Common use of Closing Date Extension Clause in Contracts

Closing Date Extension. If as of the Closing Date, (i) the Site ---------------------- Survey Approval is not obtained or (ii) an outstanding appeal has been taken from the Building Code Variance, then either party may elect to extend the Closing Date by written notice to the other party delivered at least two (2) Business Days prior to the Closing Date, for such time as is necessary to obtain the Site Survey Approval or resolve any outstanding appeal taken from the Building Code Variance but in no event shall such extension extend the Closing Date beyond June 30, 1998. Subject to the foregoing, if the Site Survey Approval has not been obtained or any outstanding appeal from the Building Code Variance nor been resolved to the mutual satisfaction of Prudential and REIT OP, by the Closing Date as so extended and both parties do not mutually agree to proceed to close the Transaction, then Prudential shall promptly return the Letter of Credit to REIT OP and upon such return, this Agreement shall terminate and neither party shall have any further rights or obligations hereunder other than any arising under any Section herein which expressly provides that it shall survive the termination of this Agreement.