Common use of Feasibility Contingency Clause in Contracts

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. The obligation Buyer shall have ten (10) days from the Opening of Purchaser Escrow (the "Feasibility Period") to close the ----------------------- transaction contemplated hereby is, at the option of Purchaser, subject to Purchaser's being satisfieddetermine, in Purchaser's its sole and absolute discretion, with whether the Records, Leases, Contracts condition of the Seller's Property is suitable for Buyer's intended acquisition and reports for use thereof. If Buyer determines that either the condition of the Seller's Property or the leases which encumber the Property are not suitable for Buyer's intended acquisition or use thereof, Buyer shall notify Seller and the results Escrow Agent in writing 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 such determination or failure within the Feasibility ContingencyPeriod. If Purchaser does not terminate this Agreement by written notice to Buyer so notifies Seller given prior to the expiration and Escrow Agent of the Contingency Periodsuch determination, Purchaser Buyer shall be deemed to have satisfied the Feasibility Contingencyrescinded this Agreement, in which event, subject Escrow Agent shall (i) return to Buyer the terms Earnest Money Deposit, (iii) return to Buyer all documents Buyer depoxxxxx xith Escrow Agent in connection with the Escrow, and conditions hereof, Purchaser shall be obligated to close the transaction contemplated hereby. If Purchaser does terminate this Agreement by written notice (iii) return to Seller given prior to all documents Seller deposited with Escrow Agent in connection with 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, and thereupon this Agreement shall become null and void terminate and neither party Party shall have any further rights right, obligation or liability under this Agreement, except for those liabilities and obligations hereunderthat are specified herein to survive the termination of this Agreement. If Buyer does not so notify Seller and Escrow Agent in writing of such determination within the Feasibility Period, other than Buyer's right to rescind this Agreement and have the Surviving ObligationsEarnest Money Deposit returned pursuant to this Section 6 shall termixxxx.

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, LeasesLease, 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. The obligation of Purchaser to close the ----------------------- transaction contemplated hereby is, at the option of Purchaser, subject to Purchaser's ’s being satisfied, in Purchaser's ’s sole and absolute discretion, with the Records, Leases, Contracts and reports for the Property and the results of its physical inspections of all matters relating to the Property, including, but not limited to, environmental and engineering reports, and Purchaser’s determination that the availability of financing Property is suitable for the proposed acquisition Purchaser’s investment and other purposes (the "“Feasibility Contingency"”). Purchaser shall have through September 30until 5:00 p.m. (local time at the Real Property) on July 19, 2001 2018 (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 elects 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 proceed with the transaction contemplated hereby. If Purchaser does terminate this Agreement hereby by written notice to Seller given prior to the expiration of the Contingency Period, the interest on Feasibility Contingency shall be deemed to have been satisfied, and the Deposit shall forthwith become non-refundable, unless this Agreement is terminated in accordance with the provisions of Sections 5.3(b) or (c), 9.3, 11.1, 11.2 or 15.3, and Purchaser shall deposit within three (3) business days following the expiration of the Contingency Period by wire transfer an additional Five Hundred Thousand and No/100 Dollars ($500,000.00) (together with interest accruing thereon, if any, the “Additional Deposit”) for deposit with Escrowee into the Escrow, which shall be released non-refundable unless this Agreement is terminated in accordance with the provisions of Sections 5.3(b) or (c), 9.3, 11.1, 11.2 or 15.3 and shall be applied against the Purchase Price at Closing. In the event Purchaser fails to deliver to Seller written notice of Purchaser’s election to proceed at or prior to the expiration of the Contingency Period, or Purchaser from Escrowdelivers notice to Seller prior to the expiration of the Contingency Period that Purchaser elects to terminate this Agreement for any reason or no reason, in its sole and absolute discretion, the Feasibility Contingency shall be deemed to not have been satisfied, and, the Deposit shall forthwith be released returned to Seller from Escrow, Purchaser and, thereupon, this Agreement shall become null and void (except for those provisions that expressly survive the termination of this Agreement) and neither party shall have any further rights and obligations hereunderhereunder (except pursuant to those provisions that expressly survive the termination of this Agreement). In consideration of Seller’s grant to Purchaser of the option to either approve or disapprove matters as described in this Section 9.1, an amount in the sum of one hundred dollars ($100.00) out of the Deposit shall be deemed independent consideration (the “Independent Consideration”). The Independent Consideration shall be disbursed to Seller immediately following Purchaser’s deposit thereof with Escrowee. In all instances under this Agreement in which Purchaser elects to terminate or is deemed to have terminated this Agreement and the Deposit is returned to Purchaser, Seller shall retain the Independent Consideration when the Deposit is returned to Purchaser. The Independent Consideration shall not be applicable towards the Purchase Price or treated as consideration given by Purchaser for any purpose other than the Surviving Obligationsas stated in this Section 9.1. The provisions of this Section 9.1 shall survive any termination of this Agreement.