Common use of Property Approval Period Clause in Contracts

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 with respect to the Oak Park Property (as defined in Section 10.11 hereof), but Purchaser shall have the right to terminate this Agreement prior to the expiration of the Property Approval Period for any reason or no reason at all related to the Champions Property (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase II”) with respect to the Champions Property and (ii) unless required by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to Seller. If Purchaser elects to terminate this Agreement prior to the expiration of the Property Approval Period, then Purchaser shall deliver written notice thereof to Seller and the Title Company stating such election, and Title Company shall return to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. If Purchaser fails to terminate this Agreement prior to the expiration of the Property Approval Period, Purchaser shall be deemed to have waived its right to terminate this Agreement as provided in this Section 5.4. If Purchaser elects to terminate this Agreement pursuant to this Section 5.4, the Other Property Agreements shall also terminate in accordance with Section 10.11 hereof.

Property Approval Period. Through (a) During the earlier of Closing or period from the termination date of this AgreementAgreement to 5 p.m., Purchaser Pacific standard time, on March 4, 2011 (the “Property Approval Period”), Buyer shall have the right to in accordance with this section 1.2, in good faith and with diligence, at Buyer’s sole cost and expense, review and investigate the Property 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 items set forth in Sections 5.1 Permits. Buyer shall be responsible for preparing and 5.2 above paying the cost of any amendment or update to the survey of the Property dated January 14, 2008 prepared by MacKay & Xxxxxxx, Inc. (collectivelysuch existing survey, the “Due Diligence ItemsSurvey”)) that may be required by Buyer or its lender. Purchaser, in Purchaser’s sole and absolute discretion, may Buyer shall determine whether or not the Property is acceptable to Purchaser Buyer within the Property Approval Period. Notwithstanding anything to If, during the contrary provided in this AgreementProperty Approval Period, Purchaser hereby acknowledges Buyer determines that the Property Approval Period has expired with respect to the Oak Park Property (as defined in Section 10.11 hereof)is not acceptable, but Purchaser 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 prior to the expiration in accordance with this section 1.2, this Agreement shall terminate as of the Property Approval Period for any reason or no reason at all related to date such termination notice is given by Buyer, in which event the Champions Property Initial Deposit (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided in this Agreement, (ibelow) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase II”) with respect to the Champions Property and (ii) unless required be retained by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to Seller. If Purchaser elects to terminate this Agreement prior to Buyer does not exercise the expiration of the Property Approval Period, then Purchaser shall deliver written notice thereof to Seller and the Title Company stating such election, and Title Company shall return to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. If Purchaser fails to terminate this Agreement prior to the expiration of the Property Approval Period, Purchaser shall be deemed to have waived its right to terminate this Agreement as provided in accordance with this Section 5.4. If Purchaser elects 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 5.4, the Other Property Agreements shall also terminate in accordance with Section 10.11 hereofsection 1.2.

Property Approval Period. Through (a) During the earlier of Closing or period from the termination date of this AgreementAgreement to July 28, Purchaser shall have 2000 (the right to "Property Approval Period"), Buyer shall, in good faith and with diligence, at Buyer's expense, review and investigate the Permits, the Agreements, the Plans and Specifications, the environmental reports (the "Environmental Assessments") relating to the Real Property described in Exhibit E attached hereto, the physical and environmental condition of the Real Property, the character, quality and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Real Property, the state of title to the Real Property, and the items set forth in Sections 5.1 and 5.2 above (collectivelySublease. Seller shall, on or before the “Due Diligence Items”)first day of the Property Approval Period, furnish to Buyer a current ALTA survey of the Real Property for review by Buyer during the Property Approval Period. Purchaser, in Purchaser’s sole and absolute discretion, may Buyer shall determine whether or not the Property is acceptable to Purchaser Buyer within the Property Approval Period. Notwithstanding anything to If, during the contrary provided Property Approval Period, Buyer determines, in this Agreementthe sole discretion of Buyer, Purchaser hereby acknowledges that the Property Approval Period has expired with respect to the Oak Park Property (as defined in Section 10.11 hereof)is not acceptable for any reason, but Purchaser 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 prior to the expiration in accordance with this section 1.2, this Agreement shall terminate as of the Property Approval Period for any reason or no reason at all related to date such termination notice is given by Buyer, in which event the Champions Property Initial Deposit (as defined in Section 10.13). Furthermore, notwithstanding anything hereinafter defined) and all interest thereon shall be returned to the contrary provided in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase II”) with respect to the Champions Property and (ii) unless required by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to SellerBuyer. If Purchaser elects to terminate this Agreement prior to Buyer does not exercise the expiration of the Property Approval Period, then Purchaser shall deliver written notice thereof to Seller and the Title Company stating such election, and Title Company shall return to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. If Purchaser fails to terminate this Agreement prior to the expiration of the Property Approval Period, Purchaser shall be deemed to have waived its right to terminate this Agreement as provided in accordance with this Section 5.4. If Purchaser elects 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 5.4, the Other Property Agreements shall also terminate in accordance with Section 10.11 hereofsection 1.2.

