Common use of RESOLUTIVE CONDITION Clause in Contracts

RESOLUTIVE CONDITION. 22.1 The Purchaser acknowledges that the economic viability of the development of the Scheme depends largely on the response by the purchasing public to the advertising campaign launched by the Seller and/or the Agent in respect of the development. In the event that the Seller is of the opinion that the development will not be financially viable or if the Seller has not managed to successfully sell a sufficient number of units in the Scheme, the Seller may give notice of the termination of this Agreement, in which event this Agreement shall immediately terminate and be null and void, save for the Seller’s obligation to refund to the Purchaser the Reservation Deposit as contemplated below. For clarity purposes, this obligation of the Seller to refund the Reservation Deposit shall survive the termination of this Agreement. 22.2 With reference to clause 22.1 above, the notice to the Purchaser will be given by the Transferring Attorney by way of email and the Seller shall immediately ensure that the Reservation Deposit is refunded to the Purchaser.