Exclusive Negotiation Period definition
Examples of Exclusive Negotiation Period in a sentence
Developer must pursue diligently and in good faith all of its obligations under this Agreement during the Exclusive Negotiation Period.
If, at the conclusion of the Exclusive Negotiation Period, the Parties have not reached an agreement on the sale of the Facility to Company because the Parties cannot agree on the fair market value of the Facility, the fair market value of the Facility shall be determined in accordance with Section 3 (Procedure to Determine Fair Market Value of the Facility) of this Attachment P (Sale of Facility by Seller).
During the Exclusive Negotiation Period, City and Developer each will assign designated principals (i.e., an officer, board member, executive employee, or other agent with management level authority) and key staff members who will meet and negotiate diligently in good faith on its behalf in exclusive negotiations.
If the parties are unable to reach agreement to extend this Agreement within the Exclusive Negotiation Period, Employee thereafter shall be permitted to solicit and/or entertain offers from, and to negotiate with, third parties, following the expiration of the Exclusive Negotiation Period.
The first phase of the Exclusive Negotiation Period (“Phase 1”) will commence on the date the Director executes this Agreement, as authorized by the SFMTA Board, (the “Effective Date”) and, subject to a Force Majeure Extension, expire six (6) months after the Effective Date (the “Initial Expiration Date”).