TENANT'S FINANCING CONTINGENCY Clause Samples

TENANT'S FINANCING CONTINGENCY. The within Lease is subject to and contingent upon the Tenant obtaining a mortgage commitment from a bona fide institutional mortgage lender in the amount of FIVE MILLION AND 00/100 ($5,000,000.00) DOLLARS, together with final approval of the New Jersey Economic Development Authority (the "EDA") of a ONE MILLION FIVE HUNDRED THOUSAND AND 00/100 ($1,500,000.00) DOLLAR guaranty in connection with said mortgage commitment, as well as approval of a FIVE HUNDRED THOUSAND and 00/100 ($500,000.00) DOLLAR direct loan from the EDA. In the event Tenant does not receive the foregoing approvals and commitment, on or before June 10, 1999, the within Lease shall be null and void and of no further force and effect. In such case, Tenant shall reimburse Landlord for all costs incurred in connection with this transaction including, but not limited to, engineering, architectural and legal fees, and the costs of any application and professional fees in connection therewith which may be made to the Township of Branchburg, provided that the amount of said reimbursement shall not exceed the sum of TWENTY FIVE THOUSAND AND 00/100 ($25,000.00) DOLLARS.