Common use of Requisite Approvals Clause in Contracts

Requisite Approvals. Seller agrees that it will promptly seek the requisite approval and consent to this Contract and to the sale and transfer of the Property to Purchaser from the Existing Lender (the "Existing Lender Approval"). Purchaser shall promptly provide all documents, instruments and agreements reasonably requested by the Existing Lender in connection with obtaining its consent as aforesaid. In the event that Seller has not obtained the Existing Lender Approval prior to the Closing Date at a cost to Purchaser of no greater than the sum of (x) an assumption fee of no greater than one percent (1%) of the outstanding principal balance of the Existing Loan plus (y) any reasonable costs and expenses of the Existing Lender in connection with such assumption including, without limitation, attorney's fees, then either Seller or Purchaser may, at their option, terminate this Contract by delivery of written notice of termination to the other party, whereupon the Xxxxxxx Money Deposit shall be returned to Purchaser and the parties shall have no further obligations hereunder except for the provisions of this Contract which by the terms of this Contract shall survive its termination. Notwithstanding the foregoing, in the event that Seller has not obtained the Existing Lender Approval on or prior to the Closing Date, then the Closing Date shall be automatically extended for up to thirty (30) days to enable Seller to obtain such approval without the necessity of Seller and Purchaser executing any further amendments to this Contract.

Requisite Approvals. Seller agrees that it will promptly seek the requisite approval and consent to this Contract and to the sale and transfer of the Property to Purchaser from the Existing Lender (the "Existing Lender Approval"). Purchaser shall promptly provide all documents, instruments and agreements reasonably requested by the Existing Lender in connection with obtaining its consent as aforesaid. In the event that Seller has not obtained the Existing Lender Approval prior to the Closing Date at a cost to Purchaser of no greater than the sum of (x) an assumption fee of no greater than one two percent (12%) of the outstanding principal balance of the Existing Loan plus (y) any reasonable costs and expenses of the Existing Lender in connection with such assumption including, without limitation, attorney's fees, then either Seller or Purchaser may, at their option, terminate this Contract by delivery of written notice of termination to the other party, whereupon the Xxxxxxx Money Deposit shall be returned to Purchaser and the parties shall have no further obligations hereunder except for the provisions of this Contract which by the terms of this Contract shall survive its termination. Notwithstanding the foregoing, in the event that Seller has not obtained the Existing Lender Approval on or prior to the Closing Date, then the Closing Date shall be automatically extended for up to thirty (30) days to enable Seller to obtain such approval without the necessity of Seller and Purchaser executing any further amendments to this Contract.

Requisite Approvals. Seller agrees that it will promptly seek the requisite approval and consent to this Contract and to the sale and transfer of the Property to Purchaser from the Existing Lender (the "Existing Lender Approval")Lender. Purchaser shall promptly provide all documents, instruments and agreements (including, without limitation, legal opinions) reasonably requested by the Existing Lender in connection with obtaining its consent as aforesaid. In the event that Seller has fulfilled its obligations under this Contract but has not obtained the requisite approval to this Contract and the sale of the Property from the holder of the Existing Lender Approval Loans prior to the Closing Date at a cost to Purchaser of no greater than (as the sum of (x) an assumption fee of no greater than one percent (1%) of the outstanding principal balance of the Existing Loan plus (y) any reasonable costs same may be extended as provided in Section 8.1 hereof or as may be agreed by Seller and expenses of the Existing Lender in connection with such assumption including, without limitation, attorney's feesPurchaser), then either Seller or Purchaser may, at their option, terminate this Contract by delivery of written notice of termination to the other party, whereupon the Xxxxxxx Earnest Money Deposit shall be returned to Purchaser (unless Lendex'x xxxlure to provide such approval is due to a breach or default by Purchaser with respect to its obligations under this Contract, in which event the Earnest Money Deposit shall be delivered to Seller) and the parties shall partiex xxxxx have no further obligations hereunder except for the provisions of this Contract which by the terms of this Contract shall survive its termination. Notwithstanding the foregoing, in the event that Seller has not obtained the Existing Lender Approval on or prior to the Closing Date, then the Closing Date shall be automatically extended for up to thirty (30) days to enable Seller to obtain such approval without the necessity of Seller and Purchaser executing any further amendments to this Contract.