Common use of Subsequent Closing Dates Clause in Contracts

Subsequent Closing Dates. B▇▇▇▇ agrees to purchase at least 35 of the Section 2 Lots within fifteen (15) days after the Completion Date for all Section 2 Lots (the “Second Closing Date”). Ninety (90) days after the Second Closing Date, Buyer shall purchase at least 35 additional Section 2 Lots (the “Third Closing Date”), and one hundred eighty (180) days after the Second Closing Date Buyer agrees to purchase the remaining approximately 40 Section 2 Lots (the “Fourth Closing Date”). Any Lots purchased by Buyer in excess of the minimum number of Lots at a Closing will count as a credit toward B▇▇▇▇’s next and subsequent minimum Lot purchase obligation(s). 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.