Common use of Closing the Transaction Clause in Contracts

Closing the Transaction. The Closing shall occur no later than five (5) Business Days after Buyer and Seller provide the written notice to Escrow Agent that the closing requirements described in Section 6 have been satisfied (the “Closing Date”); provided, however, if the Section 6 requirements have not been satisfied by , 20 (eight (8) months after the Opening Date) (the “Closing Deadline”), then this Agreement shall automatically terminate and shall be of no further force or effect, and Buyer and Seller shall have no further obligations or liabilities hereunder, except for any obligations or liabilities which survive the termination of this Agreement. The City Manager, in his sole discretion, and upon Buyer's written request, may extend the Closing Deadline for a period of time not to exceed thirty (30) days per extension, with a maximum of three (3) extensions. Notwithstanding anything to the contrary, no notice or cure period shall apply to this Section 7.

Closing the Transaction. The Closing shall occur no later than five (5) Business Days after Buyer and Seller provide the written notice to Escrow Agent that the closing requirements described in Section 6 have been satisfied (the “Closing Date”); provided, however, if the Section 6 requirements have not been satisfied by , 20 three (eight (8) 3) months after the Opening Date) (the “Closing Deadline”), then this Agreement shall automatically terminate and shall be of no further force or effect, and Buyer and Seller shall have no further obligations or liabilities hereunder, except for any obligations or liabilities which survive the termination of this Agreement. The City Manager, in his sole discretion, and upon Buyer's written request, may extend the Closing Deadline for a period of time not to exceed thirty (30) days per extension, with a maximum of three (3) extensions. Notwithstanding anything to the contrary, no notice or cure period shall apply to this Section 7.