Time Frames. Should a time period for performing any contractual obligation expire, the party or parties asserting the waiver or forfeiture of a right or rights due to that expiration of the time period shall notify the other party of the expiration and of the right or rights which, but for this paragraph, would be waived or forfeited as a result of that expiration. The party receiving that notice shall have three (3) business days to respond and to comply with the relevant provision of the contract. If the obligation has not been fully complied with within those three days, the waiver or forfeiture provision shall be take effect. Regarding the closing of title date, either party may serve a “time of the essence” letter on the other party through their attorney providing a date certain on which closing must occur or the delaying party shall be in breach of contract. Ten (10) calendar days shall be considered ‘reasonable time’.
Appears in 5 contracts
Sources: Contract for Sale of Real Estate, Contract for Sale of Real Estate, Sale Agreement