Feasibility Contingency. Buyer’s obligations under this Agreement are conditioned upon Xxxxx's satisfaction in Buyer’s sole discretion, concerning all aspects of the Property, including its physical condition; the presence of or absence of any hazardous substances; the contracts and leases affecting the property; the potential financial performance of the Property; the availability of government permits and approvals; and the feasibility of the Property for Buyer's intended purpose. This Agreement shall terminate and Buyer shall receive a refund of the xxxxxxx money unless Xxxxx gives written notice to Seller within days (30 days if not filled in) (the “Feasibility Period”) of Mutual Acceptance stating that this condition is satisfied. If such notice is timely given, the feasibility contingency stated in this Section 5 shall be deemed to be satisfied.
Feasibility Contingency. (i) Optionee shall have the right (w) to conduct all inspections, investigations, tests and studies of the Eligible Properties as Optionee deems necessary or desirable in connection with Optionee’s anticipated development of the Eligible Properties, (x) to review all documents, materials and files in the possession of Optionor and Optionor Parent relating to the Eligible Properties, Optionor or Optionor Parent, excluding any such items generated internally by Optionor or Optionor Parent, or which are proprietary, or which are subject to a confidentiality agreement, (y) to investigate all such other matters as Optionee determines to consider with respect to the Eligible Properties, Optionor and Optionor Parent, and (z) to have discussions with applicable governmental bodies and agencies regarding the Eligible Properties and the development of the Eligible Properties. As of the Option Acceptance Date, Optionee shall be deemed to have conducted all physical inspections, title review, document and file review and other due diligence it determined was necessary with respect to each Property, Optionor and Optionor Parent and shall be deemed to have fully accepted the results of such investigations.
(ii) At any time during the Feasibility Period, Optionee shall have the right, for any reason or no reason whatsoever, to terminate this Agreement (i) in its entirety, or (ii) as to one or more Eligible Properties (i.e., to reject an Eligible Property or Eligible Properties) by delivering a written notice of such termination to Optionor and Escrow Holder. Such notice shall indicate whether this Agreement is being terminated in its entirety or whether only certain Eligible Properties are being rejected. If Optionee so terminates, or is deemed to have terminated this Agreement in its entirety, then (i) Escrow Holder shall promptly return the First Option Payment to Optionee, and deliver all documents deposited with Escrow Holder to the party who deposited such documents, (ii) Optionee shall pay for all escrow and title cancellation fees due in connection with such termination, and (iii) neither party shall have any further rights or obligations hereunder, other than the obligations related to a termination of this Agreement and the indemnity obligation of Optionor pursuant to Section 4(d) hereof, which shall survive such termination. If Optionee only terminates this Agreement as to one or more rejected Eligible Properties, then (i) Escrow Holder shall promptly return th...
Feasibility Contingency. Developer shall have the right to conduct a feasibility study (the “Feasibility Study”) with respect to the Real Property and the proposed Project beginning on the Execution Date and continuing until the Feasibility Study Expiration Date (the “Feasibility Study Period”). If, within the Feasibility Study Period, Developer shall, for any reason in Developer’s sole discretion, or without any reason, disapprove of or be dissatisfied with any aspect of the Real Property or the Project and the economic or logistical feasibility thereof or the feasibility of obtaining the PDR Decision or other necessary or desired Permits, then Developer shall be entitled to terminate this Agreement as provided below. During the Feasibility Study Period, Developer shall perform the following due diligence activities: (1) inspect the condition of title to the Real Property pursuant to subsection 5.2 below, and (2) perform or commence the performance of any other due diligence and feasibility investigations, studies and tests with respect to the Real Property and its condition and/or the economic feasibility of the Project as are permitted by this Agreement and as Developer deems necessary or advisable, in its sole discretion, including, without limitation, preparation of a survey and environmental testing. Developer may terminate this Agreement at any time prior to the Feasibility Study Expiration Date by providing written notice to Owner that Developer elects to terminate this Agreement, which termination shall be effective immediately. This Agreement shall automatically terminate without notice at 5:00 p.m. Pacific time on the Feasibility Study Expiration Date unless on or before such time and date Developer notifies Owner in writing that Developer does not elect to terminate this Agreement pursuant to this Section 5.1. If this Agreement is terminated in accordance with the provisions of this Section 5.1, the Deposit shall be returned to Developer by Escrow Agent, a copy of all feasibility investigations, studies and tests performed or produced by or for Developer, including copies of any CAD files related survey preparation or environmental testing, shall be delivered to Owner, and neither Party shall have any further rights, duties or obligations under this Agreement except for those that expressly survive the termination of this Agreement. If this Agreement is not terminated in accordance with the provisions of this Section 5.1, then the Deposit shall thereafter be non- ref...
