Common use of Closing of Escrow Clause in Contracts

Closing of Escrow. The closing (the "Closing") of the purchase and sale of the Property shall take place through Escrow on March 31, 1998 (the "Closing Date"), provided that the conditions to Closing set forth herein have been satisfied. If the Closing has not occurred on or before the Closing Date, then this Agreement shall automatically terminate (and, subject to the immediately succeeding sentence, Section 8 below shall apply) unless the parties mutually agree to the contrary in writing. No such termination shall relieve any party from liability due to any breach or default under this Agreement by such party prior to the time of such termination.