Common use of Close of Escrow; Closing Date Clause in Contracts

Close of Escrow; Closing Date. Escrow shall close on or prior to the date ninety (90) days after the Entitlement Approval Date (the "Closing Date"), unless mutually extended by the Parties or extended by ▇▇▇▇▇▇ Homes through the Closing Extensions, as defined below, provided that the conditions to Closing described in Section 4 below have been satisfied. The District at its sole discretion may extend the Closing Date for up to two (2) thirty (30) day periods by providing written notice of such extension to ▇▇▇▇▇▇ Homes at least ten (10) days prior to the then Closing Date. ▇▇▇▇▇▇ Homes at its sole discretion, may also extend the Closing Date for up to two (2) thirty (30) day periods by providing written notice of such extension to the District at least ten (10) days prior to the then Closing Date and by also making an additional deposit of Two Hundred Fifty Thousand Dollars ($250,000) for each extension (each a “Closing Date Extension Deposit”). ▇▇▇▇▇▇ Homes may issue a total of two such Closing Date Extension Deposits to extend the Closing Date to a potential total of sixty (60) days. Any Closing Date Extension Deposit made by ▇▇▇▇▇▇ Homes shall be applicable to the DP Exchange Value and shall be nonrefundable except in the event of the District’s default or termination of the Agreement under Section 2.5. The terms the "Close of Escrow", and/or the "Closing" are used herein to mean the date the Grant Deeds (as the term is defined in Section 3.4 herein) are recorded in the Office of the County Recorder of the County(s) in which the Properties are located. Possession of the District Property shall be delivered to ▇▇▇▇▇▇ Homes at the Close of Escrow free and clear of all tenancies, lessees, occupants, licensees, and all possessory rights of any kind or nature, except for any Permitted Exceptions, as set forth and defined in Section 4.1.5 herein. At the Close of Escrow, either (i) possession of the Exchange Property (and the Additional Cash Consideration, if applicable) shall be delivered to District free and clear of all tenancies, lessees, occupants, licensees, and all possessory rights of any kind or nature, except for any Permitted Exceptions, as set forth and defined in Section 4.2.4 herein, or (ii) the DP Exchange Value shall be delivered to District or held in Escrow until an Exchange Property is identified and acquired, in the sole and absolute discretion of District, which shall be made evident by appropriate instructions to the Escrow Holder.

Close of Escrow; Closing Date. Escrow shall close on or prior to the date ninety (90) days after the Entitlement Approval Date (the "Closing Date"), unless mutually extended by the Parties or extended by ▇▇▇▇▇▇ Homes through the Closing Extensions, as defined below, provided that the conditions to Closing described in Section 4 below have been satisfied. The District at its sole discretion may extend the Closing Date for up to two (2) thirty (30) day periods by providing written notice of such extension to ▇▇▇▇▇▇ Homes at least ten (10) days prior to the then Closing Date. ▇▇▇▇▇▇ Homes at its sole discretion, may also extend the Closing Date for up to two (2) thirty (30) day periods by providing written notice of such extension to the District at least ten (10) days prior to the then Closing Date and by also making an additional deposit of Two Hundred Fifty Thousand Dollars ($250,000) for each extension (each a “Closing Date Extension Deposit”). ▇▇▇▇▇▇ Homes may issue a total of two such Closing Date Extension Deposits to extend the Closing Date to a potential total of sixty (60) days. Any Closing Date Extension Deposit made by ▇▇▇▇▇▇ Homes shall be applicable to the DP Exchange Value and shall be nonrefundable except in the event of the District’s default or termination of the Agreement under Section 2.5. The terms the "Close of Escrow", and/or the "Closing" are used herein to mean the date the Grant Deeds (as the term is defined in Section 3.4 herein) are recorded in the Office of the County Recorder of the County(s) in which the Properties are located. Possession of the District Property shall be delivered to ▇▇▇▇▇▇ Homes at the Close of Escrow free and clear of all tenancies, lessees, occupants, licensees, and all possessory rights of any kind or nature, except for any Permitted Exceptions, as set forth and defined in Section 4.1.5 4.1.4 herein. At the Close of Escrow, either (i) possession of the Exchange Property (and the Additional Cash Considerationconsideration, if applicable) shall be delivered to District free and clear of all tenancies, lessees, occupants, licensees, and all possessory rights of any kind or nature, except for any Permitted Exceptions, as set forth and defined in Section 4.2.4 herein, or (ii) the DP Exchange Value shall be delivered to District or held in Escrow until an Exchange Property is identified and acquired, in the sole and absolute discretion of District, which shall be made evident by appropriate instructions to the Escrow Holder.

