Approval Period. During the period commencing on the Effective Date and expiring at 5:00 p.m. Central Time on the fortieth (40th) day following the Due Diligence Receipt Date (the “Approval Period”), the following matters shall be conditions precedent to Purchaser’s obligations under this Agreement:
Approval Period. If the mortgage loan is not approved within days (30 days if left blank) 98 after date of acceptance of this Agreement, including XXXXX’s and XXXXX’s lender’s receipt of an appraisal, 99 without contingencies other than lender-required repairs/replacements/treatments, marketable title and survey 100 map, hereinafter called the Loan Approval Period, BUYER may terminate this Agreement by written 101 notice to the Seller within the Loan Approval Period, or be deemed to have waived the financing 102 contingency period. If BUYER has so terminated, upon written request of the SELLER, BUYER shall provide 103 to SELLER written evidence from XXXXX’s lender of BUYER’s failure to secure loan approval due to no fault 104 of the BUYER. If BUYER does not terminate this Agreement prior to the end of the Loan Approval Period, 105 neither BUYER nor SELLER shall have a right to terminate this Agreement under this paragraph, the binder 106 deposit shall not be refundable because of BUYER’s failure to obtain financing, and this Agreement shall 107 continue through the date of closing. If Buyer has not terminated this Agreement within the Loan Approval 108 Period due to failure to obtain Loan Approval, and should the appraisal/valuation contemplated under this 109 paragraph 2 fail to equal or exceed the Purchase Price, and should Buyer not terminate this Agreement within 110 the Loan Approval Period due to the appraised value failing to equal or exceed the Purchase Price, Buyer shall 111 be deemed to have elected to proceed with consummation of this Agreement without regard to the amount of 112 the appraised valuation. 113 3. MAINTENANCE, INSPECTION AND REPAIR: SELLER will maintain the Property in its present condition until 114 closing, except for normal wear and tear and any agreed upon repairs/replacements/treatments. If BUYER 115 elects not to have inspections and investigations performed, or fails to make a timely request for 116 repairs/replacements/treatments as set forth in this paragraph 3, BUYER accepts the Property in its “AS IS” 117 condition as of the date of acceptance of this Agreement. BUYER will be responsible for repair of all damages 118 to the Property resulting from inspections and investigations, and BUYER will return the Property to its pre- 119 inspection condition. These obligations shall survive termination of this Agreement. 120 (A) Access and Utilities: SELLER will make the Property available for inspections and investigations 121 during the time pr...
Approval Period. This development Contract shall be executed by the Developer within one hundred eighty (180) days from the date of approval of this Contract by the Board of Mayor and Aldermen. Failure to execute this Contract within the said one hundred eighty (180) days will result in the approval of the Board of Mayor and Aldermen being automatically withdrawn.
Approval Period. Purchaser shall obtain all necessary or required Subdivision Approvals for the Property and all permits from governmental authorities having jurisdiction, including, but not limited to, all planning and zoning permits, variances and other regulatory approvals for Purchaser’s development and use of the Property (the “Approvals”), during the Approval Period. The “Approval Period” shall consist of the Initial Approval Period and, if applicable, the Extended Approval Period (each as defined herein). The “Initial Approval Period” shall be the period commencing on the first day after the expiration of the Inspection Period, and ending on the date that is five hundred and forty (540) days after the expiration of the Inspection Period. In pursuing the Approvals, in no event shall Purchaser cause (by requesting a parking variance or otherwise) the number of parking spaces on the HD Property to be less than the sum of (A) the minimum number of parking spaces on the HD Property under applicable governmental rules, regulations and ordinances (without variance), plus (B) twenty-five (25) parking spaces. Notwithstanding the foregoing, prior to making any submittals to any governmental authorities, Purchaser shall deliver to Seller a copy of the proposed submittal and any other documents required by Seller for Seller’s review and prior written approval, as more particularly provided in Section 8 below. Purchaser shall pursue the Approvals in good faith and with all due diligence. To that end, subject to the provisions of Section 8 below, Purchaser shall make all necessary applications and submittals to all applicable governmental authorities in sufficient time to obtain all Approvals within the Initial Approval Period. At the expiration of the Initial Approval Period, regardless of any extensions that may be exercised or granted hereunder, the Deposits shall be nonrefundable to Purchaser, except upon a termination of this Agreement due to a default by Seller or as otherwise specifically provided herein. In the event Purchaser has made diligent efforts but is unable to obtain the Approvals prior to the end of the Initial Approval Period, Purchaser shall have the right, at Purchaser’s election, to extend the Initial Approval Period (the “Extended Approval Period”) for three (3) successive periods of thirty (30) days each (each, an “Extension Option”). If Purchaser elects to exercise an Extension Option as provided herein, Purchaser shall notify Seller of such election in w...
