Common use of Termination of the Purchase Agreement Clause in Contracts

Termination of the Purchase Agreement. (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy has not been given to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Date. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 3 contracts

Samples: Purchase and Sale Agreement, Purchase Agreement, Agreement of Purchase and Sale

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Termination of the Purchase Agreement. (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full.. WEB COPY (b) If for any reason (other than breach of contract by the Purchaser) Occupancy has not been given to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Date. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 2 contracts

Samples: Agreement of Purchase and Sale, Agreement of Purchase and Sale

Termination of the Purchase Agreement. (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy Closing has not been given to the Purchaser occurred by the Outside Occupancy Closing Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, period then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Closing Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Closing Date.. SAMPLE AGREEMENT (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy Closing is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy Closing alone.

Appears in 1 contract

Samples: Agreement of Purchase and Sale

Termination of the Purchase Agreement. (a) The Vendor and 20.1 MacGregor shall have the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy has not been given to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days right to terminate the Purchase Agreement by written notice to and with immediate effect if: (i) the Vendor. If the Purchaser does not provide written notice Supplier’s performance of termination within such 30-day period, then the Purchase Agreement shall continue to be binding on both parties and is impeded for more than 1 month by reason of Force Majeure, or (ii) the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless Supplier has committed a material breach of whether such date is beyond the Outside Occupancy Date. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document Agreement. In addition to be subject the above, a Party is entitled to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement with immediate effect if (i) the other Party enters into composition negotiation, is declared bankrupt, goes into liquidation or for any other reason can be assumed to have become insolvent or not able to fulfill his obligations stipulated in the Purchase Agreement; or d) the other Party is acquired by a competitor to the first Party. 20.2 Termination according to this provision shall be done without unreasonable delay after such circumstance becomes known to the Party or should have become known to the Party. 20.3 Termination shall be made in writing. The Supplier undertakes to inform Xxxxxxxxx of any change in its ownership and will, irrespective of grounds for termination, continue deliveries to Macgregor to the extent necessary, however minimum 6 months from date of termination, at prices and other conditions valid before that date. 20.4 Macgregor shall have the right at any time by written notice to the VendorSupplier to terminate the purchase order, including any committed forecasts, and to require the Supplier to cease work thereunder, if Xxxxxxxxx’x customer has terminated the respective order between Macgregor and its customer or in case of a sudden or dramatic change in market demand. (d) The 20.5 In the event of termination under this clause 20.2, and provided always that the Supplier is not in default, the Supplier shall be entitled to payment pursuant to the terms of the Purchase Agreement may for all direct costs it has accrued for the Product delivered and work performed as of the date of the termination. It is a precondition to any payments hereunder that the Supplier verifies all costs and expenses by providing accounting records and/or sufficient documentation to MacGregor. The Parties acknowledge that the Supplier shall not be entitled to profit on any part of the terminated work, unless delivered to MacGregor and approved for payment before the date of termination. Xxxxxxxxx shall not be responsible for costs relating to Product that are resalable to a third party. 20.6 The Parties shall have no liability because of termination other than in accordance with the provisions of section 6above. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 1 contract

