Initial Contingencies Sample Clauses
The Initial Contingencies clause sets out specific conditions that must be satisfied before a contract becomes fully binding or before certain obligations are triggered. Typically, these contingencies might include securing financing, obtaining necessary permits, or completing satisfactory inspections. By clearly outlining these prerequisites, the clause protects parties from being obligated to proceed if key requirements are not met, thereby reducing risk and ensuring that both sides are only committed once essential conditions are fulfilled.
Initial Contingencies. 0 - Initial Contingencies 8 Section 3.1 - Failure of Initial Contingencies 8
Initial Contingencies. Seller and Purchaser hereby acknowledge and agree that each party’s obligations hereunder are conditioned upon the satisfaction of the following contingency within thirty (30) days after the Effective Date of the Agreement (the “Initial Contingency Period”): Seller and Buyer hereby acknowledge and agree that the Development Conditions (as defined in Schedule 5.01) prohibit the rezoning of the Property without the consent of Waltech II Associates. Seller and Buyer further acknowledge and agree that it is a condition to Buyer's obligations under this Agreement to rezone the Property as set forth in Section 6.01(c) below. Buyer hereby agrees to use its good faith commercially reasonable efforts to obtain a modification of the Development Conditions (or such other consent) as is necessary to permit the rezoning of the Property contemplated in Section 6.01(c) below, which modification shall be on terms and conditions satisfactory to Buyer and Seller in their commercially reasonable discretion. In the event that the foregoing contingency is not satisfied on or before the expiration of the Initial Contingency Period, then this Agreement shall automatically terminate, whereupon the Escrow Agent shall return the Deposit to Buyer, less One Hundred Dollars ($100.00) which shall be paid to Seller as consideration for entering into this Agreement, and the parties hereto shall be relieved of all further obligations hereunder, except as otherwise set forth herein. Upon the satisfaction of the foregoing contingency, each party agrees, upon request from the other, to enter into an amendment to this Agreement to memorialize the satisfaction of such contingency.
Initial Contingencies. The performance of this Agreement is contingent upon satisfaction of all the conditions set forth below (collectively, the "Initial Contingencies").
Initial Contingencies. All contingencies set forth in this Section 3.1 are collectively referred to as the “Initial Contingencies”.
A. Owner’s obligation to perform pursuant to this Agreement is contingent upon satisfaction of all the conditions set forth in paragraphs 1 through 4 below.
Initial Contingencies. Buyer's obligation to purchase the Property is expressly conditioned on the matters ("Initial Contingencies") described in this Section 3.
1. Buyer shall deliver written notice to Seller that it (a) approves or waives the Initial Contingencies or (b) disapproves the Initial Contingencies, on or before 5:00 p.m. (California time) on the day that is thirty (30) days after the Effective Date (the "Initial Contingency Date"), with the period from the Effective Date to the Initial Contingency Date being the "Initial Contingency Period".