Common use of Reduction of Purchase Price Clause in Contracts

Reduction of Purchase Price. The Purchase Price (as that term is defined in Section 2.A. of the Purchase Agreement) shall be reduced by Fifty-One Thousand Five Hundred Twenty-Nine and 30/100 Dollars ($51,529.30) per day for each day from December 3, 2011 until the Closing Date, both days inclusive; provided, however, that if the Closing Date does not occur within two (2) business days following the date on which Seller delivers written notice to Buyer that Seller is prepared to effectuate the Closing (such date, the “Seller Closing Notice Date”), and such failure to close is the result of Buyer's default, the foregoing Purchase Price reduction shall only apply for each day from December 3, 2011 until the date that is two (2) business days after the Seller Closing Notice Date, both days inclusive.