Common use of Non-Default Termination Clause in Contracts

Non-Default Termination. In the event of any termination of this Agreement pursuant to a provision expressly stating that the provisions of this Article are applicable, the following provisions shall apply: (a) except for those obligations which expressly survive termination of this Agreement, neither Buyer nor Seller shall have any further obligations hereunder; and (b) upon satisfaction of all of Buyer’s monetary obligations under this Agreement, which shall include Buyer’s obligation to restore the Property to the condition that existed prior to Buyer’s entry pursuant to Section 6.2 hereof, the Exxxxxx Money (including interest earned thereon) shall be returned to Buyer upon Seller’s receipt (i) written notice from Buyer expressly acknowledging the termination of all of Buyer’s interest in the Property and this Agreement; and (ii) all materials provided to Buyer by Seller or Seller’s agents, and any copies made by Buyer or Buyer’s agents pursuant to this Agreement; provided, however, that failure of Buyer to give Seller such notice shall not be construed to expand Buyer’s rights or remedies in any manner.

Appears in 1 contract

Samples: Real Estate Purchase and Sale Agreement (Acadia Realty Trust)

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Non-Default Termination. In the event of any termination of this Agreement pursuant (except only a termination of this Agreement to a provision expressly stating that which the provisions of this Article 13 hereof entitled "Default" are applicable), the following provisions shall apply: (a) except for those obligations which expressly survive termination of this Agreement, neither Buyer nor Seller shall have any further obligations hereunder; and (b) upon satisfaction of all of Buyer’s 's monetary obligations under this Agreement, which shall include Buyer’s obligation to restore the Property to the condition that existed prior to Buyer’s entry pursuant to Section 6.2 hereof, the Exxxxxx Xxxxxxx Money (including interest earned thereon) shall be returned to Buyer upon Seller’s receipt 's receipt of (i) written notice from Buyer expressly acknowledging the termination of all of Buyer’s 's interest in the Property and this Agreement; and (ii) all materials provided to Buyer by Seller or Seller’s 's agents, and any copies made by Buyer or Buyer’s 's agents pursuant to this Agreement; provided, however, that failure of Buyer to give Seller such notice shall not be construed to expand Buyer’s 's rights or remedies in any manner.

Appears in 1 contract

Samples: Real Estate Purchase and Sale Agreement (Wells Real Estate Investment Trust Inc)

Non-Default Termination. In the event of any termination of this Agreement pursuant to a provision expressly stating that the provisions of this Article are applicable, the following provisions shall apply: (a) except for those obligations which expressly survive termination of this Agreement, neither Buyer nor Seller shall have any further obligations hereunder; and (b) upon satisfaction of all of Buyer’s monetary obligations under this Agreement, which shall include Buyer’s obligation to restore the Property to the condition that existed prior to Buyer’s entry pursuant to Section 6.2 hereof, the Exxxxxx Xxxxxxx Money (including interest earned thereon) shall be returned to Buyer upon Seller’s receipt receipt of (i) written notice from Buyer expressly acknowledging the termination of all of Buyer’s interest in the Property and this Agreement; and (ii) all materials provided to Buyer by Seller or Seller’s agents, and any copies made by Buyer or Buyer’s agents pursuant to this Agreement, and confirmation that electronic copies of all such materials have been destroyed or deleted; provided, however, that failure of Buyer to give Seller such notice shall not be construed to expand Buyer’s rights or remedies in any manner.

Appears in 1 contract

Samples: Real Estate Purchase and Sale Agreement (Behringer Harvard Opportunity REIT II, Inc.)

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Non-Default Termination. In the event of any termination of this Agreement pursuant to a provision expressly stating that the provisions of this Article are applicable, the following provisions shall apply: (a) except for those obligations which expressly survive termination of this Agreement, neither Buyer nor Seller shall have any further obligations hereunder; and (b) upon satisfaction of all of Buyer’s monetary obligations under this Agreement, which shall include Buyer’s obligation to restore the Property to the condition that existed prior to Buyer’s entry pursuant to Section 6.2 hereof, the Exxxxxx Money (including interest earned thereon) shall be returned to Buyer upon Seller’s receipt receipt of (i) written notice from Buyer expressly acknowledging the termination of all of Buyer’s interest in the Property and this Agreement; and (ii) all materials provided to Buyer by Seller or Seller’s agents, and any copies made by Buyer or Buyer’s agents pursuant to this Agreement; provided, however, that failure of Buyer to give Seller such notice shall not be construed to expand Buyer’s rights or remedies in any manner.

Appears in 1 contract

Samples: Real Estate Purchase and Sale Agreement (Acadia Realty Trust)

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