Presale Contingency Sample Clauses

Presale Contingency. PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER MAY CANCEL THIS PURCHASE AGREEMENT IF SELLER HAS NOT OBTAINED BINDING PURCHASE AGREEMENTS TO SELL AT LEAST SEVENTY PERCENT (70%) OF THE UNITS IN THE PROJECT ON OR BEFORE ONE HUNDRED EIGHTY (180) DAYS AFTER THE DATE OF THE FIRST EXECUTED PURCHASE AGREEMENT FOR PURCHASE AND SALE OF A UNIT IN THE PROJECT (THE "PRESALE CONTINGENCY"). THE PRESALE CONTINGENCY IS SET BY SELLER IN ITS SOLE AND ABSOLUTE DISCRETION. IF THE PRESALE CONTINGENCY FOR THE PROJECT IS NOT SATISFIED FOR ANY REASON, SELLER SHALL HAVE NO OBLIGATION TO CONSTRUCT ANY PORTION OF THE PROJECT OR TO SELL THE UNIT TO PURCHASER. IN THE EVENT SELLER ELECTS TO CANCEL THIS PURCHASE AGREEMENT PURSUANT TO THIS SECTION E.31, PURCHASER SHALL BE ENTITLED TO A FULL REFUND OF ALL MONIES PAID BY PURCHASER TO SELLER HEREUNDER, WITH ACCRUED INTEREST. THIS PRESALE CONTINGENCY IS FOR THE BENEFIT OF SELLER ONLY, AND NOT FOR THE BENEFIT OF PURCHASER, AND MAY BE WAIVED BY SELLER IN SELLER’S SOLE AND ABSOLUTE DISCRETION.
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Presale Contingency. If for any reason within one hundred eighty (180) days of Seller executing the first contract for a unit in the Project (the “Presale Period”), Seller has not entered into purchase contracts for the sale of the greater of (i) sixty percent (60%) of the lots in the Project or (ii) the number of lots within the Project necessary to satisfy the presale requirements imposed by Seller’s construction lender, Seller shall have the option to terminate this Contract by giving Purchaser written notice of such termination no later than the date 30 days after the expiration of the Presale Period, in which event all Xxxxxxx Money previously deposited by Purchaser, together with any accrued interest, and any Upgrade Payment (defined below) shall be returned to Buyer, and Buyer and Seller shall be released of all duties and obligations hereunder.
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Presale Contingency. Notwithstanding any other contrary provision of this Agreement, Seller shall have the right, in Seller’s sole discretion, to cancel this Agreement and cause Buyer’s Deposit to be refunded in the event that Seller does not enter into binding contracts for at least fifty percent (50%) of the number of units within the Phase of the Condominium in which the Unit is located, with buyers who have delivered the deposit. The foregoing presale contingency is a provision solely for the benefit of Seller, and may be waived unilaterally by Seller. Accordingly, Seller may elect to proceed with the creation of the Condominium and to remain bound by the terms of this Agreement, whether or not the stated presales threshold has been met. In the event that Seller does elect to proceed without having met the threshold, Buyer will have no right to object thereto and shall remain bound by the terms of this Agreement. This Section 9 shall not delay the effectiveness of this Agreement, which shall be immediate, but, rather, shall be deemed a “condition subsequent” to this Agreement. In the event of Seller’s termination of this Agreement pursuant to this Section 9, upon such termination and the return of Buyer’s Deposit, Seller and Buyer will be fully relieved and released from all obligations and liabilities under and in connection with this Agreement. Seller agrees to use its good efforts to meet the foregoing pre-sale requirement.
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Presale Contingency. Seller shall have one year from the effective date of PSA, or any other applicable extension, as mutually agreed upon between the Parties, to terminate this Escrow Agreement on the unilateral basis and authorize Escrow Agent to return all Escrowed Funds to Purchaser, less applicable fees due to Escrow Agent, without need to Purchaser’s consent or approval.
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Presale Contingency. Seller reserves the right, notwithstanding anything contained herein to the contrary, to elect not to move forward with the sale of any Unit Interests in the Unit until Seller has presold 10 Unit Interests. In the event Seller does not presale such number of Unit Interests within 120 days from the date of this Contract, Seller may terminate this Contract and refund Buyer his Xxxxxxx Money and this Contract shall be null and void.
