Common use of Subdivision Approval Clause in Contracts

Subdivision Approval. The Seller shall have obtained final subdivision approval from the Falmouth Planning Board, beyond all appeal periods, to establish a 6-lot residential subdivision on the Seller’s Retained Land (“Subdivision Approval”). In the event that the Seller, despite reasonable best efforts, is unable to obtain Subdivision Approval within one (1) year of the Effective Date of this Agreement, unless the parties agree otherwise, either party may terminate this Agreement by written notice thereof to the other party and upon such termination the Deposit shall be promptly returned to Buyer and the parties shall be relieved of all further obligations under this Agreement except for such obligations as by their terms survive termination of this Agreement.

Subdivision Approval. The Seller shall have obtained final subdivision approval from the Falmouth Planning BoardBoard reasonably satisfactory to Seller, beyond all appeal periods, to establish a 6-lot residential subdivision on the Seller’s Retained Land (“Subdivision Approval”). In the event that the Seller, despite reasonable best efforts, is unable fails for any reason to obtain Subdivision Approval within one (1) year of the Effective Date of this Agreement, unless the parties agree otherwise, either party may terminate this Agreement by written notice thereof to the other party and upon such termination the Deposit shall be promptly returned to Buyer and the parties shall be relieved of all further obligations under this Agreement except for such obligations as by their terms survive termination of this Agreement.