Common use of Failure to Satisfy Purchaser Closing Conditions Clause in Contracts

Failure to Satisfy Purchaser Closing Conditions. Without derogating from Purchaser’s rights under Section 7.1.1, if on the Closing Date any of the Purchaser Closing Conditions are not satisfied with respect to the Closing (other than as a result of a material default by Purchaser hereunder), then Purchaser may elect, at Purchaser’s option and as Purchaser’s sole remedy, to either (i) waive such condition and proceed to the Closing, (ii) if Purchaser determines that such Purchaser Closing Condition may be satisfied with additional time, defer the Closing for a period of not more than 60 days, but not later than the date set forth in Section 4.1, upon written notice from Purchaser to Sellers or (iii) elect to terminate this Agreement in its entirety by giving Sellers written notice of such election prior to or at the Closing and receive the Deposit then held by Escrowee (and any interest thereon); provided, however, such termination shall not terminate Purchaser’s obligations set forth in Section 12.17.

Failure to Satisfy Purchaser Closing Conditions. Without derogating from Purchaser’s rights under Section 7.1.1, if on the either Closing Date any of the Purchaser Closing Conditions are not satisfied with respect to the such Closing (other than as a result of a material default by Purchaser hereunder), then Purchaser may elect, at Purchaser’s option and as Purchaser’s sole remedy, to either (i) waive such condition and proceed to the such Closing, (ii) if Purchaser determines that such Purchaser Closing Condition may be satisfied with additional time, defer the Closing for a period of not more than 60 days, but not later than the date set forth in Section 4.1, upon written notice from Purchaser to Sellers or (iii) elect to terminate this Agreement in its entirety by giving Sellers written notice of such election prior to or at the applicable Closing (but for the avoidance of doubt, if a Closing has already occurred, such Closing and the provisions of this Agreement with respect thereto shall not be affected by such termination) and receive the Deposit then held by Escrowee (and any interest thereon); provided, however, such termination shall not terminate Purchaser’s obligations set forth in Section 12.17.