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Presale Contingency. Although Developer fully expects that the Units in this Condominium will sell within a reasonable time, if for some unforeseen reason there are not enough sales to warrant construction of, or to enable Developer to obtain appropriate construction financing for, the Condominium, or any particular Phase, then Developer will not be obligated to build the Condominium or such Phase at this time. Accordingly, this Agreement is contingent upon (a) Developer obtaining “Binding Purchase Agreements” for not fewer than four (4) Units in the specific Phase in which the Unit is located, on or before 180 days after the first Purchase Agreement is signed by a purchaser of a Unit in the same Phase as the Unit which is the subject of this Agreement (the “Presale Deadline). For the purposes hereof, a “Binding Purchase Agreement” is a Purchase Agreement which, as of the Presale Deadline, is not subject to any contingencies (other than a presale contingency), and with respect to which the buyer therein does not have the unilateral right to terminate the Purchase Agreement pursuant to the Condominium Act. If Developer does not obtain Binding Purchase Agreements for four (4) Units in such Phase in which the Unit is located by the Presale Deadline, then the Developer shall have the right and option, at its election, to terminate this Agreement by notice to the Buyer given within ten (10) days after the Presale Deadline.. If Developer timely elects to terminate, then the Agreement shall terminate, the Deposit shall be returned to the Buyer, and each party shall be relieved of all liability to the other under this Agreement. If Developer does not so elect to terminate, then this Agreement shall remain in effect according to its terms. Nothing contained in this paragraph shall extend the deadline for completion of the Unit pursuant to Paragraph 12(c).
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Presale Contingency. Seller’s obligation to convey the Unit to Purchaser and perform Seller’s other obligations under this Sales Contract is conditioned upon and made expressly subject to the following contingency (the “Presale Contingency”): Seller must enter into binding sales contracts for not less than four (4) Units in the Project, under which (1) all Deposits required by the purchaser thereunder have been made, (2) the purchaser has provided evidence satisfactory to Seller of the purchaser’s ability to perform the purchaser’s obligations, and (3) the purchaser has waived or been deemed to waive all cancellation rights. If the Presale Contingency is not satisfied or waived by Seller within six (6) months of the date of execution of this Sales Contract, then either Seller or Purchaser may unilaterally cancel this Sales Contract without liability or penalty at any time thereafter by giving written notice to the other party, and upon cancellation by either party Seller shall direct Escrow to refund Purchaser’s deposits, less any Escrow cancellation charge.
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Presale Contingency. Seller’s obligation to close hereunder is expressly contingent upon Seller’s procuring purchase agreements to sell at least the number of Units (inclusive of the Unit described herein) at The Xxxxxxxx Condominium required by Seller’s construction lender by the Outside Closing Date, and such purchasers under said agreements having been approved for a purchase money real estate loan or in the event of a cash sale, at such time Purchaser’s funds for purchase of the Unit are verified, at prices no less than the minimum prices required by Seller’s construction lender. Purchaser acknowledges 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 Preapproved Lender, the Federal Housing Administration, the Veteran's Administration or the Federal National Mortgage Association) Seller may have to meet certain presale requirements before conveying the Unit or any portion of the Condominium In the event any of the above presale requirements is not met by the Outside Closing Date (as may be extended as otherwise provided in this Agreement), Seller may, at its option, terminate this Agreement not later than the Outside Closing Date (as may be extend as otherwise provided in this Agreement) in which event Holder shall refund all Xxxxxxx Money and any Upgrade Deposit paid hereunder to Purchaser and neither party shall have any further rights or obligations hereunder.
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Presale Contingency. Notwithstanding anything contained herein to the contrary, this Agreement and all of Seller’s obligations hereunder are expressly contingent upon Seller’s entry into five (5) or more contracts for the sale of units within the Project (the “Presale Contracts”) on or before April 30, 2021 (the “Presale Period”). In the event that Seller does not enter into the Presale Contracts prior to the end of the Presale Period, Seller, at its election, may either: (i) waive the presale contingency provided for herein; or (ii) terminate this Agreement by a written termination notice to Purchaser on or before five (5) business days after expiration of the Presale Period. Upon any termination of this Agreement pursuant to the provisions of this paragraph, each party shall be released from all duties or obligations contained herein, the Initial Xxxxxxx Money (defined below) shall be refunded to Purchaser (without interest), and this Agreement shall terminate and be of no further force or effect. Any failure of Seller to provide a timely termination notice to Purchaser as provided above shall mean that Seller has either entered into the Presale Contracts or has waived the presale contingency set forth herein and this Agreement shall continue in full force and effect.
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Related to Presale Contingency

