Common use of Termination by Developer Prior to Conveyance Clause in Contracts

Termination by Developer Prior to Conveyance. In the event that Developer is not in Default and prior to the Closing: (a) Authority does not (or demonstrably cannot) deliver title to the portion of the Site within pursuant to the Grant Deed in the manner and condition on or before the Outside Closing Date or (b) Authority is in Default, or (c) one or more of Developer’s Condition Precedent to Closing is not satisfied on or before the Outside Closing Date; then this Agreement may, at Developer’s option, be terminated by Notice to Authority. From the date of the Notice of termination of this Agreement by Developer to Authority and thereafter this Agreement shall be deemed terminated and there shall be no further rights or obligations between the Parties. Upon such termination by Developer, all monies or documents deposited by any Party into Escrow shall be returned to the Party making such deposit. In the event that this Agreement is terminated due to Default of Authority, Authority shall pay all escrow cancellation costs. If this Agreement is terminated for any other reason, the Parties shall each pay one-half of the escrow cancellation costs.

Termination by Developer Prior to Conveyance. In the event that Developer is not in Default and prior to the Closing: (a) Authority Agency does not (or demonstrably cannot) deliver title to the portion of leasehold interest in the Marketplace Site/500 S. Anaheim Blvd. Site within pursuant to the Grant Deed Lease in the manner and condition on or before the Outside Closing Date or (b) Authority Agency is in Default, or or (c) one or more of Developer’s Condition Precedent to Closing is not satisfied on or before the Outside Closing Date; then this Agreement may, at Developer’s option, be terminated by Notice to AuthorityAgency. From the date of the Notice of termination of this Agreement by Developer to Authority Agency and thereafter this Agreement shall be deemed terminated and there shall be no further rights or obligations between the Parties. Upon such termination by Developer, all monies or documents deposited by any Party into Escrow shall be returned to the Party making such deposit. In the event that this Agreement is terminated due to Default of AuthorityAgency, Authority Agency shall pay all escrow cancellation costs. If this Agreement is terminated for any other reason, the Parties shall each pay one-half of the escrow cancellation costs.

Termination by Developer Prior to Conveyance. In the event that Developer is not in Default and prior to the Closing: (a) Authority Agency does not (or demonstrably cannot) deliver title to the any portion of the Site within Agency Parcels pursuant to the Grant Deed in the manner and condition in the Condition of Title required hereunder on or before the Outside Closing Date or (b) Authority Agency is in Default, or or (c) one or more of Developer’s Condition Conditions Precedent to Closing is not satisfied on or before the Outside Closing Date; then this Agreement may, at Developer’s option, be terminated by Notice to AuthorityAgency. From the date of the Notice of termination of this Agreement by Developer to Authority Agency and thereafter this Agreement shall be deemed terminated and there shall be no further rights or obligations between the Parties. Upon such termination by Developer, all monies or documents deposited by any Party into Escrow shall be returned to the Party making such deposit. In the event that this the Agreement is terminated due to Default of AuthorityAgency, Authority Agency shall pay all escrow cancellation costs. If this Agreement is terminated for any other reason, the Parties shall each pay one-half of the escrow cancellation costs.

Termination by Developer Prior to Conveyance. In the event that Developer is not in Default and prior to the Closing: (a) Authority Agency does not (or demonstrably cannot) deliver title to the portion of the Site within pursuant to the Grant Deed in the manner and condition on or before the Outside Closing Date or (b) Authority or Agency is in Default, or (c) or one or more of Developer’s Condition Precedent to Closing is not satisfied on or before the Outside Closing Date; then this Agreement may, at Developer’s option, be terminated by Notice to AuthorityAgency. From the date of the Notice of termination of this Agreement by Developer to Authority Agency and thereafter this Agreement shall be deemed terminated and there shall be no further rights or obligations between the Parties. Upon such termination by Developer, all monies or documents deposited by any Party into Escrow shall be returned to the Party making such deposit. In the event that this Agreement is terminated due to Default of AuthorityAgency, Authority Agency shall pay all escrow cancellation costs. If this Agreement is terminated for any other reason, the Parties shall each pay one-half of the escrow cancellation costs.

Termination by Developer Prior to Conveyance. In the event that Developer is not in Default and prior to the Closing: (a) Authority Agency does not (or demonstrably cannot) deliver title to the any portion of the Site within Agency Parcels pursuant to the Grant Deed in the manner and condition in the Condition of Title required hereunder on or before the Outside Closing Date or (b) Authority Agency is in Default, or (c) one or more of Developer’s Condition Conditions Precedent to Closing Closings is not satisfied on or before the Outside Closing Date; then this Agreement may, at Developer’s option, be terminated by Notice to AuthorityAgency. From the date of the Notice of termination of this Agreement by Developer to Authority Agency and thereafter this Agreement shall be deemed terminated and there shall be no further rights or obligations between the Parties. Upon such termination by Developer, all monies or documents deposited by any Party into Escrow shall be returned to the Party making such deposit. In the event that this the Agreement is terminated due to Default of AuthorityAgency, Authority Agency shall pay all escrow cancellation costs. If this Agreement is terminated for any other reason, the Parties shall each pay one-half of the escrow cancellation costs.