Common use of Purchaser’s Closing Conditions Clause in Contracts

Purchaser’s Closing Conditions. PURCHASER’s obligation to purchase the Property shall be to the satisfaction or written waiver by PURCHASER of the following conditions: (i) SELLER shall have complied with all obligations under this Agreement; (ii) there shall be no restrictions imposed by any applicable governmental authority on the purchase of the Property by PURCHASER; (iii) there shall be no pending or threatened litigation or proceeding against SELLER, PURCHASER or the Property that in any way affects or seeks to restrain or impose conditions on the sale of the Property to PURCHASER or on PURCHASER’s planned development of the Property; (iv) SELLER’s representations and warranties provided in Section 8 are true, correct and complete as if made as of the date of the Closing; (v) there shall be no pending or threatened expropriation proceeding affecting all or any portion of the Property; (vi) the Property shall be free from chemicals, pollutants, contaminants, toxic or hazardous wastes, or any other substances, the use, sale, listing, generation, treatment, storage, transport, disposal, release, removal or other management of which is restricted, prohibited, regulated or penalized by any Environmental Law; (vii) there shall have been no material change to the condition of the Property or the zoning of the Property since the Effective Date; and

Purchaser’s Closing Conditions. PURCHASER’s obligation to purchase the Property shall be to the satisfaction or written waiver by PURCHASER of the following conditions: (i) SELLER shall have complied with all obligations under this Agreement; (ii) there shall be no restrictions imposed by any applicable governmental authority on the purchase of the Property by PURCHASER; (iii) there shall be no pending or threatened litigation or proceeding against SELLER, PURCHASER or the Property that in any way affects or seeks to restrain or impose conditions on the sale of the Property to PURCHASER or on PURCHASER’s planned development of the Property; (iv) SELLER’s representations and warranties provided in Section 8 are true, correct and complete as if made as of the date of the Closing; (v) there shall be no pending or threatened expropriation proceeding affecting all or any portion of the Property; (vi) the Property shall be free from chemicals, pollutants, contaminants, toxic or hazardous wastes, or any other substances, the use, sale, listing, generation, treatment, storage, transport, disposal, release, removal or other management of which is restricted, prohibited, regulated or penalized by any Environmental Law; (vii) there shall have been no material change to the condition of the Property or the zoning of the Property since the Effective Date; andand (viii) with exception of those recorded in the public record as of the Effective Date, SELLER shall not have granted or entered into any servitude, covenant, lease, license, concession, service, management, maintenance, supply or other contract or other agreement affecting the Property. If any one or more of these conditions are not satisfied, then PURCHASER may, at its option, terminate this Agreement, whereupon case the Deposit shall be returned to PURCHASER in full and neither party shall have any further rights or obligations hereunder.