Feasibility Review Period. Section 2.2(a) of the Purchase and Sale Agreement is hereby omitted and replaced with the following: Buyer shall have until 5:00 p.m. California time on February 10, 2022 (such period being referred to herein as the ("Feasibility Review Period")) to review and approve the matters described in Section 2.1(a)-(e) (subject to the provisions of Section 2.3 pertaining to Supplements delivered after the end of the Feasibility Review Period) above, including the due diligence materials, in Buyer's sole discretion ("Feasibility Review").
Feasibility Review Period. Buyer shall have the longer of (1) One hundred thirty-five (135) Days commencing upon the Seller’s Preliminary Approval Notice and (2) five (5) business days after receipt of Seller’s Full Approval Notice, subject to any extensions obtained by Buyer under Addendum Paragraph 35 below, to conduct all due diligence with regard to the Property set forth in Sections 9.1 (a-q). In the event that Seller fails to get the full approval of the Presbytery and thus is unable to get Seller’s Full Approval Notice, Seller shall reimburse Buyer for reasonable hard costs incurred by Buyer for due diligence activities between Seller’s Preliminary Approval and notice that Seller is unable to obtain Presbytery’s approval. Except as so provided, Xxxxx is responsible for paying (and may not pass through to Seller) any costs Buyer incurs during the Feasibility Review Period (as it may be extended), including any preliminary work by a surveyor and/or other professionals conducted during the Feasibility Review Period, even though such professionals may be subsequently involved in obtaining the Legal Parcel Change and that preliminary work may be part of those later processes. At or prior to the end of the Feasibility Review Period (as it may be extended under Addendum Paragraph 35 below), Buyer shall notify Seller and the Escrow Holder in writing, Notice to Proceed, that Buyer, in its sole discretion, either (i) elects to proceed with the Escrow, in which case the Initial Deposit and the Feasibility Approval Deposit shall become non- refundable subject to the Seller's performance hereunder or (ii) elects to cancel the Escrow, in which case the Purchase and Sale Agreement shall terminate, and the Escrow Holder shall return the Initial Deposit plus any interest accrued thereon to Buyer. If for any reason this transaction does not Close, Buyer shall transfer to Seller all due diligence materials obtained by Buyer.
Feasibility Review Period. Buyer shall perform all its feasibility analyses and any other reviews of the Subject Property within ninety (90) days of the Effective Date of this Agreement (“Feasibility Review Period”). During the Feasibility Review Period, Buyer may cancel the Agreement for any reason and receive a full refund of the Xxxxxxx Money Deposit placed into escrow with the Escrow Holder, provided such cancellation is in writing and is received by Seller prior to the expiration of the Feasibility Review Period. In such event, Escrow Holder shall return the Xxxxxxx Money Deposit to Buyer without execution of any release or consent by Seller. If Buyer fails to cancel the Agreement during the Feasibility Review Period in the manner as set forth above, Buyer shall be deemed to have accepted the condition of the Subject Property, and the entire Xxxxxxx Money Deposit shall become non- refundable to Buyer (other than as a result of a breach of this Agreement by Seller), but shall be applicable to the Total Purchase Price should the transaction contemplated by this Agreement proceed to closing.
Feasibility Review Period. Buyer shall perform all its feasibility analyses, appraisals and any other reviews of the Subject Property within sixty days of the Effective Date (the date of the last signature on this Agreement indicating final acceptance by all parties of all of the details thereof) of this Agreement (Feasibility Review Period). The parties agree that the scope of the Buyer's due diligence rights during the Feasibility Review Period includes all matters reasonably related to the Subject Property. During the Feasibility Review Period, the Buyer may cancel the Agreement for any reason.
Feasibility Review Period. The term "Feasibility Review Period" ------------------------- shall mean the period beginning on the Effective Date and ending on the Closing Date, during which time the District will conduct its studies and investigations regarding the feasibility of the District's development of the Property.
Feasibility Review Period. During the Feasibility Review Period, ------------------------- the District shall analyze the feasibility of development of the Property by the District. The District shall be solely responsible for any and all costs incurred by the District in connection with its review and/or investigations of the Property.
Feasibility Review Period. Buyer's failure to deliver its Notice of Approval before expiration of the Feasibility Review Period shall be deemed to be Buyer's disapproval of the Property. If no Notice of Approval has been delivered by the expiration of the Feasibility Review Period, or within the period described in Section 4.1.1 with respect to any title exception shown in any Supplemental Report that is disapproved and uncured, this Agreement shall upon such expiration immediately terminate, and Escrow Agent shall return all funds, less applicable Escrow cancellation charges, and documents to the parties who deposited them. Seller shall thereupon be released from its obligation to sell the Property to Buyer, and Buyer shall be released from any obligation to purchase the Property. Buyer shall also deliver to Seller, without warranty, any documents related to the Property which Buyer has created during the Feasibility Review Period.
Feasibility Review Period. Buyer will complete all of its Inspections and feasibility analyses, investigations and any other reviews of the Subject Property (the “Due Diligence”) no later than one hundred twenty (120) days following the Effective Date (“Feasibility Review Period”). All Due Diligence undertaken by Buyer will be at Buyer’s sole cost and expense, and the scope of the Due Diligence will be at the sole discretion of Buyer. In the event the Buyer determines, in Buyer's sole discretion, that the Subject Property is suitable for use as a hotel and related uses and gives written notice of same to Seller during the Feasibility Review Period, then this Agreement will remain in full force and effect and the transaction will continue to Closing (as defined below), subject to the terms of the Agreement. In the event Buyer (a) determines the Subject Property is not suitable for use as a hotel and related uses and Buyer elects not to proceed with the purchase and provides Seller with written notice that Buyer elects to terminate this Agreement, or (b) Buyer fails to provide any written notice of its election on or before 5:00 p.m. Pacific Standard Time on the last day of the Feasibility Review Period, then this Agreement will be deemed terminated.
Feasibility Review Period. The period of time from the Effective Date until 5:00 pm, Mountain Standard Time, on the date which is thirty (30) calendar days after the Effective Date.
Feasibility Review Period. During the Feasibility Review Period, Buyer shall have the right to inspect the Property and to conduct, review and approve any investigations, tests, analyses, studies or other matters deemed necessary by Buyer to determine the condition and fitness of the Property and the feasibility and desirability of acquiring the Property (the “Feasibility Review”), all in accordance with the terms and provisions of this Section 5.