Feasibility Contingency. The obligation of Purchaser to close the ----------------------- transaction contemplated hereby is, at the option of Purchaser, subject to Purchaser's being satisfied, in Purchaser's sole and absolute discretion, with the Records, Leases, Contracts and reports for the Property and the results of its physical inspections of the Property, including, but not limited to, environmental and engineering reports, and the availability of financing for the proposed acquisition (the "Feasibility Contingency"). Purchaser shall have through September 30, 2001 (the period from the date hereof through September 30, 2001 being the "Contingency Period") for satisfaction of the Feasibility Contingency. If Purchaser does not terminate this Agreement by written notice to Seller given prior to the expiration of the Contingency Period, Purchaser shall be deemed to have satisfied the Feasibility Contingency, in which event, subject to the terms and conditions hereof, Purchaser shall be obligated to close the transaction contemplated hereby. If Purchaser does terminate this Agreement by written notice to Seller given prior to the expiration of the Contingency Period, the interest on the Deposit shall forthwith be released to Purchaser from Escrow, the Deposit shall forthwith be released to Seller from Escrow, and, thereupon, this Agreement shall become null and void and neither party shall have any further rights and obligations hereunder, other than the Surviving Obligations.
Feasibility Contingency. Buyer, at its sole expense, may conduct an investigatory review of the economics, financial assumptions, general and local market conditions, and project build-out feasibility related to the development of the Property. If Buyer shall deem, in its sole and absolute discretion, that its intended use of the Property appears to be economically viable and feasible then notification shall be provided to Seller in writing, on or before the last day of the Due Diligence Period, stating that this contingency has been removed.
Feasibility Contingency. Subject to Buyer not interfering with the use and enjoyment of the Property by any tenant occupying any part of the Property, Buyer shall have the right to examine the Property, the existence of hazardous or toxic substances or pollutants as defined in Environmental Laws, and the zoning and applicable governmental regulations, statutes and ordinances pertaining to the Property, at any time after the execution of this Agreement, with any persons whom it shall designate. “Environmental Laws” shall mean the Resource Conservation and Recovery Act (as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §6901, et seq.; the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (as amended by the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. §9601, et seq.; the Hazardous Materials Txxxxxxxxxxxxx Xxx, 00 X.X.X. §0000, et seq.; the Toxic Substances Cxxxxxx Xxx, 00 X.X.X. §0000, et seq.; the Clean Air Act, 42 U.S.C. §7401, et seq.; the Safe Drinking Wxxxx Xxx, 00 X.X.X. §000x, et sec.; the Clean Wxxxx Xxx, 00 X.X.X. §0000, et seq.; the Arizona Hazardous Waste Management Act, A.R.S. §49-921, et seq.; and the Arizona Environmental Quality Act, A.R.S. §49-1001, et seq., or any other applicable State or Federal environmental protection law or regulation. Seller shall permit access to the Property to Buyer and any persons designated by Buyer, and Seller shall afford them the opportunity to conduct, prepare and perform any tests, studies, and surveys upon the Property that Buyer deems necessary to assist it in determining whether the Property is appropriate for the purposes contemplated by Buyer. Upon completion of all such tests, studies and surveys, Buyer shall fill all holes produced by it and restore the Property to its condition existing prior to any tests or inspections. Buyer shall indemnify, protect, defend and hold Seller harmless for, from and against all claims, costs, fees or liability of any kind caused by the acts of Buyer or Buyer’s agents pursuant to this Section 7(b). The foregoing obligation of Buyer shall survive any termination of this Agreement and Seller’s remedies for breach hereof shall not be limited by the provisions of Section 9(b) of this Agreement. In the event Buyer in its sole and absolute discretion determines that the Property is not suitable for its purposes, Buyer may, at any time on or before 5:00 P.M. (central daylight time) on the thirtieth (30th) day following the Opening of...
