Common use of Failure of Condition Clause in Contracts

Failure of Condition. Provided that a party is not in default of any material obligation of such party, if any condition to such party’s obligation to proceed with the Closing set forth in this Agreement has not been satisfied as of the Closing Date, then such party may, in its sole discretion, elect, by notice given to the other party on or before the Closing Date, to: (i) terminate this Agreement, in which event the Deposit and all interest earned thereon shall be paid to the party whose condition was not met and no party shall have any further obligation hereunder, except as expressly set forth herein; (ii) extend the time available for the satisfaction of such condition by up to a total of thirty (30) days; or (iii) close, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived such condition. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause (i) or (iii) above. Any failure to timely elect to proceed under clauses (i), (ii) or (iii) above, shall be deemed an election to proceed under clause (ii) above.

Failure of Condition. Provided that So long as a party is not in default of hereunder beyond any material obligation of such partyapplicable notice and cure periods, if any condition to such party’s obligation to proceed with the Closing set forth in this Agreement has not been satisfied as of the Closing DateDate (as it may have been extended by Buyer as provided herein), then such party may, in its sole discretion, elect, (i) terminate this Agreement in whole by delivering written notice given to the other party on or before the Closing Date, to: (i) terminate this Agreement, in which event the Deposit and all interest earned thereon shall be paid to the party whose condition was not met and no party shall have any further obligation hereunder, except as expressly set forth herein; or (ii) extend elect on or before the time available for Closing Date to effect the satisfaction of such condition by up to a total of thirty (30) days; or (iii) closeClosing, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived any such condition. If such party elects Any failure to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after elect on or before the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause Closing Date under clauses (i) or (iii) above. Any failure to timely elect to proceed under clauses (i), (ii) or (iii) above, shall be deemed an election to proceed under clause (iii) above. If this Agreement is terminated due to a failure of a condition, which failure was not the result of a default by Buyer hereunder, the ▇▇▇▇▇▇▇ Money shall be returned to Buyer.

Failure of Condition. Provided that So long as a party is not in default of hereunder beyond any material obligation of such partyapplicable notice and cure periods, if any condition to such party’s obligation to proceed with the Closing set forth in this Agreement has not been satisfied as of the Closing DateDate (as it may have been extended by Buyers as provided herein), then such party may, in its sole discretion, elect, (i) terminate this Agreement in whole by delivering written notice given to the other party on or before the Closing Date, to: (i) terminate this Agreement, in which event the Deposit and all interest earned thereon shall be paid to the party whose condition was not met and no party shall have any further obligation hereunder, except as expressly set forth herein; or (ii) extend elect on or before the time available for Closing Date to effect the satisfaction of such condition by up to a total of thirty (30) days; or (iii) closeClosing, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived any such condition. If such party elects Any failure to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after elect on or before the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause Closing Date under clauses (i) or (iii) above. Any failure to timely elect to proceed under clauses (i), (ii) or (iii) above, shall be deemed an election to proceed under clause (iii) above. If this Agreement is terminated due to a failure of a condition, which failure was not the result of a default by the particular Buyer hereunder, the E▇▇▇▇▇▇ Money shall be returned to said Buyer.

Failure of Condition. Provided that So long as a party is not in default of any material obligation of such partyhereunder, if any condition to such party’s obligation to proceed with the Closing set forth in this Agreement has not been satisfied as of the Closing Date, then such party may, in its sole discretion, elect(i) terminate this Agreement with respect to the Property, by delivering written notice given to the other party on or before the Closing Date, to: (i) terminate this Agreement, in which event the Deposit and all interest earned thereon shall be paid to the party whose condition was not met and no party shall have any further obligation hereunder, except as expressly set forth herein; (ii) elect to extend the time available for the satisfaction of such condition by up to a total of thirty ten (3010) days; business days or (iii) elect on or before the Closing Date to close, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived any such condition. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause (i) or (iii) above. Any failure to timely elect to proceed under clauses (i), (ii) or (iii) above, shall be deemed an election to proceed under clause (iii) above.

Failure of Condition. Provided that So long as a party is not in default in the performance of any material obligation of such partyhereunder, if any condition to such party’s 's obligation to proceed with the perform obligations at Closing set forth in this Agreement has not been satisfied as of the Closing Date, then such party may, in its sole discretion, elect(i) terminate this Agreement, by delivering written notice given to the other party parties on or before the Closing Date, to: (i) terminate this Agreement, in which event the Deposit and all interest earned thereon shall be paid to the party whose condition was not met and no party shall have any further obligation hereunder, except as expressly set forth herein; (ii) elect to extend the time available for the satisfaction of such condition by up to a total of thirty (30) days; 10 business days or (iii) elect on or before the Closing Date to close, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived any such condition. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause (i) or (iii) above. Any failure to timely elect to proceed under clauses (i), (ii) or (iii) above, shall be deemed an election to proceed under clause (iii) above. In the event of a termination pursuant to this section, the Deposit shall be returned to OTR.

Failure of Condition. Provided that a party is not in default of any material obligation of such party, if any condition to such party’s obligation to proceed with the Closing set forth in this Agreement has not been satisfied as of the Closing Date, then such party may, in its sole discretion, elect, by notice given to the other party on or before the Closing Date, to: (i) terminate this Agreement, in which event the Deposit and all interest earned thereon shall be paid to the party whose condition was not met and no party shall have any further obligation hereunder, except as expressly set forth herein; (ii) extend the time available for the satisfaction of such condition by up to a total of thirty (30) days; or (iiiii) close, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived such condition. If such party elects to proceed pursuant to clause (iii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause (i) terminate this Agreement or (iii) above. Any failure proceed pursuant to timely elect to proceed under clauses (i), (ii) or (iii) above, shall be deemed an election to proceed under clause (ii) above.