Common use of Closing Date Extension Clause in Contracts

Closing Date Extension. Notwithstanding any provision of this Agreement to the contrary except subsection 18.d, in the event that Purchaser is prepared to close this transaction pursuant to the terms of this Agreement, and if Seller has not fully performed its obligations hereunder and deposited all documents with Title Company necessary for Closing to timely occur, then Purchaser, in its sole and absolute discretion, and in addition to all other rights and remedies it may have, may, from time to time, notify Seller that Purchaser extends the Closing Date to such date or dates as Purchaser may elect to provide Seller with the additional time necessary for Seller to fully perform its obligations hereunder, and Purchaser may defer deposit of the balance of the Purchase Price pending Seller’s performance, provided, however, that the Closing Date shall not be extended more than thirty (30) days under this subsection. Seller’s failure to fully perform by such extended Closing Date(s) without legal excuse shall constitute a default by Seller under this Agreement.