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) Buyer’s City Council approving this Contract on or before Closing. (b) Funds for the payment of the Purchase Price having been duly appropriated by Buyer's City Council in accordance with law and an unencumbered balance thereof existing which is 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 ▇▇▇▇▇'s sole and absolute discretion. 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 (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) Buyer’s City Council of Seller, as its governing body, approving this Contract on or before Closing. (b) Funds for the payment of the Purchase Price having been duly appropriated by Buyer's City Council in accordance with law and an unencumbered balance thereof existing which is sufficient for payment of the Purchase Price stated above. (c) The results of inspection and Testing testing do not indicate any conditions which are deemed unacceptable to Buyer, in ▇▇▇▇▇'s sole and absolute discretion. In addition, ▇▇▇▇▇’s obligation to close on the sale of the Property hereunder shall be conditioned upon the simultaneous closing of the purchase and sale of real property pursuant to that certain Contract to Buy and Sell Real Estate for the ▇▇▇▇▇▇ Parkway Property, 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 (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 party will be released from all obligations under this Contract.