Property Approval Period. 20. Between the Effective Date and 5:00 p.m. (Central time) on the last day of the Property Approval Period, Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. If Purchaser determines not to proceed with the purchase of the Property in accordance with this Agreement, then Purchaser shall, prior to 5:00 p.m. (Central time) on the Contingency Date, notify Seller in writing (a “Termination Notice”) that Purchaser has not approved the matters described in Sections 5.1 and 5.2 above, which determination shall be made by Purchaser in its sole and absolute discretion. If Purchaser timely delivers a Termination Notice pursuant to the foregoing, this Agreement shall automatically terminate, the Xxxxxxx Money Deposit shall be returned to Purchaser, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement.
Property Approval Period. Through the earlier of Closing or the termination of this Agreement, Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. Notwithstanding anything to the contrary provided in this Agreement, Purchaser hereby acknowledges that the Property Approval Period has expired.
Property Approval Period. At all reasonable times during the Option Term, Optionee shall have the right to review and investigate the physical and environmental condition of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Real Property, and any other factors or matters relevant to Optionee’s decision to purchase the Property. Optionee may determine whether or not the Property is acceptable to Optionee during the Option Term. If, during the Option Term, Optionee determines that the Property is not acceptable for any reason whatsoever, Optionee shall have the right, by giving written notice to Optionor on or before the last day of the Option Term, as such term may be extended, to terminate this Agreement. If Optionee exercises the right to terminate this Agreement in accordance with this Paragraph 5.3, this Agreement shall terminate as of the date such termination notice is given by Optionee, and, if, as of the date of such termination, Optionee has already deposited the Deposit pursuant to the terms of this Agreement and purchased the Stock pursuant to the terms and provisions of the Warrant, then Optionee shall retain the Stock and shall be entitled to a return of the Deposit. In the event of such termination neither party shall have any further obligation to the other under this Agreement, except for obligations which by the provisions of this Agreement specifically survive termination.
Property Approval Period. Notwithstanding any provision of Section 1.2(a) or any other provision of the Purchase Agreement to the contrary, the “Property Approval Period” is extended through and until 5:00 p.m. (Pacific time) on February 10, 2012.
Property Approval Period. Until thirty (30) days after the date of this Agreement, (the “Property Approval Period”), Buyer shall have the right to review and investigate the physical and environmental condition of the Property, the income and expenses of the Property, the character, quality, value and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Real Property, and any other factors or matters relevant to Buyer’s decision to purchase the Property. Buyer may determine whether or not the Property is acceptable to Buyer within the Property Approval Period. If, during the Property Approval Period, Buyer determines that the Property is not acceptable for any reason whatsoever, Buyer shall have the right, by giving notice to Seller on or before the last day of the Property Approval Period, to terminate this Agreement. If Buyer exercises the right to terminate this Agreement in accordance with this section 5.3, this Agreement shall terminate as of the date such termination notice is given by Buyer If Buyer does not exercise the right to terminate this Agreement in accordance with this section 5.3, this Agreement shall continue in full force and effect, and Buyer shall have no further right to terminate this Agreement except pursuant to section 10.5.
Property Approval Period. Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser during the Property Approval Period. If Purchaser determines that the Property is not acceptable, or if Purchaser otherwise elects not to proceed with the purchase of the Property for any other reason or no reason, Purchaser shall have the right to terminate this Agreement by the delivery of written notice (“Termination Notice”) to Seller at any time prior to the expiration of the Property Approval Period, TIME BEING OF THE ESSENCE. If Purchaser timely delivers a Termination Notice prior to the expiration of the Property Approval Period, TIME BEING OF THE ESSENCE, then within three (3) Business Days following receipt of such Termination Notice, the Title Company shall return the Earnest Xxxxx Xeposit to Purchaser in accordance with Purchaser’s written instructions, Purchaser shall pay any reasonable and customary cancellation fees or charges of Title Company and except for Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. In the event Purchaser fails to deliver a Termination Notice prior to the expiration of the Property Approval Period, TIME BEING OF THE ESSENCE, Purchaser shall be deemed to have waived its right to terminate this Agreement pursuant to this Section 5.4 and the parties hereto shall proceed with the transaction contemplated by this Agreement.
