Approvals Period definition
Examples of Approvals Period in a sentence
In the event that the Approvals are not obtained by the expiration of the Approvals Period, as the same may be extended, Purchaser may terminate this Contract by delivering notice to the Seller and Escrow Agent by the expiration of the Approvals Period.
Any extension payment made during the Permits and Approvals Period shall be non- refundable except that such payments will be credited against the agreed purchase price at Closing, should Closing occur.
In the event that such approval is not obtained by the expiration of the Approvals Period, as the same may be extended, Seller or Purchaser may terminate this Contract by delivering notice to the other party and Escrow Agent by the expiration of the Approvals Period.
Tenant shall submit its plans and specifications related to its contemplated construction and signage to Landlord prior to the expiration of the Approvals Period for Landlord’s approval.
Subject to the foregoing limitations, ▇▇▇▇▇▇ agrees to use reasonable, diligent efforts to pursue issuance of the Approvals (not including, however the filing of appeals or judicial proceedings, unless elected to do so by Lessee, in its sole discretion) within the Approvals Period.
Notwithstanding the foregoing, the Approvals Period shall be extended for a period of up to one hundred eighty (180) days, at Purchaser’s option, upon delivery of notice to Seller.
If by the Development Approvals Expiration Date, Buyer does not give Seller either a DAP Termination Notice or DAP Continuation Notice, then Buyer will be deemed to have given a DAP Continuation Notice immediately prior to the expiration of the Development Approvals Period.
Buyer shall keep Seller reasonably informed of the status of the Development Approvals throughout the Development Approvals Period by promptly responding to periodic inquiries from Seller and providing Seller with quarterly status reports in writing setting forth in sufficient detail the Buyer’s progress in pursuing the Development Approvals.
Section 2 of the Settlement Agreement is amended to extend the Approvals Period through and including June 20, 2024.
The Initial Governmental Approvals Period and, if Buyer properly exercises its extension rights hereunder with respect to any Extension Period, the applicable Extension Periods are collectively referred to as the “Governmental Approvals Period”).