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 during the Property Approval Period. Notwithstanding anything to the contrary provided in this Agreement, If Purchaser hereby acknowledges determines that the Property Approval Period has expired is not acceptable, or if Purchaser otherwise elects not to proceed with respect to the Oak Park purchase of the Property (as defined in Section 10.11 hereof)for any other reason or no reason, but Purchaser shall have the right to terminate this Agreement prior to by the expiration delivery of the Property Approval Period for any reason or no reason at all related to the Champions Property written notice (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase IITermination Notice”) with respect to the Champions Property and (ii) unless required by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to Seller. If Purchaser elects to terminate this Agreement 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 Purchaser shall deliver written notice thereof to Seller and within three (3) Business Days following receipt of such Termination Notice, the Title Company stating such election, and Title Company shall return the Earnest Xxxxx Xeposit to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such terminationin accordance with Purchaser’s written instructions, Purchaser shall pay any reasonable and customary cancellation fees or charges of Title Company, Company and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. If In the event Purchaser fails to terminate this Agreement 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 as provided in this Section 5.4. If Purchaser elects to terminate this Agreement pursuant to this Section 5.4, 5.4 and the Other Property Agreements parties hereto shall also terminate in accordance proceed with Section 10.11 hereofthe transaction contemplated by this Agreement.

Property Approval Period. Through (a) During the earlier of Closing or period from the termination of this AgreementAgreement Date to December 4, Purchaser shall have 2020 (the right to “Property Approval Period”), Buyer shall, at Buyer’s expense, review and investigate the Property 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 Real Property, the Lease and the items set forth in Sections 5.1 other Property. Buyer shall be responsible for obtaining and 5.2 above (collectively, paying the “Due Diligence Items”)cost of any survey of the Property required by Buyer. Purchaser, in Purchaser’s sole and absolute discretion, may Buyer shall determine whether or not the Property is acceptable to Purchaser Buyer within the Property Approval Period. Notwithstanding anything to If, during the contrary provided in this AgreementProperty Approval Period, Purchaser hereby acknowledges Buyer determines that the Property Approval Period has expired with respect to the Oak Park Property (as defined is acceptable in Section 10.11 hereof)Buyer’s sole and absolute discretion, but Purchaser then Buyer shall have the right right, by giving notice to terminate this Agreement prior to Seller on or before the expiration last day of the Property Approval Period for any reason or no reason at all related Period, to elect to proceed to Closing in accordance with, and subject to, the Champions Property (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided terms and conditions set forth in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment Agreement (the “Phase IIGo Forward Notice”) with respect to the Champions Property and (ii) unless required by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to Seller). If Purchaser elects Buyer fails to terminate timely deliver the Go Forward Notice in accordance with this Section 1.2(a), this Agreement prior to shall terminate as of the expiration of the Property Approval Period, then Purchaser in which event the Deposit (as hereinafter defined), less the cost of canceling the Escrow (as hereinafter defined), shall deliver written notice thereof be returned to Seller Buyer. If Buyer timely delivers the Go Forward Notice in accordance with this Section 1.2(a), this Agreement shall continue in full force and the Title Company stating such electioneffect, and Title Company shall return to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties Buyer shall have no further rights or obligations to one another under this Agreement. If Purchaser fails to terminate this Agreement prior to the expiration of the Property Approval Period, Purchaser shall be deemed to have waived its right to terminate this Agreement as provided in this Section 5.4. If Purchaser elects to terminate this Agreement pursuant to this Section 5.41.2(a), and the Other Property Agreements Deposit shall also terminate become non-refundable except as otherwise provided in accordance with Section 10.11 hereofthis Agreement.

