Common use of Parallel agreements Clause in Contracts

Parallel agreements. A separate affiliate of Seller and Purchaser have entered into four additional separate Purchase and Sale Agreements as of the Effective Date (collectively, the "Parallel Agreements" and each, a "Parallel Agreement") relating to the sale of certain real and personal property commonly known as: Regency on the Green, North Richland Hills, Texas ("Green"), Regency by the Vineyard in Euless, Texas ("Vineyard"), Foundations by the Vineyard in Euless, Texas ("Foundation"), and Regency by the Lake in Coppell, Texas ("Lake"). The Parallel Agreements for Green and Lake and this Contract are collectively referenced as the "Tranche A Contracts". The Parallel Agreements for Vineyard and Foundation are collectively referenced as the "Tranche B Contracts" Seller and Purchaser agree as follows with regard to the Parallel Agreements: Purchase and Sale Agreement 15233094_2 2 (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) Closings for all the Tranche A Contracts occurs simultaneously, (ii) if the Closing of the Tranche B Contracts does not occur simultaneously with the Closing of the Tranche A Contract, the Additional Extension Deposit (as defined in each Tranche B Contract) is deposited on or before the Closing of the Tranche A Contracts; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion. (b) If any Parallel Agreement is terminated for any reason (other than as may be expressly provided in Section 16 or Section 17(a) of such Parallel Agreement), this Contract shall terminate automatically and neither party shall have any rights or obligations other than those which expressly survive the termination of this Contract. Upon the termination of this Contract due to the termination of any Parallel Agreement, the disposition of the Xxxxxxx Money under this Contract shall be made in the same manner as the disposition under the Parallel Agreement (i.e., if Seller is entitled to the Xxxxxxx Money under the Parallel Agreement, then Seller shall also be entitled to the Xxxxxxx Money under this Contract, and if Purchaser is entitled to the Xxxxxxx Money under the Parallel Agreement, then Purchaser shall also be entitled to the Xxxxxxx Money under this Contract. (c) Any default under any Parallel Agreement (after any applicable notice or cure period expressly provided in such Parallel Agreement) shall constitute a default hereunder for which no additional notice or cure period shall be provided.

Parallel agreements. A separate affiliate of Seller and Purchaser have entered into four additional separate Purchase and Sale Agreements as of the Effective Date (collectively, the "Parallel Agreements" and each, a "Parallel Agreement") relating to the sale of certain real and personal property commonly known as: Regency on the Green, at North Richland Hills in North Richland Hills, Texas ("GreenNorth Hills"), Regency by the Vineyard in Euless, Texas ("Vineyard"), Foundations by the Vineyard in Euless, Texas ("Foundation"), and Regency by the Lake in Coppell, Texas ("Lake"). The Parallel Agreements for Green North Hills and Lake and this Contract are collectively referenced as the "Tranche A Contracts". The Parallel Agreements for Vineyard and Foundation are collectively referenced as the "Tranche B Contracts" Seller and Purchaser agree as follows with regard to the Parallel Agreements: Purchase and Sale Agreement 15233094_2 Agreement15233083_2 2 (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) Closings for all the Tranche A Contracts occurs simultaneously, (ii) if the Closing of the Tranche B Contracts does not occur simultaneously with the Closing of the Tranche A Contract, the Additional Extension Deposit (as defined in each Tranche B Contract) is deposited on or before the Closing of the Tranche A Contracts; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion. (b) If any Parallel Agreement is terminated for any reason (other than as may be expressly provided in Section 16 or Section 17(a) of such Parallel Agreement), this Contract shall terminate automatically and neither party shall have any rights or obligations other than those which expressly survive the termination of this Contract. Upon the termination of this Contract due to the termination of any Parallel Agreement, the disposition of the Xxxxxxx Money under this Contract shall be made in the same manner as the disposition under the Parallel Agreement (i.e., if Seller is entitled to the Xxxxxxx Money under the Parallel Agreement, then Seller shall also be entitled to the Xxxxxxx Money under this Contract, and if Purchaser is entitled to the Xxxxxxx Money under the Parallel Agreement, then Purchaser shall also be entitled to the Xxxxxxx Money under this Contract. (c) Any default under any Parallel Agreement (after any applicable notice or cure period expressly provided in such Parallel Agreement) shall constitute a default hereunder for which no additional notice or cure period shall be provided.

