Exercise of Termination Right. If, on or before the Inspection Date, Buyer gives Seller written notice that ▇▇▇▇▇ has elected to terminate this Agreement pursuant to this Section 7.3, then this Agreement shall terminate solely with respect to the Property identified in Buyer’s termination notice with such termination to be effective as of the date such notice is given to Seller, in which event the applicable portion of the Deposit allocated to such terminated Property, less the Independent Consideration, shall be returned to Buyer, and the parties shall have no further rights or obligations hereunder with respect to such terminated Property, except for those which expressly survive any such termination.
Appears in 3 contracts
Sources: Purchase and Sale Agreement (Bogota Financial Corp.), Purchase and Sale Agreement (BayFirst Financial Corp.), Purchase and Sale Agreement (MVB Financial Corp)
Exercise of Termination Right. If, on or before the Inspection Date, Buyer gives Seller written notice that ▇B▇▇▇▇ has elected to terminate this Agreement pursuant to this Section 7.37.3 with respect to any or all of the Properties (such notice being referred to herein as the “Termination Notice”), then this Agreement shall terminate solely with respect to the Property Properties identified in Buyer’s termination notice with such termination to be effective as of the date such notice is given to Seller, in which event the applicable portion of the Deposit allocated to such terminated PropertyProperties, less the Independent Consideration, shall be returned to Buyer, and the parties shall have no further rights or obligations hereunder with respect to such terminated PropertyProperties, except for those which expressly survive any such termination.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Plumas Bancorp), Purchase and Sale Agreement (Plumas Bancorp)
Exercise of Termination Right. If, on or before the Inspection Date, Buyer gives Seller written notice that ▇▇▇▇▇ has elected to terminate this Agreement pursuant to this Section 7.3, then this Agreement shall terminate solely with respect to the Property Properties identified in Buyer’s termination notice with such termination to be effective as of the date such notice is given to Seller, in which event the applicable portion of the Deposit allocated to such terminated PropertyProperties, less the Independent Consideration, shall be returned to Buyer, and the parties shall have no further rights or obligations hereunder with respect to such terminated PropertyProperties, except for those which expressly survive any such termination.
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