Property Approval Period. During the Property Approval Period (as defined below), Buyer shall have the right to review and investigate the physical and environmental condition of the Property, the expenses of the Property, the character, quality, value and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Real Property, the construction of improvements on the Real Property, the state of title to the Real Property, the Diligence Materials, and any other factors or matters relevant to Buyer's decision to purchase the Property. As used in this Agreement, the phrase "Property Approval Period" shall mean the period commencing on the Effective Date and ending at 5:00 p.
Property Approval Period. Between the Effective Date and 5:00 p.m. (Central time) on the Contingency Date (the “Property Approval Period”), Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion and for any reason or no reason, may determine whether or not Purchaser’s acquisition of the Property is acceptable to Purchaser within the Property Approval Period. If Purchaser determines to proceed with the purchase of the Property in accordance with this Agreement, then Purchaser shall, prior to 5:00 p.m. (Central time) on the Contingency Date, notify Seller in writing (an “Approval Notice”) that Purchaser has approved the matters described in Sections 5.1 and 5.2 above, which determination shall be made by Purchaser in its sole and absolute discretion. If Purchaser fails to timely deliver an Approval Notice pursuant to the foregoing, this Agreement shall automatically terminate and Purchaser, acting unilaterally, shall be entitled to receive a full refund of the Xxxxxxx Money Deposit (less the Independent Consideration, which shall be paid to Seller). Purchaser shall pay any cancellation fees or charges of Title Company, and except for Termination Surviving Obligations under this Agreement, which expressly survive termination of this Agreement, the parties shall have no further rights or obligations to one another under this Agreement.
Property Approval Period. Between the Effective Date and 5:00 p.m. (Central Time) on the Contingency Date (the “Property Approval Period”), and through the Closing Date, Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. Notwithstanding the preceding sentence, (i) except for environmental Due Diligence Items, Purchaser has approved the Property in all respects, and (ii) Purchaser may terminate this Agreement pursuant to this Section 5.4 solely as a result of its review of environmental Due Diligence Items by giving concurrent written notice of termination to Seller and the Title Company on or before the expiration of the Property Approval Period (an “Environmental Termination Notice”). If Purchaser does not give an Environmental Termination Notice, this Agreement shall continue in full force and effect. If Purchaser provides an Environmental Termination Notice, this Agreement shall automatically terminate. Purchaser shall pay any cancellation fees or charges of the Title Company, and except for Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement.
Property Approval Period. (a) During the period from the date of this Agreement to 5 p.m., Pacific standard time, on March 4, 2011 (the “Property Approval Period”), Buyer shall in accordance with this section 1.2, in good faith and with diligence, at Buyer’s sole cost and expense, review and investigate the physical and environmental condition of the Property, the character, quality and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Property, the Leases, the Construction Contracts and Warranties, the Service Contracts and the Permits. Buyer shall be responsible for preparing and paying the cost of any amendment or update to the survey of the Property dated January 14, 2008 prepared by MacKay & Xxxxxxx, Inc. (such existing survey, the “Survey”) that may be required by Buyer or its lender. Buyer shall determine whether or not the Property is acceptable to Buyer within the Property Approval Period. If, during the Property Approval Period, Buyer determines that the Property is not acceptable, Buyer shall have the right, by giving written notice to Seller on or before the last day of the Property Approval Period, to terminate this Agreement. If Buyer exercises the right to terminate this Agreement in accordance with this section 1.2, this Agreement shall terminate as of the date such termination notice is given by Buyer, in which event the Initial Deposit (defined below) shall be retained by Seller. If Buyer does not exercise the right to terminate this Agreement in accordance with this section 1.2, this Agreement shall continue in full force and effect, and Buyer shall have no further right to terminate this Agreement pursuant to this section 1.2.
(b) During the Property Approval Period, Seller shall make available to Buyer at the Property the following items (collectively, the “Diligence Documents”):
(i) all plans and specifications for the Property, logs and manuals for building equipment, if any, and governmental reports that Seller has in Seller’s possession or control, without request to or investigation of third parties, and permit Buyer to examine the structural, mechanical, electrical, plumbing, roof, foundation, soils and environmental condition of the Real Property. Buyer acknowledges that Seller has made available to Buyer, prior to the date hereof, the materials described in Schedule 6 attached hereto.
(ii) copies of all the Leases, all the Construction Con...
