Common use of Failure of Mutual Closing Condition Clause in Contracts

Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is not satisfied at Closing, then each Party shall have the right to terminate this Agreement by providing written notice to the other Party, in which case the Xxxxxxx Money shall be refunded to Purchaser in accordance with Section 3.2.4, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.

Appears in 3 contracts

Samples: Purchase and Sale Agreement (Chesapeake Lodging Trust), Purchase and Sale Agreement (Chesapeake Lodging Trust), Purchase and Sale Agreement (Pebblebrook Hotel Trust)

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Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is not satisfied at Closing, then each Party shall have the right to terminate this Agreement by providing written notice to the other Party, in which case the Xxxxxxx Money Deposit shall be refunded to Purchaser in accordance with Section 3.2.4, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Highland Hospitality Corp)

Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is not satisfied at Closing, then each Party shall have the right to terminate this Agreement by providing written notice to the other Party, in which case case: (a) the Xxxxxxx Money Money, less the Independent Consideration, shall be refunded to Purchaser in accordance with Section 3.2.4; (b) following the release of the Xxxxxxx Money, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.. 9.2

Appears in 1 contract

Samples: Purchase and Sale Agreement

Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is not satisfied at Closing, then each Party shall have the right to terminate this Agreement right, by providing written notice to the other Party, to terminate this Agreement, in which case the Xxxxxxx Money shall be refunded to Purchaser in accordance with Section 3.2.4, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Carey Watermark Investors Inc)

Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is are not satisfied at Closing, then each Party shall have the right to terminate this Agreement by providing written notice to the other Party, in which case the Xxxxxxx Money shall be refunded to Purchaser in accordance with Section 3.2.4Purchaser, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Apple Hospitality REIT, Inc.)

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Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is not satisfied at Closing, then each Party shall have the right to terminate this Agreement by providing written notice to the other Party, in which case case: (a) the Xxxxxxx Money Money, less the Independent Consideration, shall be refunded to Purchaser in accordance with Section 3.2.4; (b) following the release of the Xxxxxxx Money, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Forestar Group Inc.)

Failure of Mutual Closing Condition. If any of the Mutual Closing Conditions is not satisfied at Closing, then each Party shall have the right to terminate this Agreement right, by providing written notice to the other Party, to terminate this Agreement, in which case the Xxxxxxx Money shall be refunded to Purchaser in accordance with Section 3.2.4III.B.4, and the Parties shall have no further rights or obligations under this Agreement, except for those which expressly survive such termination.

Appears in 1 contract

Samples: Purchase and Sale Agreement (DiamondRock Hospitality Co)

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