Common use of Subsequent Closing Dates Clause in Contracts

Subsequent Closing Dates. Ninety (90) days after the Section 4 Initial Closing Date, Buyer shall purchase the remaining 72 Section 4 Lots (the “Section 4 Second Closing Date). Any Lots purchased by B▇▇▇▇ in excess of the minimum number of Lots at the initial Closing will count as a credit toward B▇▇▇▇’s next and subsequent Section 4 Lot purchase obligation. As used herein, “Closing” means the act of conveying title to one or more of the Lots to Buyer concurrently with the delivery of the Purchase Price for such Lots to Seller. Each Closing shall be held at the office of the Title Company, unless otherwise designated by Seller and Buyer.