Common use of Seller’s Conditions Precedent to Closing Clause in Contracts

Seller’s Conditions Precedent to Closing. The following conditions must be satisfied not later than the Closing Date or such period of time as may be specified below and, as such, are conditions precedent for Seller to proceed with the Closing: (a) Purchaser shall have delivered to the Title Company (or other appropriate Person) the items described in Section 3.04(b) in accordance therewith; and (b) Seller shall have obtained all third party consents deemed necessary in Seller’s sole discretion for the (i) Transaction, (ii) for financial ratings agency authorizations, and (iii) the release of any Seller mortgage or other document (including any securitization document) which encumbers the Real Property. If the foregoing conditions set forth in this Section 4.02 are not satisfied or waived by Seller on or prior to the Closing Date, Seller may, at its election, terminate this Agreement, in which case, so long as Purchaser has not caused an Event of Default, the Deposit shall be returned to Purchaser and neither party shall have any further obligation or liability, except for the obligations and provisions which are expressly stated to survive termination of this Agreement.

Seller’s Conditions Precedent to Closing. The following conditions must be satisfied not later than the Closing Date or such period of time as may be specified below and, as such, are conditions precedent for Seller to proceed with the Closing: (a) Purchaser shall have delivered to the Title Company (or other appropriate Person) the items described in Section 3.04(b) in accordance therewith; and (b) Seller shall have obtained all third party consents deemed necessary in Seller’s sole discretion for the (i) Transaction, (ii) for financial ratings agency authorizations, and and (iii) the release of any Seller mortgage or other document (including any securitization document) which encumbers the Real Property. If the foregoing conditions set forth in this Section 4.02 are not satisfied or waived by Seller on or prior to the Closing Date, Seller may, at its election, terminate this Agreement, in which case, so long as Purchaser has not caused an Event of Default, the Deposit shall be returned to Purchaser and neither party shall have any further obligation or liability, except for the obligations and provisions which are expressly stated to survive termination of this Agreement.