Property Approval Period. Through (a) For a period of ninety (90) days from the earlier Opening of Closing or Escrow (as defined in Section 2.2 below) (the termination of this Agreement"Property Approval Period"), Purchaser Buyer shall have the right right, at Buyer's expense, to 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 and the items set forth in Sections 5.1 state of title to the Property. Buyer shall be responsible for obtaining and 5.2 above (collectively, paying the “Due Diligence Items”)cost of any survey of the Property required by Buyer. Purchaser, in Purchaser’s sole and absolute discretion, may Buyer shall determine whether or not the Property is acceptable to Purchaser Buyer within the Property Approval Period. Notwithstanding anything If Buyer desires to proceed with the purchase of the Property subject to the contrary remaining conditions set forth in this Agreement (including the conditions provided in this Agreement, Purchaser hereby acknowledges that the Property Approval Period has expired with respect to the Oak Park Property (as defined in Section 10.11 hereof6.2 below), but Purchaser shall have the right to terminate this Agreement then on or prior to the expiration of the Property Approval Period for any reason or no reason at all related to the Champions Property (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase II”) with respect to the Champions Property and (ii) unless required by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to Seller. If Purchaser elects to terminate this Agreement prior to the expiration last day of the Property Approval Period, then Purchaser Buyer shall deliver written notice thereof to Seller and the Title Company stating such election(“Buyer's Notice to Proceed”), and Title Company shall return electing to Purchaser the Xxxxxxx Money Deposit waive Buyer's right of termination pursuant to this Section 1.2(a), subject only to the remaining terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under conditions expressly provided in this Agreement. If Purchaser Buyer fails to deliver Buyer's Notice to Proceed (or otherwise elects to terminate this Agreement in its sole discretion by delivery of a termination notice to Seller prior to the expiration end of the Property Approval Period), Purchaser this Agreement shall terminate as of the end of the Property Approval Period or at the time of the termination notice, as applicable, in which event the Initial Deposit (as hereinafter defined in Section 2.2), less the cost of canceling the escrow charged by the Title Company, shall be deemed returned to Buyer within three (3) business days following the effective date of termination and neither party shall have waived its right any further liability to terminate the other party. If Buyer delivers Buyer's Notice to Proceed in accordance with this Section 1.2(a), this Agreement as shall continue in full force and effect, subject to the terms and conditions expressly provided in this Section 5.4. If Purchaser elects herein, and Buyer shall have no further right to terminate this Agreement pursuant to this Section 5.41.2(a). Buyer acknowledges that during the Property Approval Period, the Other Property Agreements shall also terminate in accordance remain listed for sale, the for sale sign shall remain on the Property and Seller may receive offers to purchase the Property, provided, however, Seller agrees that it shall not negotiate with Section 10.11 hereofany potential purchaser for the sale of the Property.

Property Approval Period. Through Between the earlier of Closing or the termination date of this AgreementAgreement and the Property Approval Deadline (as defined below), Purchaser Buyer shall have the right to review and investigate the physical and environmental condition of the Property, the Design Documents, 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, 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 date of this Agreement and ending on the items set forth last to occur of the date (the "Property Approval Deadline") which is (a) twenty (20) business days after the date of execution of this Agreement, or (b) twenty (20) business days after the date on which all of the documents described in Sections sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”)5.5 have been delivered to Buyer. Purchaser, in Purchaser’s sole and absolute discretion, Buyer may determine whether or not the Property is acceptable to Purchaser Buyer within the Property Approval Period. Notwithstanding anything to the contrary provided in this Agreement, Purchaser hereby acknowledges that If during the Property Approval Period has expired with respect Buyer determines that the Property is not acceptable for any reason whatsoever, then Buyer shall have the right, by giving notice to Seller, to terminate this Agreement. In addition, if Buyer fails to obtain the Oak Park Property Board Approval (as defined in Section 10.11 hereofsection 8.2(a)) by the Board Approval Date, but Purchaser than Buyer shall have the right, by giving notice to Seller, to terminate this Agreement. If Buyer exercises the right to terminate this Agreement prior to the expiration in accordance with this section 5.4, this Agreement shall terminate as of the Property Approval Period for any reason or no reason at all related to the Champions Property (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase II”) with respect to the Champions Property and (ii) unless required date such termination notice is given by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to SellerBuyer. If Purchaser elects to terminate this Agreement prior to Buyer does not exercise the expiration of the Property Approval Period, then Purchaser shall deliver written notice thereof to Seller and the Title Company stating such election, and Title Company shall return to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. If Purchaser fails to terminate this Agreement prior to the expiration of the Property Approval Period, Purchaser shall be deemed to have waived its right to terminate this Agreement as provided in accordance with this Section section 5.4. If Purchaser elects , then this Agreement shall continue in full force and effect, and Buyer shall have no further right to terminate this Agreement pursuant to this Section section 5.4. Notwithstanding the foregoing or any contrary provisions of this Agreement, if Buyer fails to deliver to Seller notice of the Other Property Agreements Board Approval on or before the Board Approval Date, then Seller may deliver to Buyer notice of Buyer's failure, and if Buyer fails to deliver to Seller notice of the Board Approval within two (2) business days after Buyer's receipt of Seller's notice, then this Agreement shall also automatically terminate in accordance with Section 10.11 hereofas of the date of Seller's notice.