Parallel agreements. A separate affiliate of Seller and Purchaser have entered into four additional separate Purchase and Sale Agreements as of the Effective Date (collectively, the "Parallel Agreements" and each, a "Parallel Agreement") relating to the sale of certain real and personal property commonly known as: Regency at North Richland Hills in North Richland Hills, Texas ("North Hills"), Regency on the Green, North Richland Hills, Texas ("Green"), Regency by the Vineyard in Euless, Texas ("Vineyard"), Foundations by the Vineyard in Euless, Texas ("Foundation"), and Regency by the Lake in Coppell, Texas ("Lake"). The Parallel Agreements for Green and North Hills, Lake and this Contract Green are collectively referenced as the "Tranche A Contracts". The Parallel Agreements for Vineyard and Foundation this Contract are collectively referenced as the "Tranche B Contracts" Seller and Purchaser agree as follows with regard to the Parallel Agreements: Purchase and Sale Agreement 15233094_2 2: (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) the Closings for all the Tranche A Contracts occurs simultaneouslyhas occurred and fully funded prior to the Closing, or (ii) if the Closing of the Tranche B A Contracts does has not occur occurred and fully funded prior to the Closing, the Closing of all of the Parallel Agreements occurs simultaneously with the Closing of the Tranche A this Contract, the Additional Extension Deposit (as defined in each Tranche B Contract) is deposited on or before the Closing of the Tranche A Contracts; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion. (b) If any Parallel Agreement is terminated for any reason (other than as may be expressly provided in Section 16 or Section 17(a) of such Parallel Agreement), this Contract shall terminate automatically and neither party shall have any rights or obligations other than those which expressly survive the termination of this Contract. Upon the termination of this Contract due to the termination of any Parallel Agreement, the disposition of the Xxxxxxx Money under this Contract shall be made in the same manner as the disposition under the Parallel Agreement (i.e., if Seller is entitled to the Xxxxxxx Money under the Parallel Agreement, then Seller shall also be entitled to the Xxxxxxx Money under this Contract, and if Purchaser is entitled to the Xxxxxxx Money under the Parallel Agreement, then Purchaser shall also be entitled to the Xxxxxxx Money under this Contract. (c) Any default under any Parallel Agreement (after any applicable notice or cure period expressly provided in such Parallel Agreement) shall constitute a default hereunder for which no additional notice or cure period shall be provided.

Parallel agreements. A separate affiliate of Seller and Purchaser have entered into four additional separate Purchase and Sale Agreements as of the Effective Date (collectively, the "Parallel Agreements" and each, a "Parallel Agreement") relating to the sale of certain real and personal property commonly known as: Regency at North Richland Hills in North Richland Hills, Texas ("North Hills"), Regency on the Green, North Richland Hills, Texas ("Green"), Regency by the Vineyard in Euless, Texas ("Vineyard"), Foundations by the Vineyard in Euless, Texas ("Foundation"), and Regency by the Lake in Coppell, Texas ("Lake"). The Parallel Agreements for Green and North Hills, Lake and this Contract Green are collectively referenced as the "Tranche A Contracts". The Parallel Agreements for Vineyard this Contract and Foundation are collectively referenced as the "Tranche B Contracts" Seller and Purchaser agree as follows with regard to the Parallel Agreements: Purchase and Sale Agreement 15233094_2 Agreement15233085_2 2 (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) the Closings for all the Tranche A Contracts occurs simultaneouslyhas occurred and fully funded prior to the Closing, or (ii) if the Closing of the Tranche B A Contracts does has not occur occurred and fully funded prior to the Closing, the Closing of all of the Parallel Agreements occurs simultaneously with the Closing of the Tranche A this Contract, the Additional Extension Deposit (as defined in each Tranche B Contract) is deposited on or before the Closing of the Tranche A Contracts; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion. (b) If any Parallel Agreement is terminated for any reason (other than as may be expressly provided in Section 16 or Section 17(a) of such Parallel Agreement), this Contract shall terminate automatically and neither party shall have any rights or obligations other than those which expressly survive the termination of this Contract. Upon the termination of this Contract due to the termination of any Parallel Agreement, the disposition of the Xxxxxxx Money under this Contract shall be made in the same manner as the disposition under the Parallel Agreement (i.e., if Seller is entitled to the Xxxxxxx Money under the Parallel Agreement, then Seller shall also be entitled to the Xxxxxxx Money under this Contract, and if Purchaser is entitled to the Xxxxxxx Money under the Parallel Agreement, then Purchaser shall also be entitled to the Xxxxxxx Money under this Contract. (c) Any default under any Parallel Agreement (after any applicable notice or cure period expressly provided in such Parallel Agreement) shall constitute a default hereunder for which no additional notice or cure period shall be provided.

