Common use of Loan Assumption Approval Clause in Contracts

Loan Assumption Approval. On April 12, 2004, Purchaser exercised its right to extend the time to obtain Loan Approval pursuant to SECTION 5.7(C) of the Purchase Agreement by delivering written notice of such extension to Seller. Pursuant to such notice, the date to obtain Loan Approval was extended to May 12, 2004. Purchaser has been working diligently to obtain Loan Approval, but has not yet received the Loan Approval from Lender. Accordingly, Seller and Purchaser hereby agree that Purchaser shall have until 5:00 p.m. on June 11, 2004 to obtain Loan Approval from Lender. In the event that Purchaser is not able to obtain Loan Approval on or before such date, Seller or Purchaser may terminate the Purchase Agreement in which event the Xxxxxxx Money shall be returned to Purchaser and the parties shall have no further rights or obligations under the Purchase Agreement except for those which expressly survive termination.

Loan Assumption Approval. On April 12, 2004, Purchaser exercised its right to extend the time to obtain Loan Approval pursuant to SECTION 5.7(C) of the Purchase Agreement by delivering written notice of such extension to Seller. Pursuant to such notice, the date to obtain Loan Approval was extended to May 12, 2004, and such date was subsequently extended to June 11, 2004 pursuant to the Second Amendment. Purchaser has been working diligently to obtain Loan Approval, but has not yet received the Loan Approval from Lender. Accordingly, Seller and Purchaser hereby agree that Purchaser shall have until 5:00 p.m. on June 1128, 2004 to obtain Loan Approval from Lender. In the event that Purchaser is not able to obtain Loan Approval on or before such date, Seller or Purchaser may terminate the Purchase Agreement in which event the Xxxxxxx Money shall be returned to Purchaser and the parties shall have no further rights or obligations under the Purchase Agreement except for those which expressly survive termination.

Loan Assumption Approval. On April 12, 2004, Purchaser exercised its right to extend the time to obtain Loan Approval pursuant to SECTION 5.7(C) of the Purchase Agreement by delivering written notice of such extension to Seller. Pursuant to such notice, the date to obtain Loan Approval was extended to May 12, 2004, and such date was subsequently extended to June 28, 2004 pursuant to the Second Amendment and the Third Amendment. Purchaser has been working diligently to obtain Loan Approval, but has not yet received the Loan Approval from Lender. Accordingly, Seller and Purchaser hereby agree that Purchaser shall have until 5:00 p.m. on June 11July ___, 2004 to obtain Loan Approval from Lender. In the event that Purchaser is not able to obtain Loan Approval on or before such date, Seller or Purchaser may terminate the Purchase Agreement in which event the Xxxxxxx Money shall be returned to Purchaser and the parties shall have no further rights or obligations under the Purchase Agreement except for those which expressly survive termination.

Loan Assumption Approval. On April 12, 2004, Purchaser exercised its right to extend the time to obtain Loan Approval pursuant to SECTION 5.7(C) of the Purchase Agreement by delivering written notice of such extension to Seller. Pursuant to such notice, the date to obtain Loan Approval was extended to May 12, 2004, and such date was subsequently extended to July 14, 2004 pursuant to the Fourth Amendment. Purchaser has been working diligently to obtain Loan Approval, but has not yet received the Loan Approval from Lender. Accordingly, Seller and Purchaser hereby agree that Purchaser shall have until 5:00 p.m. on June 11July 21, 2004 to obtain Loan Approval from Lender. In the event that Purchaser is not able to obtain Loan Approval on or before such date, Seller or Purchaser may terminate the Purchase Agreement in which event the Xxxxxxx Money shall be returned to Purchaser and the parties shall have no further rights or obligations under the Purchase Agreement except for those which expressly survive termination.