Common use of Sales Target Clause in Contracts

Sales Target. 2.2.1 If the Seller does not succeed in securing bankable pre-sales of 90% (ninety percent) of the total number of Units in the Scheme by no later than 1 June 2015 (“the target date”), the Seller shall have the right to cancel this agreement by giving the Purchaser written notice of the Seller’s election to cancel, which notice shall be given within 5 (five) days after the expiry of the target date. For the sake of clarity it is recorded that a bankable pre-sale shall be a sale which is compliant with the requirements of the financial institution granting a development loan to the Seller as contained in the terms and conditions of the grant of such loan. Pre-sale requirements shall include (but not be restricted to):  a fully signed Agreement of Sale;  deposit paid to the Transferring Attorneys; and  payment of the balance of the purchase price fully secured by approval of a mortgage loan and/or cash paid to the Transferring Attorneys. 2.2.2 If the Seller elects to cancel the sale as contemplated in 2.2.1 above, the deposit together with interest earned thereon shall be refunded to the Purchaser and the Purchaser shall have no claim of any nature against the Seller arising from the cancellation of this agreement or the sale contained therein.

Sales Target. 2.2.1 If the Seller does not succeed in securing bankable pre-sales of 90% (ninety percent) 100 units of the total number of Units in the Scheme (144) by no later than 1 June 2015 July 2017 (“the target date”), the Seller shall have the right to cancel this agreement by giving the Purchaser written notice of the Seller’s election to cancel, which notice shall be given within 5 50 (fivefifty) days after the expiry of the target date. For the sake of clarity it is recorded that a bankable pre-sale shall be a sale which is compliant with the requirements of the financial institution granting a development loan to the Seller as contained in the terms and conditions of the grant of such loan. Pre-sale requirements shall include (but not be restricted limited to):  a fully signed Agreement of Sale;  deposit Deposit 1 and Deposit 2 paid to the Transferring Attorneys; and  payment of the balance of the purchase price fully secured by approval of a mortgage loan and/or cash paid to the Transferring Attorneys(if applicable). 2.2.2 If the Seller elects to cancel the sale as contemplated in 2.2.1 above, the deposit Deposits 1 & 2 together with interest earned thereon shall be refunded to the Purchaser and the Purchaser shall have no claim of any nature against the Seller arising from the cancellation of this agreement or Agreement and the sale Sale contained therein.