Performance Deadlines. Notwithstanding anything herein to the contrary, in the event the final date for performance by either party to this Contract of any condition or obligation hereunder falls upon a non-business day (i.e., Saturday, Sunday, national holiday or local holiday recognized by banks in the locality of the Property), the final date for performance of such condition or obligation shall be extended automatically and without notice until the next succeeding business day, time being of the essence with respect to the matters set forth in this Contract. The term “Effective Date”, as used herein, shall mean the last date on which this Contract has been fully executed on behalf of Seller and Purchaser as indicated by the dates adjacent to the signatures of the parties set forth below.
Appears in 2 contracts
Sources: Contract for Purchase of Real Property, Contract for the Purchase of Real Property (CNL Growth Properties, Inc.)