  • MORTGAGE CONTINGENCY A. This agreement is contingent upon Purchaser obtaining approval of a Conventional, FHA or VA (if FHA or VA, see attached required addendum) or mortgage loan of $ for a term of no more than years at an initial fixed or adjustable nominal interest rate not to exceed % (percent). Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensed mortgage broker. Upon receipt of a written mortgage commitment or in the event Purchaser chooses to waive this mortgage contingency, Purchaser shall provide notice in writing to of Purchaser’s receipt of the mortgage commitment or of Purchaser’s waiving of this contingency. Upon receipt of such notice this contingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentence has not been received on or before , , then either Purchaser or Seller may within five business days of such date terminate, or the parties may mutually agree to extend, this contract by written notice to . Upon receipt of termination notice from either party, and in the case of notice by the Purchaser, proof of Purchaser’s inability to obtain said mortgage approval, this agreement shall be cancelled, null and void, and all deposits made hereunder shall be returned to the Purchaser.

  • FUNDING CONTINGENCY a. In the event funding from state, federal, or other sources is withdrawn, reduced, or limited in any way after the effective date of this Contract and prior to completion of the work in this Contract, DCYF may: (1) Terminate this Contract with ten (10) days advance notice. If this Contract is terminated, the parties shall be liable only for performance rendered or costs incurred in accordance with the terms of this Contract prior to the effective date of termination; (2) Renegotiate the terms of the Contract under the new funding limitations and conditions; (3) After a review of project expenditures and deliverable status, extend the end date of this Contract and postpone deliverables or portions of deliverables; or (4) Pursue such other alternatives as the parties mutually agree to in writing. b. Any termination under this Section (FUNDING CONTINGENCY) shall be considered a Termination for Convenience.

  • Construction Contingency The proposed GMP Change Order shall include, as a separately identified item, a Construction Contingency sum in an initial amount (subject to increase or decrease) against which Design-Builder can draw at its election for the purposes set forth in Section 4 Part 4. The initial Construction Contingency sum shall include the contingency amounts stated in all accepted Component Change Orders.

  • Financing Contingency The Buyer’s obligations herein are contingent on the Buyer’s obtaining financing to pay the balance on the Purchase Price. The Buyer must present to the Seller a binding commitment for financing the purchase of the Property within days from the Effective date. The terms of the financing must be acceptable to and approved by the Buyer who shall not unreasonably withhold such approval. In the event that the Buyer fails to obtain financing within the time allotted, this Agreement shall automatically terminated and all funds paid by the Buyer shall be returned to the Buyer after deducting all reasonable costs incurred by the Seller in good faith in relation this Agreement.

  • Contingency If Buyer does not reveal a fact of contingency to the lender and this purchase does not record because of such nondisclosure after initial application, the Buyer shall be in default;

  • No Financing Contingency By participating in this auction, bidders hereby agree that their bid shall NOT be subject to the bidder’s ability to obtain financing. Financing is NOT a contingency in the purchase agreement. However, if a bidder decides to purchase property with a loan, they should make sure they are approved for a loan and that lender is capable of completing on or before closing date.

  • BUDGET CONTINGENCY If the Budget Act of the current year covered under this Grant Agreement does not appropriate sufficient funds for this program, this Grant Agreement shall be of no force and effect. This provision shall be construed as a condition precedent to the obligation of the State to make any payments under this Grant Agreement. In this event, the State shall have no liability to pay any funds whatsoever to the Grantee or to furnish any other considerations under this Grant Agreement and the Grantee shall not be obligated to perform any provisions of this Grant Agreement. Nothing in this Grant Agreement shall be construed to provide the Grantee with a right of priority for payment over any other Grantee. If funding for any fiscal year after the current year covered by this Grant Agreement is reduced or deleted by the Budget Act, by Executive Order, or by order of the Department of Finance, the State shall have the option to either cancel this Grant Agreement with no liability occurring to the State, or offer a Grant Agreement amendment to the Grantee to reflect the reduced amount.

  • Delivery Condition Subtenant acknowledges that it takes possession of the Subleased Premises in its “as is” condition, and further acknowledges that Sublandlord has made no representations or warranties of any kind or nature, whether express or implied, with respect to the Subleased Premises, the remainder of the Premises, the common areas, or the Building, nor has Sublandlord agreed to undertake or perform any modifications, alterations, or improvements to the Subleased Premises, the remainder of the Premises, the common areas or the Building which would inure to Subtenant’s benefit.

  • Budget Contingency Clause A. It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, the State shall have no liability to pay any funds whatsoever to Contractor or to furnish any other considerations under this Agreement and Contractor shall not be obligated to perform any provisions of this Agreement. B. If funding for any fiscal year is reduced or deleted by the Budget Act for purposes of this program, the State shall have the option to either cancel this Agreement with no liability occurring to the State, or offer an agreement amendment to Contractor to reflect the reduced amount.

  • Delivery Conditions (a) The Delivery Conditions are as follows: (i) At Seller’s expense, Seller shall have secured all Governmental and grid operations approvals as are necessary for the safe and lawful operation and maintenance of the Project and to enable Seller to deliver Distribution Services at the Initial Contract Capacity to Buyer. (ii) Seller shall have posted collateral as required by Section 10.4(a)(ii). (iii) Seller shall have submitted for Buyer’s review a Project Safety Plan incorporating the elements described in Appendix XII, which must demonstrate Seller’s ability to comply with the Safety Requirements on the IDD and for the Delivery Term. (iv) Seller shall have delivered to Buyer the Safety Attestation in accordance with Section 2(a) of Appendix XIV. (v) As of the IDD, no Seller’s Event of Default shall have occurred and remain uncured. (vi) At Seller’s expense, Seller or Contractor shall have constructed or caused to be constructed the Project as of the IDD and submitted the Certification for Commercial Operation in Appendix VII-A to enable (A) Seller to satisfy the obligations of the Seller herein and (B) the Project to deliver Distribution Services at the Contract Capacity to Buyer. (vii) At Seller’s expense, Seller shall have installed any necessary metering to deliver the applicable Distribution Services in accordance with Section 4.1 and any applicable tariffs of the Utility Distribution Company. (viii) Seller shall have met each Critical Milestone set forth in Appendix VI pursuant to Section 2.3.

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