CLOSING CONTINGENT UPON PLAN BEING DECLARED EFFECTIVE Sample Clauses

CLOSING CONTINGENT UPON PLAN BEING DECLARED EFFECTIVE. 17.1 The respective obligations of Purchaser and Sponsor hereunder are contingent upon the Plan being declared effective. The Plan shall not be declared effective except in accordance with the prerequisites set forth in the Plan, as same may be amended from time to time. Purchaser understands and agrees that Sponsor shall have the right to abandon the Plan at any time prior to its being declared effective or thereafter in certain limited cases set forth in the Plan (see the Section in the Plan entitled “Effective Date” for full details). Purchasers shall be required to cooperate with the NYS Department of Law, Real Estate Financing Bureau’s procedures relating to the Plan being declared effective. The Plan will be abandoned or deemed abandoned if it has not been declared effective within the time limits prescribed in the Plan. Sponsor shall notify Purchaser, in writing or by a duly filed amendment to the Plan, when the Plan becomes effective or is abandoned.
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