Common use of Additional Conditions Precedent to Closing Clause in Contracts

Additional Conditions Precedent to Closing. The sale and purchase contemplated by this Contract is contingent upon occurrence of all the following prior to Closing Date (collectively, the “Conditions Precedent to Closing”): (a) City Council of Seller, as its governing body, approving this Contract on or before Closing. (b) The results of inspection and testing do not indicate any conditions which are deemed unacceptable to Buyer, in Buyer's sole and absolute discretion. In the event any of the Conditions Precedent to Closing are not satisfied on or before five (5) days before the Closing Date, Buyer may by notice given to Seller not less than least five (5) days prior to Closing Date (i) waive any or all of the above conditions in writing delivered to Seller and close the sale and purchase of the Property, or (ii) elect to terminate this Contract, in which event each party will be released from all obligations under this Contract. If the above conditions have not been satisfied, or if the closing has not occurred on or before July 30, 2021, any Party that is not then in breach of this Contract may terminate this Contract by written notice to the other.

Additional Conditions Precedent to Closing. The sale and purchase contemplated by this Contract is contingent upon occurrence of all of the following prior to Closing Date (collectively, the “Conditions Precedent to Closing”): (a) City Council of SellerBuyer, as its governing body, approving this Contract on or before Closing. (b) Funds for the payment of the Purchase Price have been duly appropriated by Buyer's governing body in accordance with law and a sufficient unencumbered balance thereof exists sufficient for payment of the Purchase Price stated above. (c) The results of inspection and testing do not indicate any conditions which are deemed unacceptable to Buyer, in Buyer's sole and absolute discretion. In the event any of the Conditions Precedent to Closing are not satisfied on or before five (5) days before the Closing Date, Buyer may by notice given to Seller not less than least five (5) days prior to Closing Date (i) waive any or all of the above conditions in writing delivered to Seller and close the sale and purchase of the Property, or (ii) elect to terminate this Contract, in which event each party will be released from all obligations under this Contract. If the above conditions have not been satisfied, or if the closing has not occurred on or before July 30, 2021, any Party that is not then in breach of this Contract may terminate this Contract by written notice to the other.