Common use of Performance Deadlines Clause in Contracts

Performance Deadlines. Notwithstanding anything herein to the contrary, in event the final date of performance by either party to this Agreement 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 Agreement. Unless otherwise specified herein, all references to “day” or “days” will mean a calendar day or calendar days and all references to “year” or “years” will mean a 365 day year. For purposes of this Agreement, the term “Business Day” means any day of the year, excluding Saturday, Sunday or any national holiday or local holiday recognized by banks in the locality of the Property).