Samples: Macgregor Purchasing General Conditions

Termination of the Purchase Agreement. (a) The Vendor and If either the Attractions Purchaser may or the Ski Purchaser desires to terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by pursuant to Section 10.1 of the PurchaserPurchase Agreement, including deposit(sthe Party desiring to terminate the Purchase Agreement shall notify the other Party, and the Party desiring to terminate the Purchase Agreement shall deliver a termination notice to CNL in accordance with Section 10.2 of the Purchase Agreement; provided, however, that (i) the Ski Purchaser shall not have the unilateral right to cause the Parties to terminate the Purchase Agreement on the basis of facts that have solely an Attractions Assets Effect pursuant to Section 10.1(d)(i) or Section 10.1(d)(iii) of the Purchase Agreement, and monies for upgrades and extras are (ii) the Attractions Purchaser shall not have the unilateral right to be allocated if not repaid cause the Parties to terminate the Purchase Agreement pursuant to Section 10.1(b)(ii) of the Purchase Agreement arising from the circumstances described in fullSection 10.3(a)(iv)(C) of the Purchase Agreement. (b) If for the Company Termination Amount or any reason (other than breach of contract Reimbursable Expenses are required to be paid by the Purchaser) Occupancy has not been given CNL pursuant to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice as a result of termination within such 30-day perioda Purchase Agreement Termination, then any such amount shall be split between the Purchase Agreement shall continue to be binding on both parties Attractions Purchaser and the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy DateSki Purchaser based on their Proportionate Share. (c) If: calendar dates for the applicable Critical Dates are not inserted Except as provided in Section 7.1(c) hereof and except in the Statement of Critical Dates; case where one Party is determined to be the Sole Responsible Party (as defined below), if the Purchaser Termination Amount or if any date for Occupancy is expressed in Reimbursable Expenses are required to be paid to CNL pursuant to the Purchase Agreement or in any other document to be subject to change depending upon the happening as a result of an event (other than as permitted in this Addendum)a Purchase Agreement Termination, then the Parties shall each pay their Proportionate Share of the Purchaser may terminate the Termination Amount and any Reimbursable Expenses to CNL by wire transfer of same day funds to an account designated by CNL not later than five (5) Business Days after such Purchase Agreement Termination. If one Party pays its Proportionate Share of the Purchaser Termination Amount and/or any Reimbursable Expenses to CNL pursuant to this Section 8.2(c) when such amounts are required to be paid and the other Party does not, then, provided that such paying Party is not the Sole Responsible Party, the non-paying Party shall indemnify the paying Party for all losses, damages, costs and expenses incurred by written notice to the Vendorpaying Party in defending itself in a suit by CNL with regard to, or in paying the non-paying Party’s Proportionate Share of, the Purchaser Termination Amount and/or any Reimbursable Expenses. (d) The In the case where one Party is determined to be the Sole Responsible Party, if the Purchaser Termination Amount or any Reimbursable Expenses are required to be paid to CNL pursuant to the Purchase Agreement may as a result of a Purchase Agreement Termination, then the Sole Responsible Party shall pay the entire Purchaser Termination Amount and Reimbursable Expenses to CNL by wire transfer of same day funds to an account designated by CNL not later than five (5) Business Days after such Purchase Agreement Termination. If the Sole Responsible Party does not pay the entire Purchaser Termination Amount and Reimbursable Expenses when such amounts are required to be terminated paid, then it shall indemnify the other Party for all losses, damages, costs and expenses the other Party incurs as a direct result of non-payment by the Sole Responsible Party, including all losses, damages, costs and expenses incurred by it in accordance defending itself in a suit by CNL with regard to the provisions Purchaser Termination Amount, Reimbursable Expenses and any payments made by such other Party of section 6all or a portion of the Purchaser Termination Amount and Reimbursable Expenses. In addition, solely in the case where both (i) one Party is determined to be the Sole Responsible Party and (ii) the Purchaser Termination Amount and/or any Reimbursable Expenses are required to be paid to CNL pursuant to the Purchase Agreement as a result of a Purchase Agreement Termination, the Sole Responsible Party shall pay the other Party an amount equal to $5,000,000 (the “Purchaser Expense Reimbursement”) by wire transfer of same day funds to an account designated in writing by such Party not later than five (5) Business Days after such Purchase Agreement Termination. The Parties agree that the Purchaser Expense Reimbursement is not a penalty, but rather is liquidated damages, and is a reasonable approximation of the damages of the non-responsible Party in the circumstances in which the Purchaser Expense Reimbursement is payable, which amount would otherwise be impossible to calculate with precision. Notwithstanding anything to the contrary in this Agreement, in the circumstance in which the Sole Responsible Party is required to pay the Purchaser Expense Reimbursement, the other Party’s right to receive payment of the Purchaser Expense Reimbursement from the Sole Responsible Party shall be the sole and exclusive remedy of such Party, such Party’s