Feasibility Contingency. Buyer shall verify within 30 days (10 days, if not filled in) after mutual acceptance (the “Feasibility Contingency Expiration Date”) the suitability of the Property for Buyer's intended purpose including, but not limited to, whether the Property can be platted, developed and/or built on (now or in the future) and what it will cost to do this. This Feasibility Contingency SHALL CONCLUSIVELY BE DEEMED WAIVED unless Buyer gives notice of disapproval on or before the Feasibility Contingency Expiration Date. If Xxxxx gives a timely notice of disapproval, then this Agreement shall terminate and the Xxxxxxx Money shall be refunded to Buyer. Buyer should not rely on any oral statements concerning feasibility made by the Seller, Listing Broker or Selling Broker. Buyer should inquire at the city or county, and water, sewer or other special districts in which the Property is located. Buyer’s inquiry shall include, but not be limited to: building or development moratoria applicable to or being considered for the Property; any special building requirements, including setbacks, height limits or restrictions on where buildings may be constructed on the Property; whether the Property is affected by a flood zone, wetlands, shorelands or other environmentally sensitive area; road, school, fire and any other growth mitigation or impact fees that must be paid; the procedure and length of time necessary to obtain plat approval and/or a building permit; sufficient water, sewer and utility and any services connection charges; and all other charges that must be paid. Xxxxx and Xxxxx’s agents, representatives, consultants, architects and engineers shall have the right, from time to time during the feasibility contingency, to enter onto the Property and to conduct any tests or studies that Buyer may need to ascertain the condition and suitability of the Property for Xxxxx’s intended purpose. Buyer shall restore the Property and all improvements on the Property to the same condition they were in prior to the inspection. Buyer shall be responsible for all damages resulting from any inspection of the Property performed on Xxxxx’s behalf.
Feasibility Contingency. Assignee shall have until the date that is thirty (30) days after the execution of this Agreement (the "REVIEW PERIOD"), or such later date as mutually agreed to by the parties to perform a feasibility analysis of the Property. Within ten (10) days after the date of this Agreement, Assignor shall prepare for Assignee's review and approval a true and complete list of all Development Documents, which list, after it is approved by Assignee, shall supplement the list attached to this Agreement on the date hereof as EXHIBIT K. During the Review Period Assignee will conduct and review soil tests, engineering, planning, site planning, utilities, wetlands, environmental risk, title, survey, CC&R and other reviews determined to be necessary by the Assignee and Assignee will review and determine the cost, existence and transferability of items 1, 4, 6, 7, 9 and 10 of the Regulatory Approvals (as defined
Feasibility Contingency. Buyer’s obligations under this Agreement are conditioned upon Xxxxx's satisfaction, in Buyer’s sole discretion, concerning all aspects of the Property, including its physical condition; the presence of or absence of any hazardous substances; the contracts and leases affecting the Property; the potential financial performance of the Property; the availability of government permits and approvals; and the feasibility of the Property for Buyer's intended purpose. This Agreement shall terminate and Buyer shall receive a refund of the Xxxxxxx Money unless Buyer gives notice that the Feasibility Contingency is satisfied to Seller before 5:00pm on the Feasibility Contingency Date. If such notice is timely given, the feasibility contingency shall be deemed to be satisfied and Buyer shall be deemed to have accepted and waived any objection regarding any aspects of the Property as they exist on the Feasibility Contingency Date.
Feasibility Contingency. As used herein, the term “Feasibility Period” shall mean the period which commences on the Effective Date and will expire at 2:00 pm Xxxxxx City Time (5:00 pm New York City Time), Thursday, December 10, 2009 (the “Feasibility Period Expiration Date”).
