Examples of Approval Period in a sentence
Purchaser and Seller agree that if any city, county, state, federal or municipal body or any other authority having such powers shall formally initiate a re-zoning and/or condemnation of the Property or any part thereof during the Approval Period, Purchaser may terminate this Agreement without owing any liability to Seller by written notice to Seller and Escrow Agent.
An escrow shall be created by Escrow Agent to consummate the purchase and sale of the Property, which escrow shall have a time limit of and shall close ("Closing") in the office of Escrow Agent on or before the expiration of thirty (30) days following the expiration of the Approval Period (as defined and may be extended pursuant to Section 8 herein) unless extended in writing by the mutual agreement of the parties.
Upon written request of Seller, Purchaser shall promptly provide updates to Seller regarding the status of obtaining the Approvals throughout the Approval Period as well as any permitted extensions thereto (including but limited to, any material issues Purchaser encounters in obtaining the Approvals that may prevent Purchaser from obtaining the Approvals within the Approval Period and any permitted extensions thereto).