Common use of Conditions of Settlement Clause in Contracts

Conditions of Settlement. A. The obligation of Buyer under this Agreement to purchase the Premises from Seller is subject to the satisfaction at the time of settlement of each of the following conditions, any one of which may be waived in whole or in part jointly by Buyer and Seller at or prior to settlement: (a) Buyer shall have obtained, (through the subdivision application of Toll Brothers), final, unappealable and unappealed from subdivision approval (herein, “Subdivision Approval”) from Upper Makefield Township, Newtown Township and all other governmental authorities having jurisdiction over subdivision of the Melsky Tract, thereby creating the Premises Premises as a separate lot capable of being lawfully conveyed to Buyer. It is understood and agreed that the subdivision of the Melsky Tract by Toll Brothers in connection with their acquisition of the balance of the Melsky Tract shall include the creation of a separate lot which shall comprise the PremisesPremises. Buyer acknowledges and agrees that the Seller has no responsibility for submitting or obtaining approval of the Subdivision Plan, and further that the Buyer shall comply with any conditions and requirements of such Subdivision Plan applicable to the Premises. (b) Simultaneous with the settlement to be held under this Agreement of Sale, Buyer shall complete settlement on an Agreement of Sale for Conservation Easement with Upper Makefield Township by which Buyer shall sell and convey to Upper Makefield Township a Conservation Easement on the portion of the PremisesPremises located in Upper Makefield Township, at a consideration as determined in that Agreement of Sale. Buyer represents to Seller that Buyer and Upper Makefield Township have entered into this Agreement of Sale and that such Agreement of Sale is binding upon the parties thereto. Buyer further agrees to utilize the net funds received from Upper Makefield Township for the Conservation Easement towards the purchase price due and payable to Seller hereunder. (c) Buyer represents and warrants to Seller that Buyer has agreed to place Conservation Easements on both the Upper Makefield Township portion and the Newtown Township portion of the Premises Premises pursuant to which no residential use of the Premises shall be permitted. Accordingly, the subdivision approvals to be obtained by Buyer hereunder shall not include any requirement that all or any portion of the PremisesPremises be suitable for residential dwellings, any such use being expressly prohibited by the Conservation Easements to be placed on the Premises by Buyer. (d) Simultaneously with settlement under this Agreement, settlement shall be completed on the agreement of sale between Seller and Toll pertaining to the balance of the Melsky Tract (the “Toll Agreement”). B. The obligation of Seller under this Agreement to sell and convey the Premises to Buyer is subject to the following: (a) Seller’s obligation to complete settlement hereunder shall be expressly subject to Seller obtaining approval (herein, “Court Approval”) of the sale of the Premises to Buyer from the Court of Common Pleas of Bucks County under and pursuant to 24 P.S. §7-707. Seller agrees to promptly file the appropriate Petition with the Court of Common Pleas of Bucks County in order to obtain approval for the sale pursuant to 24 P.S. §7-707(3).

