Common use of Parallel agreements Clause in Contracts

Parallel agreements. (a) Section 2(a) of the Contract is hereby deleted and replaced in its entirety by the following: (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) the Closings for all the Tranche A Contracts has occurred and fully funded prior to the Closing, or (ii) if the Closing of the Tranche A Contracts has not occurred and fully funded prior to the Closing, the Closing of all of the Parallel Agreements occurs simultaneously with the Closing of this Contract; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion.” First Amendment to Purchase and Sale Agreement 1 (b) Seller agrees that if any of the Parallel Agreements are terminated by Purchaser pursuant to the "New Survey" provision of the applicable Parallel Amendment (which is the equivalent of Paragraph 8 of this Amendment), Seller shall notify Purchaser ("Parallel Termination Notice") before 11:00 a.m. CDT on August 24, 2015 (which notice may be given by email without the need for confirming overnight messenger) whether or not Seller is electing to terminate this Contract as a result of the termination by Purchaser of any Parallel Agreement. To the extent Seller fails to timely deliver a Parallel Termination Notice, Seller will be deemed to have terminated this Contract.

Parallel agreements. (a) Section 2(a) of the Contract is hereby deleted and replaced in its entirety by the following: (a) Notwithstanding anything to the contrary contained in this Contract, Purchaser shall have no right to purchase the Property and Seller shall be under no obligation to sell the Property unless the (i) the Closings for all the Tranche A Contracts has occurred and fully funded prior to the Closing, or (ii) if the Closing of the Tranche A Contracts has not occurred and fully funded prior to the Closing, the Closing of all of the Parallel Agreements occurs simultaneously with the Closing of this Contract; it being understood and agreed the foregoing conditions precedent to Closing shall be for the sole benefit of Seller and may be waived or enforced by Seller in its sole and absolute discretion.” " First Amendment to Purchase and Sale Agreement 11 15269186_2 (b) Seller agrees that if any of the Parallel Agreements are terminated by Purchaser pursuant to the "New Survey" provision of the applicable Parallel Amendment (which is the equivalent of Paragraph 8 of this Amendment), Seller shall notify Purchaser ("Parallel Termination Notice") before 11:00 a.m. CDT on August 24, 2015 (which notice may be given by email without the need for confirming overnight messenger) whether or not Seller is electing to terminate this Contract as a result of the termination by Purchaser of any Parallel Agreement. To the extent Seller fails to timely deliver a Parallel Termination Notice, Seller will be deemed to have terminated this Contract.