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.
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.
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.
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.
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).
Presale Contingency. Buyer understands that the Unit is to be constructed with other units as a part of a single building and this Agreement is a marketing and development tool. Buyer acknowledges, therefore, that in the event Developer is unable, within 3 months following the date of this Agreement, to enter into similar agreements for the sale of the remaining units of the proposed building in which the Unit is to be located, Developer shall have the absolute right to choose either of the following alternatives:
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.
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.
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.