Conditions of Settlement. A. (a) The obligation of Buyer under this Agreement to purchase the Premises from Seller, and for the Seller to convey the Premises to Buyer, is subject to the satisfaction satisfaction, at as of the time of settlement settlement, of each of the following conditions, any one or more of which may be waived in whole or in part jointly by Buyer and Seller at or prior to settlement: (aai) Buyer shall have obtained, obtained (through the subdivision application of Toll BrothersToll), final, unappealable and unappealed from subdivision approval (herein, “Subdivision Approval”) from Upper Makefield Township, Newtown Township and all other governmental authorities having jurisdiction over subdivision of the Melsky Tract, thereby creating the Premises Premises as a separate lot capable of being lawfully conveyed to Buyer. It is understood and agreed that the subdivision of the Melsky Tract by Toll Brothers in connection with their acquisition of the balance of the Melsky Tract shall include the creation of a separate lot which shall comprise the PremisesPremisesPremises. Buyer acknowledges and agrees that the Seller has no responsibility for submitting or obtaining approval of the Subdivision Plan, . and further that theUpon acceptance of conveyance of the Premises, Buyer shall thereafter comply with any conditions and requirements of such Subdivision Plan applicable to the Premises. (bbii) Simultaneous with the settlement to be held under this Agreement of Sale, Buyer shall complete settlement on an Agreement of Sale for Conservation Easement with Upper Makefield Township by which Buyer shall sell and convey to Upper Makefield Township a Conservation Easement on the portion of the PremisesPremises Premises located in Upper Makefield Township, at a consideration as determined in that Agreement of Sale. Buyer represents to Seller that Buyer and Upper Makefield Township have entered into this Agreement of Sale and that such Agreement of Sale is binding upon the parties thereto. Buyer further agrees to utilize the net funds received from Upper Makefield Township for the Conservation Easement towards the purchase price due and payable to Seller hereunder. (c) Buyer represents and warrants to Seller that Buyer has agreed to place Conservation Easements on both the Upper Makefield Township portion and the Newtown Township portion of the Premises Premises pursuant to which no residential use of the Premises shall be permitted. Accordingly, the subdivision approvals to be obtained by Buyer hereunder shall not include any requirement that all or any portion of the PremisesPremises be suitable for residential dwellings, any such use being expressly prohibited by the Conservation Easements to be placed on the Premises by Buyer. (d) Simultaneously with settlement under this Agreement, settlement shall be completed on the agreement of sale between Seller and Toll pertaining to the balance of the Melsky Tract (the “Toll Agreement”). B. The obligation of Seller under this Agreement to sell and convey the Premises to Buyer is subject to the following: (a) Seller’s obligation to complete settlement hereunder shall be expressly subject to Seller obtaining approval (herein, “Court Approval”) of the sale of the Premises to Buyer from the Court of Common Pleas of Bucks County under and pursuant to 24 P.S. §7-707. Seller agrees to promptly file the appropriate Petition with the Court of Common Pleas of Bucks County in order to obtain approval for the sale pursuant to 24 P.S. §7-707(3).

Conditions of Settlement. A. The obligation of Buyer under this Agreement to purchase the Premises from Seller is subject to the satisfaction at the time of settlement of each of the following conditions, any one of which may be waived in whole or in part jointly by Buyer and Seller at or prior to settlement: (a) Buyer shall have obtained, obtained (through the subdivision application of Toll BrothersToll), final, unappealable and unappealed from subdivision approval (herein, “Subdivision Approval”) from Upper Makefield Township, Newtown Township and all other governmental authorities having jurisdiction over subdivision of the Melsky Tract, thereby creating the Premises Premises as a separate lot capable of being lawfully conveyed to Buyer. It is understood and agreed that the subdivision of the Melsky Tract by Toll Brothers in connection with their acquisition of the balance of the Melsky Tract shall include the creation of a separate lot which shall comprise the PremisesPremisesPremises. Buyer acknowledges and agrees that the Seller has no responsibility for submitting or obtaining approval of the Subdivision Plan, and further that the Buyer shall comply with any conditions and requirements of such Subdivision Plan applicable to the Premises. (b) Simultaneous with the settlement to be held under this Agreement of Sale, Buyer shall complete settlement on an Agreement of Sale for Conservation Easement with Upper Makefield Township by which Buyer shall sell and convey to Upper Makefield Township a Conservation Easement on the portion of the PremisesPremises Premises located in Upper Makefield Township, at a consideration as determined in that Agreement of Sale. Buyer represents to Seller that Buyer and Upper Makefield Township have entered into this Agreement of Sale and that such Agreement of Sale is binding upon the parties thereto. Buyer further agrees to utilize the net funds received from Upper Makefield Township for the Conservation Easement towards the purchase price due and payable to Seller hereunder. (c) Buyer represents and warrants to Seller that Buyer has agreed to place Conservation Easements on both the Upper Makefield Township portion and the Newtown Township portion of the Premises Premises pursuant to which no residential use of the Premises shall be permitted. Accordingly, the subdivision approvals to be obtained by Buyer hereunder shall not include any requirement that all or any portion of the PremisesPremises Premises be suitable for residential dwellings, any such use being expressly prohibited by the Conservation Easements to be placed on the Premises by Buyer. (d) Simultaneously with settlement under this Agreement, settlement shall be completed on the agreement of sale between Seller and Toll pertaining to the balance of the Melsky Tract (the “Toll Agreement”). B. The obligation of Seller under this Agreement to sell and convey the Premises to Buyer is subject to the following: (a) Seller’s obligation to complete settlement hereunder shall be expressly subject to Seller obtaining approval (herein, “Court Approval”) of the sale of the Premises to Buyer from the Court of Common Pleas of Bucks County under and pursuant to 24 P.S. §7-707. Seller agrees to promptly file the appropriate Petition with the Court of Common Pleas of Bucks County in order to obtain approval for the sale pursuant to 24 P.S. §7-707(3).