Developer’s Contingencies. The Developer’s obligation to close on the purchase of the Development Property is expressly conditioned upon each of the following contingencies being satisfied or waived: (a) obligations required to be performed by EDA under this Agreement as of the Option Closing Date, including but not limited to, delivery of all of the EDA’s Documents described in Section 4.4(2) hereof; and (b) the Developer shall have received all necessary rezoning, variances, conditional use permits and other permits, site plan and other approvals needed to permit the construction of the Project; and (c) the Developer shall have completed such environmental investigation (including soil conditions) with respect to the Development Property as it deems prudent and shall be satisfied with the results thereof; and (d) the Developer shall have obtained financing acceptable to the Developer for development of the Project; and (e) on the Option Closing Date, the Developer’s Title Company shall be irrevocably committed to issue to Developer an owner’s policy of title insurance with respect to the Development Property in form and substance approved by Developer.
Appears in 2 contracts
Sources: Purchase and Development Agreement, Purchase and Development Agreement