Common use of Formal Inspection Period Clause in Contracts

Formal Inspection Period. Buyer's obligation to close under this Agreement is subject to and conditioned upon Buyer's investigation and study of and satisfaction with the Property as set forth in this Article VII. Buyer shall have until the Inspection Date in which to make such investigations and studies with respect to the Property as Buyer deems appropriate and to elect to terminate the transaction contemplated by this Agreement, in Buyer's sole and absolute discretion, for any reason or no reason, by written notice delivered to Seller prior to the Inspection Date (“Termination Notice”). If Buyer does not provide the Termination Notice to Seller on or before the Inspection Date, then Buyer will be deemed to have elected not to terminate this Agreement pursuant to this Section 7.3. If Buyer terminates this Agreement on or before the Inspection Date pursuant to this Section 7.3, the Xxxxxxx Money, plus all interest accrued thereon, shall be returned to Buyer and neither party shall have any further obligations hereunder except for those obligations that expressly survive termination of this Agreement. If Buyer terminates this Agreement pursuant to this Section 7.3 then Buyer shall be required to terminate each Other PSA pursuant to Section 7.3 of each Other PSA.

Formal Inspection Period. Buyer's obligation to close under this Agreement is subject to and conditioned upon Buyer's investigation and study of and satisfaction with the Property as set forth in this Article VIISection 7. Buyer shall have until the Inspection Date in which to make such investigations and studies with respect to the Property as Buyer deems appropriate and to elect to terminate proceed with the transaction contemplated by this Agreement, in Buyer's sole and absolute discretion, for any reason or no reason, by written notice delivered to Seller prior to the Inspection Date (“Termination "Affirmative Notice”"). If Notwithstanding the foregoing, if Buyer does not provide the Termination Affirmative Notice to Seller on or before the Inspection Date, then Buyer will be deemed to have elected not to terminate this Agreement pursuant to this Section 7.3Agreement. If Buyer terminates or is deemed to terminate this Agreement on or before the Inspection Date pursuant to this Section 7.3Date, the Xxxxxxx Money, plus all interest accrued thereon, shall be returned to Buyer and neither party shall have any further obligations hereunder except for those obligations that expressly survive termination of this Agreement. If Buyer terminates this Agreement pursuant to this Section 7.3 then Buyer shall be required to terminate each Other PSA pursuant to Section 7.3 of each Other PSA.