Common use of Acceptance by Optionor Clause in Contracts

Acceptance by Optionor. In the event an Optionor accepts an Optionee's Election Notice and agrees to sell the Subject Property to Optionee pursuant to its terms, Optionee shall deposit with such Optionor a nonrefundable good faith deposit equal to five percent (5%) of the purchase price reflected in Optionee's Election Notice within five (5) business days of such Optionor's acceptance of Optionee's Election Notice and the acquisition of the Subject Property shall close within ninety (90) days from the date upon which such Optionor accepts Optionee's Election Notice in writing. The acquisition of the Subject Property or any portion thereof shall be on an "as is" basis with no representations, warranties or indemnities regarding the Subject Property's physical condition, operations, development or management (an "As-Is Basis"). Any failure by Optionee to close on the acquisition of the Subject Property (other than a failure resulting from a breach by such Optionor) following such Optionor's acceptance of Optionee's Election Notice shall automatically and permanently terminate this Agreement as to the Subject Property.

Acceptance by Optionor. In the event an If Optionor accepts an Optionee's ’s ROFO Election Notice and agrees to sell the Subject Property to Optionee pursuant to its terms, Optionee shall deposit with such Optionor a nonrefundable good faith deposit equal to five percent (5%) of the purchase price reflected in Optionee's ’s Election Notice within five (5) business days of such Optionor's ’s acceptance of Optionee's ’s Election Notice and the acquisition of the Subject Property shall close within ninety the lesser of forty-five (9045) days from the date upon which such Optionor accepts Optionee's ’s Election Notice in writing. The acquisition of the Subject Property or any portion thereof shall be on an "as is" basis with no representationspursuant to a purchase and sale agreement comparable to the terms set forth in the Contribution Agreement, including but not limited to the making of all representations and warranties or indemnities regarding the Subject Property's physical condition, operations, development or management (an "As-Is Basis")contained therein. Any failure by Optionee to close on the acquisition of the Subject Property (other than a failure resulting from a breach by such Optionor) following such Optionor's ’s acceptance of Optionee's ’s Election Notice shall automatically and permanently terminate this Agreement as to the Subject Property.