Close of Escrow; Closing Date. Escrow Provided that all of the conditions of this Agreement shall close on have been satisfied (or waived, if applicable) prior to or on the date ninety (90) days after the Entitlement Approval Date (the "Closing Date"), unless mutually extended by the Parties or extended by ▇▇▇▇▇▇ Homes through the Closing Extensions, as defined below, provided that of this transaction for the conditions to acquisition of the Property shall take place at the offices of Escrow Holder no later than the Outside Closing described Date set forth in Section 4 below have been satisfied1.4.2 (“Closing Date”) unless both Parties mutually agree to extend. The District at its sole discretion may extend Subject to the provisions set forth in Section 1.4.2 above, Buyer shall make the Additional Deposit necessary to keep the Escrow open and current. In no event shall the Closing Date for up to two (2) thirty (30) day periods by providing written notice of such extension to ▇▇▇▇▇▇ Homes at least ten (10) days prior to occur later than the then Outside Closing Date. ▇▇▇▇▇▇ Homes at its sole discretion, may also (i) unless Buyer opts to extend the Closing Date for up to two (2) thirty (30) day periods Escrow by providing written notice of such extension to the District at least ten (10) days prior to the then Closing Date and by also making an additional deposit of Two Hundred Fifty Thousand Dollars optional Escrow Extension Fee payment pursuant to Section 3.2.1 below, or ($250,000ii) for each extension (each a “Closing Date Extension Deposit”). ▇▇▇▇▇▇ Homes may issue a total of two such Closing Date Extension Deposits to extend the Closing Date to a potential total of sixty (60) days. Any Closing Date Extension Deposit made by ▇▇▇▇▇▇ Homes shall be applicable to the DP Exchange Value and shall be nonrefundable except as otherwise expressly provided in the event of the District’s default or termination of the Agreement under Section 2.5. The terms the "Close of Escrow", and/or the "Closing" are used herein to mean the date the Grant Deeds (as the term is defined in Section 3.4 herein) are recorded in the Office of the County Recorder of the County(s) in which the Properties are locatedthis Agreement. Possession of the District Property shall be delivered to ▇▇▇▇▇▇ Homes at Buyer on the Close of Escrow Closing Date free and clear of all tenancies, lessees, occupants, licensees, and all possessory rights of any kind or nature, nature except for any Permitted Exceptions, Exceptions as set forth and defined in Section 4.1.5 herein4.1.2. At To the Close of Escrowextent not previously delivered to Buyer, either (i) possession any originals of the Exchange Property (and the Additional Cash Consideration, if applicable) Due Diligence Documents shall be delivered to District free Buyer on the Closing Date. 3.2.1 At Buyer’s option, Buyer may pay one or more escrow extension fee in an amount equal to two and clear one-half percent (2.5%) of all tenanciesthe Purchase Price or TEN THOUSAND DOLLARS ($10,000.00), lesseeswhichever is greater (“Escrow Extension Fee”) to extend Escrow for ninety (90) days beyond the Outside Closing Date. Based on the Purchase Price of DOLLARS ($ ) the Escrow Extension Fee is DOLLARS ($ ). Buyer shall have the right to make up to two (2) such Escrow Extension Fee payments, occupantseach due at the beginning of each respective Escrow Extension Fee period (for a total possible Escrow of nine (9) months after the expiration of the Due Diligence Period). The first Escrow Extension Fee and the second Escrow Extension Fee, licenseesif made, shall be i) immediately released to Seller through Escrow, (ii) except as otherwise expressly provided in this Agreement, shall be immediately non-refundable to Buyer when paid by Buyer, and all possessory rights (iii) shall not be credited toward the Purchase Price whatsoever should Buyer purchase the Property. 1. Furthermore, Buyer and Seller acknowledge that said Escrow Extension Fee(s), if made, would provide for the Closing Date to be extended by a maximum of any kind six (6) months, and that Escrow shall not be extended beyond said date (i) unless mutually agreed by the Parties, in writing, by way of amendment to this Agreement or nature, except for any Permitted Exceptions, as set forth and defined in Section 4.2.4 hereinother mutual Escrow instruction, or (ii) the DP Exchange Value shall be delivered to District or held except as otherwise expressly provided in Escrow until an Exchange Property is identified and acquired, in the sole and absolute discretion of District, which shall be made evident by appropriate instructions to the Escrow Holderthis Agreement.