Common use of More Definitive Agreement Clause in Contracts

More Definitive Agreement. If Executive exercises the Residence Option, the parties shall promptly negotiate in good faith a written purchase and sale agreement for the Residence containing a commitment to close the transaction within 60 days following the full execution of the agreement, an xxxxxxx money deposit of at least five percent of the Purchase Price and such other terms, conditions, representations and warranties that are not inconsistent with the terms hereof and that are reasonable and customary for similar transactions.

More Definitive Agreement. If and promptly after the Executive exercises the Residence Option, the parties shall promptly negotiate in good faith a written purchase and sale agreement contract for the Residence containing a commitment to close the transaction within 60 sixty (60) days following the full execution of the agreementcontract, an xxxxxxx money deposit of at least five percent (5%) of the Purchase Price and such other terms, conditions, representations and warranties that are not inconsistent with the terms hereof and that are reasonable and customary for similar transactions.