Parallel agreements. A separate affiliate of Seller and Purchaser have entered into four additional separate Purchase and Sale Agreements as of the Effective Date (collectively, the "Parallel Agreements" and each, a "Parallel Agreement") relating to the sale of certain real and personal property commonly known as: Regency on the Green, North Richland Hills, Texas ("Green"), Regency by the Vineyard in Euless, Texas ("Vineyard"), Foundations by the Vineyard in Euless, Texas ("Foundation"), and Regency by the Lake in Coppell, Texas ("Lake"). The Parallel Agreements for Green and Lake and this Contract are collectively referenced as the "Tranche A Contracts". The Parallel Agreements for Vineyard and Foundation are collectively referenced as the "Tranche B Contracts" Seller and Purchaser agree as follows with regard to the Parallel Agreements: Purchase and Sale Agreement 15233094_2 Agreement15233094_2 2 (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) Closings for all the Tranche A Contracts occurs simultaneously, (ii) if the Closing of the Tranche B Contracts does not occur simultaneously with the Closing of the Tranche A Contract, the Additional Extension Deposit (as defined in each Tranche B Contract) is deposited on or before the Closing of the Tranche A Contracts; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion. (b) If any Parallel Agreement is terminated for any reason (other than as may be expressly provided in Section 16 or Section 17(a) of such Parallel Agreement), this Contract shall terminate automatically and neither party shall have any rights or obligations other than those which expressly survive the termination of this Contract. Upon the termination of this Contract due to the termination of any Parallel Agreement, the disposition of the Xxxxxxx Money under this Contract shall be made in the same manner as the disposition under the Parallel Agreement (i.e., if Seller is entitled to the Xxxxxxx Money under the Parallel Agreement, then Seller shall also be entitled to the Xxxxxxx Money under this Contract, and if Purchaser is entitled to the Xxxxxxx Money under the Parallel Agreement, then Purchaser shall also be entitled to the Xxxxxxx Money under this Contract. (c) Any default under any Parallel Agreement (after any applicable notice or cure period expressly provided in such Parallel Agreement) shall constitute a default hereunder for which no additional notice or cure period shall be provided.

Parallel agreements. A separate affiliate of Seller and Purchaser have entered into four additional separate Purchase and Sale Agreements as of the Effective Date (collectively, the "Parallel Agreements" and each, a "Parallel Agreement") relating to the sale of certain real and personal property commonly known as: Regency at North Richland Hills in North Richland Hills, Texas ("North Hills"), Regency on the Green, North Richland Hills, Texas ("Green"), Regency by the Vineyard in Euless, Texas ("Vineyard"), and Foundations by the Vineyard in Euless, Texas ("Foundation"), and Regency by the Lake in Coppell, Texas ("Lake"). The Parallel Agreements for North Hills and Green and Lake and this Contract are collectively referenced as the "Tranche A Contracts". The Parallel Agreements for Vineyard and Foundation are collectively referenced as the "Tranche B Contracts" Seller and Purchaser agree as follows with regard to the Parallel Agreements: Purchase and Sale Agreement 15233094_2 2: (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) Closings for all the Tranche A Contracts occurs simultaneously, (ii) if the Closing of the Tranche B Contracts does not occur simultaneously with the Closing of the Tranche A Contract, the Additional Extension Deposit (as defined in each Tranche B Contract) is deposited on or before the Closing of the Tranche A Contracts; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion.. Purchase and Sale Agreement15233092_2 2 (b) If any Parallel Agreement is terminated for any reason (other than as may be expressly provided in Section 16 or Section 17(a) of such Parallel Agreement), this Contract shall terminate automatically and neither party shall have any rights or obligations other than those which expressly survive the termination of this Contract. Upon the termination of this Contract due to the termination of any Parallel Agreement, the disposition of the Xxxxxxx Money under this Contract shall be made in the same manner as the disposition under the Parallel Agreement (i.e., if Seller is entitled to the Xxxxxxx Money under the Parallel Agreement, then Seller shall also be entitled to the Xxxxxxx Money under this Contract, and if Purchaser is entitled to the Xxxxxxx Money under the Parallel Agreement, then Purchaser shall also be entitled to the Xxxxxxx Money under this Contract. (c) Any default under any Parallel Agreement (after any applicable notice or cure period expressly provided in such Parallel Agreement) shall constitute a default hereunder for which no additional notice or cure period shall be provided.