Payment of Purchase Price; Default Sample Clauses

Payment of Purchase Price; Default. At closing, Owner shall have the option to pay the Purchase Price (i) in full, in cash, plus Owner’s closing costs under standard commercial transaction terms for property of a similar nature located in Collin County, Texas, or (ii) with Ten Million and No/100 Dollars ($10,000,000.00), plus Owner’s closing costs, paid in cash, and the remaining Twenty-Five Million and No/100 Dollars ($25,000,000.00) represented by a secured promissory note to MEDC in substantial conformance with the form of note attached hereto as Exhibit B, bearing no interest and subject to prepayment at any time with no penalty, and secured by a Letter of Credit, as defined in Appendix A, issued to MEDC for Twenty-Five Million and No/100 Dollars ($25,000,000.00) (the “Note”), and issued by a banking institution reasonably approved by MEDC. If Owner exercises its right to pay the Purchase Price pursuant to option (ii), the Note shall be due and payable in full to MEDC thirty (30) days following the earlier of (x) Owner’s receipt of a Temporary Certificate of Occupancy (“TCO”) or (y) the occurrence of an Owner Default. Notwithstanding anything herein to the contrary, Owner shall have the right to terminate this Agreement on or before July 15, 2024, by written notice to City Parties, if Owner determines, in its sole and absolute discretion, that the Land is not suitable for construction of the Project Improvements as contemplated by Owner. In the event Owner does not terminate the Agreement pursuant to this Section 3.3.2 on or before July 15, 2024, Owner’s failure to purchase the Land in accordance with this Section 3.3 shall constitute an event of default subject to the remedies set forth in Section 23.2.1. For the avoidance of doubt, Owner shall have no right to terminate this Agreement pursuant to the immediately foregoing sentence after July 15, 2024.
Sample 1
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Related to Payment of Purchase Price; Default

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • NOW, THEREFORE the parties hereto agree as follows:

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • Definitions For purposes of this Agreement:

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Indemnification In the event any Registrable Securities are included in a Registration Statement under this Agreement:

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

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