Common use of Closing Failure Clause in Contracts

Closing Failure. Notwithstanding anything to the contrary set forth herein, in the event that the closing on the acquisition of the Property described in this Agreement does not occur, the Existing Virginia Tech Lease shall not be terminated, and in the event Seller purchases the Premises in accordance with the terms and conditions of the Existing Virginia Tech Lease at a later date, Purchaser covenants and agrees that it shall not apply the first annual escalation stated in Article 2, Section 2.02 of the Existing Virginia Tech Lease (captioned, “Purchase Option”) to the purchase price otherwise applicable to Seller’s purchase of the Premises pursuant to the Existing Virginia Tech Lease. As of the Effective Date the Existing Virginia Tech Lease is hereby and shall be deemed to be so modified by this Agreement. The provisions of this Section 8(f) shall survive termination of this Agreement.