Approval Period. Commencing on the day immediately following the date of expiration of the Inspection Period and ending on the date that is eighteen (18) months thereafter, Tenant shall seek to obtain (i) all site plan approvals, development and building permits, variances, subdivisions, re-zonings and any other municipal and private approvals deemed by Tenant to be necessary or appropriate for Tenant to develop and operate the Premises for Tenant's Intended Use, including, without limitation, the vacation of all alleyways and the inclusion of the entirety of said vacated alleyways in the Premises (collectively, the "Development Approvals"), (collectively, the "Development Approvals"), (ii) execution by Tenant and North Miami Community Redevelopment Agency ("NMCRA") of a grant or funding agreement on terms satisfactory to Tenant in its sole discretion pursuant to which NMCRA shall irrevocably committed to grant Tenant an amount not less than $15,000,000 in connection with the development of the Project pursuant to NMCRA’s Tax Increment Recapture and Infrastructure Grant Program (the “Grant Approval”), and (iii) commitments for construction loan and permanent debt and equity financing for like projects in Miami-Dade County, FL. Tenant shall diligently pursue said Approvals. Tenant obtaining all of the Approvals is a condition precedent to Tenant's obligations under this Lease. Landlord acknowledges that as fee owner of the Premises, it may be required to consent to, join in or otherwise submit applications for Development Approvals in its name, and as such, Xxxxxxxx agrees to execute, join in or consent to all such applications for Development Approvals promptly upon Xxxxxx’s request for same provided same is at no cost or expense to Landlord. Tenant shall have the right to extend the Approval Period for up to three (3) consecutive periods of thirty (30) days each by sending written notice to Landlord at any time prior to the last day of the then current Approval Period, provided same is at no cost or expense to Landlord. If Tenant is unable to obtain all of the Approvals, in form and in substance acceptable to Tenant, prior to the end of the Approval Period (as it may have been extended pursuant to this Section 2), then Tenant may terminate this Lease by delivering written notice of such termination to Landlord by 5:00x.x.XX on the last day of the Approval Period (as it may have been extended pursuant to this Section 2), in which event, except for any liens or encumbrances...
Approval Period. (a) During the Approval Period, Borrower may request the approval of a Project for funding from the proceeds of the Loan by complying with the terms and conditions of Section 3.1.
Approval Period. The Approval Period is hereby extended from June 18, 1997 to June 23, 1997. Accordingly, the date "June 18, 1997" contained in Section 17 is hereby deleted, and the date "June 23, 1997" is hereby substituted therefor.
Approval Period. Subject to the provisions of Section 4.2, the period commencing on the Effective Date and ending sixty (60) days after the Effective Date.
Approval Period. Once pulled, the Approval Period is 48 hours prior to the commencement of the Rental Agreement.
Approval Period. Within five (5) business days after the application window closes, Management will advise each applicant if: a) Their application is approved or disapproved and the reason(s); or b) Their application will be held in abeyance, upon the determination of other eligible employees applying for the buyout and the approval of a buyout.
