Opening Escrow; Location and Date for Closing. The closing of the Acquisition (the “Closing”) shall be completed through an escrow by mail (the “Closing Escrow”) at the offices of Escrow Holder, or such other location as the parties may mutually agree. The Closing shall occur on May 1, 2015 (the “Closing Date”); provided, however, if, on the Closing Date, (a) the condition precedent to Buyer’s obligations set forth in Section 14.1(e) shall not be satisfied, or (b) any or all of the Lenders shall not have consented to (i) the transfer of the applicable Property to Buyer, (ii) the assumption of the Loans and Loan Documents by Buyer on terms and conditions satisfactory to Buyer in its reasonable discretion, (iii) the replacement of the Manager and/or Management Agreement in connection with the Terminated Management Agreements, where applicable, or (iv) any other applicable transactions contemplated by this Agreement, or such Lender shall not have executed and delivered all applicable documentation evidencing such consents, which documentation shall be satisfactory to Buyer in its reasonable discretion, then Buyer shall have the right to extend the Closing Date two times, with the first such extension being until June 1, 2015 and the second such extension being until June 30, 2015, in each case by providing Notice thereof to Sellers on or before the then-applicable Closing Date; and further provided that if, on June 30, 2015, the consents of any or all of the Lenders (and documentation evidencing the same) referenced in clause (b) above has not been obtained, then, upon Buyer’s waiver in writing of all the Buyer Conditions Precedent set forth in Section 14.1(e), the Closing Date shall be further extended until July 31, 2015.
Opening Escrow; Location and Date for Closing. The closing of the Acquisition (the “Closing”) shall be completed through an escrow (the “Escrow”) at the offices of Sellers’ counsel, or such other location as the parties may mutually agree. Escrow Holder shall be present at the Closing to accept documents into escrow. This Agreement shall constitute joint escrow instructions to Escrow Holder in connection with the Escrow. The Closing shall occur on a date (the “Closing Date”) that is thirty (30) days following the Effective Date, unless extended pursuant to the terms of Section 6.2(c).
Opening Escrow; Location and Date for Closing. The closing of the Acquisition (the “Closing”) shall be completed through an escrow (the “Escrow”) at the offices of CNL’s counsel, or such other location as the parties may mutually agree. Escrow Holder shall be present at the Closing to accept documents into escrow. This Agreement shall constitute joint escrow instructions to Escrow Holder in connection with the Escrow. Within two (2) Business Days after the Effective Date, the parties shall open the Escrow with Escrow Holder by delivering a fully executed copy of this Agreement to Escrow Holder. Escrow shall be deemed to be opened on the date a copy of the fully executed Agreement is delivered to Escrow Holder (“Escrow Opening Date”). Escrow Holder shall immediately notify Sellers, Buyer and EAGL in writing of the Escrow Opening Date. The Closing shall occur on a date (the “Closing Date”) designated by Buyer on not less than ten (10) business days prior written notice to Sellers; provided, however, that the Closing Date shall in no event occur later than December 15, 2007 (except for any Follow-on Closing or any extension of the Closing necessary to give effect to the cure rights described in Sections 17.1(b) and 17.2(b). Notwithstanding the foregoing, the parties shall have the right to change the date on which the Closing is to occur by mutual written agreement.
