PRESALE CONTINGENCY definition

PRESALE CONTINGENCY means Seller’s right to cancel the Purchase Agreement if Seller has not obtained binding purchase agreements to sell that certain percentage of units in the Project on or before one hundred eighty (180) calendar days after the date of the first executed purchase agreement for a unit in the Project, as set forth in Section E.31 of this Purchase Agreement.
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PRESALE CONTINGENCY means Seller's right to cancel the Sales Contract if Seller has not obtained binding sales contracts to sell that certain percentage of units in the Project on or before one hundred eighty (180) calendar days after the date of the first executed sales contract for a unit in the Project.
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Examples of PRESALE CONTINGENCY in a sentence

  • IF THE PRESALE CONTINGENCY FOR THE PROJECT IS NOT SATISFIED FOR ANY REASON, SELLER SHALL HAVE NO OBLIGATION TO CONSTRUCT ANY PORTION OF THE PROJECT OR TO SELL THE UNIT TO PURCHASER.

  • THE PRESALE CONTINGENCY IS SET BY SELLER IN ITS SOLE AND ABSOLUTE DISCRETION.

  • THIS PRESALE CONTINGENCY IS FOR THE BENEFIT OF SELLER ONLY, AND NOT FOR THE BENEFIT OF PURCHASER, AND MAY BE WAIVED BY SELLER IN SELLER’S SOLE AND ABSOLUTE DISCRETION.

  • PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER MAY CANCEL THIS PURCHASE AGREEMENT IF SELLER HAS NOT OBTAINED BINDING PURCHASE AGREEMENTS TO SELL AT LEAST SEVENTY-FIVE PERCENT OF THE RESIDENTIAL UNITS IN THE PROJECT ON OR BEFORE ONE HUNDRED EIGHTY (180) DAYS AFTER THE DATE OF THE FIRST EXECUTED PURCHASE AGREEMENT FOR PURCHASE AND SALE OF A RESIDENTIAL UNIT IN THE PROJECT (THE "PRESALE CONTINGENCY").

  • THIS PRESALE CONTINGENCY IS FOR THE BENEFIT OF SELLER ONLY, AND NOT FOR THE BENEFIT OF PURCHASER, AND MAY BE WAIVED BY SELLER IN SELLER'S SOLE AND ABSOLUTE DISCRETION.

  • PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER MAY CANCEL THIS PURCHASE AGREEMENT IF SELLER HAS NOT OBTAINED BINDING PURCHASE AGREEMENTS TO SELL AT LEAST SEVENTY PERCENT (70%) OF THE UNITS IN THE PROJECT ON OR BEFORE ONE HUNDRED EIGHTY (180) DAYS AFTER THE DATE OF THE FIRST EXECUTED PURCHASE AGREEMENT FOR PURCHASE AND SALE OF A UNIT IN THE PROJECT (THE "PRESALE CONTINGENCY").