Common use of Holder's Purchase of Elected Property Clause in Contracts

Holder's Purchase of Elected Property. If Holder elects to buy ------------------------------------- the Elected Property, the purchase and sale transaction will be consummated in accordance with the procedures described in Section 7. Holder will have a period of time to close the purchase of the Elected Property that is equal to the longer of (i) 60 days after the opening of Escrow, (ii) 15 days after Holder receives the last Appraisal Report that may be required under Section 6.3, or (iii) the date on which Holder receives notice from the applicable governmental authority that the authority has transferred to Holder (or an affiliate of Holder) any Alcoholic Beverage License that is included in the Elected Property.

Holder's Purchase of Elected Property. If Holder elects to buy ------------------------------------- the Elected Property, the purchase and sale transaction will be consummated in accordance with the procedures described in Section 7. Holder will have a period of time to close the purchase of the Elected Property that is equal to the longer of (i) 60 days after the opening of Escrow, (ii) 15 days after Holder receives the last fast Appraisal Report that may be required under Section 6.3, or (iii) the date on which Holder receives notice from the applicable governmental authority that the authority has transferred to Holder (or an affiliate of Holder) any Alcoholic Beverage License that is included in the Elected Property.