Subsidiaries and any of such Party’s former, current or future officers, directors, trustees, partners, stockholders, managers, members, affiliates or agents for the loss suffered as a result of the failure of the Contemplated Transactions to be consummated and, upon payment of such amount, none of the Sole Responsible Party, such Sole Responsible Party’s Subsidiaries or any of Sole Responsible Party’s former, current or future officers, directors, trustees, partners, stockholders, managers, members, affiliates or agents shall have any further liability or obligation relating to or arising out of this Agreement or the Purchase Agreement; provided, however, a Sole Responsible Party’s payment of the Purchaser Expense Reimbursement shall not preclude the other Party from recovering any Indirect PSA Damages from the Sole Responsible Party. (e) Nothing A Party shall be the “Sole Responsible Party” if (i) such Party admits in this Addendum derogates from any right writing in its sole and absolute discretion that it is the Sole Responsible Party, or (ii) a court of termination competent jurisdiction in a final non-appealable (or unappealed) judgment finds both (x) that either such Party caused the Purchaser Termination Amount or Reimbursable Expenses to become payable, whether because it affirmatively caused (e.g., termination of the Purchase Agreement under Section 10.1(c)(iii) thereof), or its actions or omissions or a breach of its obligations under the Purchase Agreement or this Agreement were the principal reason for, a Purchase Agreement Termination that caused the Purchaser Termination Amount or Reimbursable Expenses to become payable, and (y) that the other Party, at the time of such Purchase Agreement Termination caused by the defaulting Party, was (or, using its commercially reasonable efforts, would have been, by the Outside Date) ready, willing and able to and intended to consummate, and but for the Purchase Agreement Termination caused by the defaulting Party would have consummated, the Contemplated Transactions by the Outside Date. For the avoidance of doubt, in the absence of (A) any affirmative termination by a Party of the Purchase Agreement, or (B) any other breach by a Party of this Agreement or the Vendor may Purchase Agreement, a Party that fails to fulfill its obligations at the Closing under Sections 5.5 or 5.6 of this Agreement will be presumed to have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contractcaused a Purchaser Agreement Termination. (f) Except To assist a Party who is contemplating causing a Purchase Agreement Termination in assessing the risk that it may be determined to be the Sole Responsible Party, such Party (the “Initiating Party”) may request that the other Party (the “Responding Party”) indicate whether it too wants to cause a Purchase Agreement Termination. If so requested, the Responding Party shall respond promptly and confer with the Initiating Party. If the Responding Party indicates that it does not want to cause a Purchase Agreement Termination, the Initiating Party may request that the Responding Party deliver to the Initiating Party a written notice (a “Confirming Notice”) executed by its Chief Executive Officer (or comparable officer) certifying that the Responding Party’s Board of Trustees or Manager, as permitted applicable, determined, based on a review of the matter following the Initiating Party’s request, that the Responding Party is in fact (or, using its commercially reasonable efforts, would be by the Outside Date) ready, willing and able, and does intend to, consummate the Contemplated Transactions by the Outside Date (assuming that the Initiating Party does not cause a Purchase Agreement Termination and that no breach or default on the part of CNL, or failure of conditions to the Closing in favor of the Responding Party not then known to the Responding Party, arises between the date of such Confirming Notice and the Outside Date). If requested in writing by an Initiating Party, the Responding Party shall deliver a Confirming Notice within seven (7) calendar days. For purposes of this Section 8.2(f), in the event that the Responding Party is the Ski Purchaser, the Guarantors shall also deliver a Confirming Notice in form and substance and within the time frame set forth in this sectionSection 8.2(f) to the Attractions Purchaser. Each Party reserves all rights with respect to CNL and the other Party, including the right to bring a claim for indemnification under Article 9 hereof, and pursuant to Section 10.8 hereof, all rights and remedies at Law, and a Confirming Notice shall not be conclusive evidence that the statements made therein were true, but shall be considered strong presumptive evidence with respect to such matter. After receiving a Confirming Notice, the Initiating Party may or may not decide to cause a Purchase Agreement may Termination. (g) Neither Party shall enter into a separate settlement with CNL regarding the Purchaser Termination Amount, Reimbursable Expenses or any other damages or liabilities to CNL for which both Parties are jointly and severally liable, unless: (i) the other Party consents in writing, or (ii) the settlement provides (to the other Party’s reasonable satisfaction) that CNL will not be terminated by reason seek to recover against the other Party any of the Vendor’s delay Purchaser Termination Amount, Reimbursable Expenses or any such other damages or liabilities. In this case, the non-settling Party would have no claim against the settling Party for any sums that it subsequently pays or is obligated to pay to CNL, or for any costs of defense in providing Occupancy aloneconnection therewith, unless the settling party is determined to be the Sole Responsible Party.

