Pre-Sale Requirement. It is acknowledged by Purchaser that in connection with financing, loan guarantees or secondary mortgage market financing approved or which may be approved for the Condominium (such as may be provided by a Designated Lender, the Federal Housing Administration, the Veteran's Administration or the Federal National Mortgage Association) Seller may have to meet certain pre-sale requirements before conveying the Condominium or any portion of the Condominium. If Seller is unable to satisfy the pre-sale requirements specified by any such lender or agency, then Seller may by notice in writing to Purchaser terminate this Agreement, whereupon Seller will return the Deposit to Purchaser. Upon such termination neither of the parties hereto will have any further liability or obligation to the other hereunder, even if Xxxxxx later proceeds with the Condominium. Seller's liability for any damages to Purchaser hereunder will be solely limited to the refund of the Xxxxxxx Money Deposit as well as any additional amounts paid by Purchaser to Seller.
Pre-Sale Requirement. 6.1 If by March 1, 2006, Seller has not entered into binding purchase and sale agreements with purchasers for at least fifty percent (50%) of the Units (the “Pre-Sale Requirement”), Seller may terminate this Agreement by written notice to Purchaser, in which event, Escrow Agent shall return the Deposit to Purchaser and Seller shall pay to Purchaser all costs and expenses incurred by Purchaser in connection with the purchase of the Hotel Unit (other than attorney fees), pre-opening and marketing costs and expenses and other costs incurred by Purchaser in connection with the Hotel Condominium including, without limitation, the costs of obtaining and terminating the License Agreement (collectively, the “Purchaser’s Costs”) and the parties shall be released from all further obligations under this Agreement except for the obligations that survive termination.
6.2 Notwithstanding anything contained herein to the contrary, if by March 1, 2006, Seller has met the Pre-Sale Requirement and desires to terminate this Agreement for any reason or no reason, Seller may terminate this Agreement by written notice to Purchaser in which event Seller shall pay to Purchaser Purchaser’s Costs plus Two Million and No/100 Dollars ($2,000,000.00) within ten (10) days after Seller’s election to terminate this Agreement, and, Escrow Agent shall return the Deposit to Purchaser and the parties shall be released from all further obligations under this Agreement except for the obligations that survive termination.
Pre-Sale Requirement. Qualified Purchase Contracts providing not less than the Minimum Loan Coverage Ratio.
Pre-Sale Requirement. Seller contemplates constructing 12 units for the project within which the Unit is located (“Project”). If Seller has been unable to obtain purchase contracts for at least four units in the Project within one hundred eighty (180) days from the date the first purchaser signs a purchase agreement for a unit within the Project, Seller may unilaterally terminate this Agreement by delivery of written notice to me and, upon delivery of such notice and refunding to me all Deposits actually submitted by me in accordance with the terms of this Agreement, including any and all accrued interest thereon, Seller shall have fulfilled all of Seller's obligations to me under this Agreement and this Agreement shall automatically be terminated and I, Seller and Escrow Agent shall be released from any and all duties, liabilities and obligations to the other hereunder. However, nothing contained in this paragraph shall be construed to extend the two (2) year period for completion of construction of the Unit described herein. Nothing herein contained shall be construed or so operate in a manner inconsistent with 24 CFR §1710.5.
Pre-Sale Requirement. True and correct copies of Unit Sales Contracts which provide for the sale of Units for an aggregate gross sales price (for all Units under such Unit Sales Contracts) of at least $31,752,000; provided, however, that only Unit Sales Contracts that have not been terminated but are in full force and effect with no existing defaults by Borrower or the Unit Purchaser thereunder shall be considered for purposes of determining whether the foregoing requirement has been satisfied.
