Common use of License Application Clause in Contracts

License Application. 2.1 WGP will promptly make an application to the appropriate authorities in Illinois for a license to construct and operate a marijuana cultivation and growing facility. WGP will use its best efforts to have the license granted. WGP will promptly apprise AmeriCann of any communications it receives from applicable Illinois agencies or authorities, and will forward to AmeriCann, within two days of receipt, copies of any communication it receives from any person relative to the license application. 2.2 WGP will notify AmeriCann (via email), within two days of receiving notification that its license application has been accepted or rejected. 2.3 Within seven days of receiving notification that its license application has been accepted, WGP must notify AmeriCann of its election to proceed to close the Loan. If WGP does not notify AmeriCann of its election to proceed to close the Loan, WGP must pay AmeriCann a breakup fee of $150,000, which will be payable to AmeriCann via wire transfer upon the expiration of such seven day period, plus $47,600 per month for twenty-four months. 2.4 If WGP does not notify AmeriCann of its election to close the Loan, the deposit will be returned to AmeriCann. 2.5 If a license to construct and operate a marijuana cultivation and growing facility has not been granted to WGP by January 31, 2015, then AmeriCann, at any time thereafter, may at its sole option, terminate this Agreement by written notification to WGP. Upon such termination, the deposit will be returned to AmeriCann. 2.6 If WGP’s license is rejected, but WGP decides to reapply for a license, WGP will give AmeriCann notice of such fact, and the provisions of Sections 2.1 through 2.5 will apply to any new license application.