Common use of Additional Conditions Precedent to Closing Clause in Contracts

Additional Conditions Precedent to Closing. The sale and purchase contemplated by this Contract is contingent upon occurrence of all the following prior to Closing Date (collectively, the “Conditions Precedent to Closing”): (a) City Council of Buyer, as its governing body, approving this Contract on or before Closing. (b) Funds for the payment of the Purchase Price being duly appropriated by Buyer's governing body in accordance with law and a sufficient unencumbered balance thereof being duly appropriated for payment of the Purchase Price stated above. (c) The results of inspection and testing do not indicate any conditions which are deemed unacceptable to Buyer, in Buyer's sole and absolute discretion. (d) The Parties entering into a Lease Agreement, acceptable to both Parties, which shall take effect on the Closing Date and shall specify the terms and conditions under which Seller shall be allowed to remain in possession of portions of the Property, for a specified interval, following Closing. In the event any of the Conditions Precedent to Closing are not satisfied on or before five (5) days before the Closing Date, Buyer may by notice given to Seller not less than least five (5) days prior to Closing Date that Buyer will (i) waive any or all of the above conditions in writing delivered to Seller and close the sale and purchase of the Property, or (ii) elect to terminate this Contract, in which event each party will be released from all obligations under this Contract.

Additional Conditions Precedent to Closing. The sale and purchase contemplated by this Contract is contingent upon occurrence of all of the following prior to Closing Date (collectively, the “Conditions Precedent to Closing”): (a) City Council of Buyer, as its governing body, approving this Contract on or before Closing. (b) Funds for the payment of the Purchase Price being have been duly appropriated by Buyer▇▇▇▇▇'s governing body in accordance with law and a sufficient unencumbered balance thereof being duly appropriated exists sufficient for payment of the Purchase Price stated above. (c) The results of inspection and testing do not indicate any conditions which are deemed unacceptable to Buyer, in Buyer▇▇▇▇▇'s sole and absolute discretion. (d) The Parties entering into a Lease Agreement. In addition, acceptable ▇▇▇▇▇▇’s obligation to both Parties, which shall take effect close on the Closing Date and shall specify sale of the terms and conditions under which Seller Property hereunder shall be allowed to remain in possession of portions conditioned upon the simultaneous closing of the Property, purchase and sale of the Facility pursuant to that certain Contract to Buy and Sell Real Estate for a specified interval, following Closingthe Facility dated of even date herewith. In the event any of the Conditions Precedent to Closing are not satisfied on or before five (5) days before the Closing Date, Buyer may by notice given to Seller not less than least five (5) days prior to Closing Date that Buyer will (i) waive any or all of the above conditions in writing delivered to Seller and close the sale and purchase of the Property, or (ii) elect to terminate this Contract, in which event each party will be released from all obligations under this Contract.