Common use of RESULT OF INACTION Clause in Contracts

RESULT OF INACTION. The Committee shall approve or disapprove an Application within thirty (30) days after receipt of a complete Application and the Review Fee. If the Committee fails either to approve or disapprove an Application within such thirty-day (30-day) period, then it shall be conclusively presumed that the Committee has disapproved the Application, unless the applicant has delivered to the Committee, within fifteen (15) days after the expiration of the thirty-day (30-day) period, a notice in writing setting forth a date of initial submittal of the complete Application to the Committee and the fact that no approval or EXHIBIT F -22- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] disapproval has been given as of the date of such notice. If the Committee thereafter fails to either approve or disapprove the Application on or before the fifteenth (15th) day after the Committee's receipt of such notice, the provisions of this Declaration requiring approval of such Application shall be deemed to have been waived by the Committee with respect to such Improvements; provided, however, that such waiver shall not be deemed to be a waiver of any other covenant, condition or restriction provided herein. One (1) set of the Application shall, with the approval or disapproval of the Committee endorsed thereon, be returned to the Owner submitting it, and the other set shall be retained by the Committee for its permanent files. In the case of a conditional approval of an Application, the written conditions shall accompany the Committee's written conditional approval.