Appears in 1 contract

Samples: Joint Buyers Agreement (Epr Properties)

Termination of the Purchase Agreement. (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy has not been given to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, period then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Date. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6.6 or Schedule C. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Termination of the Purchase Agreement. WEB COPY (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy has not been given to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, period then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Date. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6.6 or Schedule C. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 1 contract

Samples: Agreement of Purchase and Sale

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Termination of the Purchase Agreement. (a) The Vendor and the Purchaser 20.1 Kalmar may terminate the Purchase Agreement with immediate effect if (i) the Supplier’s performance of the Purchase Agreement is impeded for more than 1 month by mutual written agreement. Such written mutual agreement may specify how monies paid by reason of Force Majeure, or (ii) the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than Supplier has committed a material breach of contract by the Purchaser) Occupancy has not been given Purchase Agreement. In addition to the Purchaser by the Outside Occupancy Dateabove, then the Purchaser has 30 days a Party is entitled to terminate the Purchase Agreement with immediate effect if (i) the other Party enters into composition negotiation, is declared bankrupt, goes into liquidation or for any other reason can be assumed to have become insolvent or not able to fulfil his obligations stipulated in the Purchase Agreement; or (ii) the other Party is acquired by a competitor of the first Party. 20.2 Termination according to this provision shall be done without unreasonable delay after such circumstance becomes known to the Party or should have become known to the Party. 20.3 Termination shall be made in writing. The Supplier undertakes to inform Xxxxxx of any change in its ownership and will irrespective of grounds for termination continue deliveries to Kalmar to the extent necessary, however minimum 6 months from date of termination, at prices and other conditions valid before that date. 20.4 Kalmar shall have the right at any time by written notice to the Vendor. If Supplier to terminate the Purchaser does not provide written notice purchase order, including any committed forecasts, and to require the Supplier to cease work thereunder, if Xxxxxx’x customer has terminated the respective order between Kalmar and its customer or in case of a sudden or dramatic change in market demand. 20.5 In the event of termination within such 30-day periodunder subsection 20.4, then and provided always that the Supplier is not in default, the Supplier shall be entitled to payment pursuant to the terms of the Purchase Agreement shall continue to be binding on both parties for all direct costs it has accrued for the Products delivered and the Delayed Occupancy Date shall be work performed until the date set under paragraph 3(c)of the termination. It is a precondition to any payments hereunder that the Supplier verifies all costs and expenses by sufficient documentation. The Parties acknowledge that the Supplier shall not be entitled to profit on any part of the terminated work, regardless unless delivered to Kalmar and approved for payment before the date of whether such date is beyond the Outside Occupancy Datetermination. Kalmar shall not be responsible for costs relating to Products that are resalable to a third party. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement 20.6 The Parties shall have no liability because of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (termination other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6above. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 1 contract

Samples: Purchasing Agreement

Termination of the Purchase Agreement. (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy Closing has not been given to the Purchaser occurred by the Outside Occupancy Closing Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, period then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Closing Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Closing Date.. REVIEW ONLY (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy Closing is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy Closing alone.

Appears in 1 contract

Samples: Agreement of Purchase and Sale

Termination of the Purchase Agreement. (a) The Vendor and the Purchaser may terminate the Purchase Agreement by mutual written agreement. Such written mutual agreement may specify how monies paid by the Purchaser, including deposit(s) and monies for upgrades and extras are to be allocated if not repaid in full. (b) If for any reason (other than breach of contract by the Purchaser) Occupancy has not been given to the Purchaser by the Outside Occupancy Date, then the Purchaser has 30 days to terminate the Purchase Agreement by written notice to the Vendor. If the Purchaser does not provide written notice of termination within such 30-day period, then the Purchase Agreement shall continue to be binding on both parties and the Delayed Occupancy Date shall be the date set under paragraph 3(c), regardless of whether such date is beyond the Outside Occupancy Date. (c) If: calendar dates for the applicable Critical Dates are not inserted in the Statement of Critical Dates; or if any date for Occupancy is expressed in the Purchase Agreement or in any other document to be subject to change depending upon the happening of an event (other than as permitted in this Addendum), then the Purchaser may terminate the Purchase Agreement by written notice to the Vendor. (d) The Purchase Agreement may be terminated in accordance with the provisions of section 6. (e) Nothing in this Addendum derogates from any right of termination that either the Purchaser Purch aser or the Vendor may have at law or in equity on the basis of, for example, frustration of contract or fundamental breach of contract. (f) Except as permitted in this section, the Purchase Agreement may not be terminated by reason of the Vendor’s delay in providing Occupancy alone.

Appears in 1 contract

Samples: Condominium Agreement of Purchase and Sale

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