effect the Closing (and Xxxxx has not waived the same in writing), and, in either case, such failure of condition precedent is not the result of Xxxxx’s default hereunder, then Buyer or Seller shall be entitled to terminate this Agreement by notice thereof to the other party in accordance with the terms of this Agreement. If this Agreement is so terminated, then Buyer shall be entitled to receive the Deposit and thereafter neither party shall have any further obligations hereunder, except those expressly stated to survive the termination hereof.

Failure of Conditions to Closing. (a) If Xxxxx Purchaser is unable or otherwise fails to timely satisfy (and Xxxxxx Seller has not waived in writing) the conditions precedent to Seller’s obligation to effect the Closing, then such failure shall constitute a default hereunderSeller, in which caseSeller’s sole and absolute discretion, may (in addition to any rights Seller shall may have the right to under Section 14.01 of this Agreement) either: (i) terminate this Agreement by written notice thereof to Buyer in accordance with the terms of this Agreement. If Purchaser, and this Agreement is so terminated, then Seller shall be entitled to receive the Deposit terminate and thereafter, have no further force or effect and neither party Party shall have any further rights and/or obligations hereunderwith respect to each other or this Agreement, except those for any obligations that expressly stated to survive termination; or (ii) waive any unsatisfied condition and consummate the termination hereoftransactions contemplated hereby. (b) If Seller is unable to timely satisfy the conditions any condition precedent to XxxxxPurchaser’s obligation to effect the Closing (and Xxxxx set forth in Section 11.02 has not waived the same in writing)been timely satisfied, andthen Purchaser, in either casePurchaser’s sole and absolute discretion, such failure of condition precedent is not the result of Xxxxx’s default hereunder, then Buyer or Seller shall be entitled to may either: (i) terminate this Agreement by written notice thereof to the other party in accordance with the terms of this Agreement. If Seller, and this Agreement is so terminatedshall terminate, then Buyer the Deposit shall be entitled immediately returned to receive the Deposit Purchaser and thereafter have no further force or effect and neither party Party shall have any further rights and/or obligations hereunderwith respect to each other or this Agreement, except those for any obligations that expressly stated to survive termination; or (ii) waive any unsatisfied condition and consummate the termination hereoftransactions contemplated hereby.