Satisfaction of Contingency. This Contingency is deemed satisfied once Buyer presents a commitment letter to Seller or Listing Licensee in accordance with Section 25. Buyer assumes all obligations in fulfilling any and all conditions of the commitment letter.
Satisfaction of Contingency. In the event any of the above contingencies are not satisfied on or before Closing, either Party may elect, by notifying the other Party in writing to cancel this Agreement and in such event this Agreement shall be terminated and of no further force and effect and neither Party shall have any further liability hereunder.
Satisfaction of Contingency. If Tenant satisfies the Contingency by timely depositing with Landlord an additional cash security deposit of $500,000.00 pursuant to clause (i) of Section 2.1.1 above, then: (i) such amount shall be added to the Security Deposit (so that the Security Deposit amount shall equal $545,346.73) and the provisions of this Section 20.1.2 shall apply; and (ii) such increased Security Deposit amount shall be reduced by and to the amounts on the dates set forth in the schedule below, provided that (A) Tenant is not in default under this Lease as of such scheduled reduction date, and (B) Tenant has not previously been in monetary default under this Lease as of such scheduled reduction date. Any such reductions in the Security Deposit pursuant this Section 20.1.2 shall effected by Landlord’s issuance of a check payable to Tenant within thirty (30) days after the applicable scheduled reduction date. Except as specifically set forth herein, the Security Deposit shall not be subject to reduction during the Lease Term (as may be extended).
Satisfaction of Contingency. The validity and effectiveness of --------------------------- this Lease shall be subject to the satisfaction of the condition that there shall have occurred, on or before the date set forth below, commencement of construction of the Project Work and closing and funding of the initial construction advances under a mortgage loan obtained by Landlord to finance such construction, as well as the obtaining of land development and construction approvals from the applicable municipal authorities (the "Closing Contingency"). The principal amount of the mortgage loan shall be at least 5.5 Million Dollars. This Lease shall be null and void, and without further force and effect, at the option of either party, if the Closing Contingency shall not have occurred on or before April 4, 1997; provided that the date for satisfying the Closing Contingency shall be extended by the period of any Tenant Delay; and provided further that Tenant, at its sole option, shall have the right to extend the period for satisfying the Closing Contingency for up to 30 days by notice to Landlord. Any such termination shall be without further liability of either party.
