Examples of Due Diligence Period Expiration Date in a sentence
Upon the exercise of Purchaser’s option to proceed with this Agreement before or at the Due Diligence Period Expiration Date, Purchaser shall expeditiously apply for Re-Zoning Approval and, following the Re-Zoning Approval (if approved), for Site Plan Approval, as applicable, and shall diligently pursue obtaining the Re-Zoning Approval and Site Plan Approval, as applicable, within Three Hundred Sixty-five (365) days (the “Entitlement Period”) following the Due Diligence Period Expiration Date.
The Parties agree that the Developer shall not have the right to cure the failure to deliver the required letters of intent and the Schematic Design Drawings by the Due Diligence Period Expiration Date.
In the event Purchaser shall fail to deliver such termination notice to Seller prior to the Due Diligence Period Expiration Date, the preceding provisions of this Section 5.2 shall be deemed waived and the Property shall be deemed acceptable to Purchaser in all respects, except as otherwise provided in this Agreement.
If the Developer does not deliver such letters of intent by the Due Diligence Period Expiration Date, then this Agreement may be terminated by either Party upon notice to the other Party, in which case the RDA shall return the Earnest Money to the Developer, and neither Party shall have any further obligations or liability to the other Party.
In addition, if the Developer does not deliver the Schematic Design Drawings to the RDA by Due Diligence Period Expiration Date, then this Agreement may be terminated by the RDA upon notice to the Developer, in which case the RDA shall return the Earnest Money to the Developer, and neither Party shall have any further obligations or liability to the other Party.
If SteelWave approves (in its sole and absolute discretion) of all of the items set forth in Section 5.1, SteelWave shall deliver to Ohlone College written notice of such approval (the “Notice of Approval”) on or before the Due Diligence Period Expiration Date.
SteelWave’s obligation to consummate the transactions contemplated by this Agreement (the “Transactions”) is subject to and conditioned upon SteelWave’s approval, deemed approval or waiver of the right to approve of the following, in SteelWave’s sole and absolute discretion and for any reason or no reason at all, prior to the Due Diligence Period Expiration Date.
If Final Approval is not received by the Due Diligence Period Expiration Date, at the written election of either party this Agreement shall automatically terminate without further action or notice of the parties.
SteelWave shall have two (2) consecutive options (each an “Option to Extend Due Diligence Period”) to extend the Due Diligence Period for a maximum period of up to six (6) months for each option, i.e., each Option to Extend Due Diligence Period may be up to six months, resulting in an extension of the Due Diligence Period Expiration Date for twelve (12) months (in toto) if each Option to Extend Due Diligence Period is exercised for the full six months period.
There shall not have occurred any change in any law, rule or regulation from that existing on the Due Diligence Period Expiration Date that materially and adversely affects the Property (including, without limitation, the value of the Property), or SteelWave’s proposed development or use of the Property.