Common use of CLOSING/POSSESSION Clause in Contracts

CLOSING/POSSESSION. (a) The donation of the Equipment shall close ("Close" or "Closing") on a date or dates agreed upon by Donor and Donee promptly after Donor notifies Donee that the conditions set forth in subsection 2(b) and, if applicable, subsection 2(c) are satisfied with respect to all of the Equipment, and the Donor is able to deliver such units to Donee. Donor and ▇▇▇▇▇ acknowledge a shared intention to complete the donation and delivery of the Equipment not later than February 28, 2023. However, Donor and ▇▇▇▇▇ acknowledge the timing of completion of repairs of the units for delivery to Donee, in addition to other priorities of Donor, may result in a delay in the Closing. (b) Immediately upon Closing, Donor shall deliver the Equipment to Donee by moving such Equipment to the location identified by the Donee. Donee shall have no obligation to reimburse the transportation costs incurred by Donor in moving the Equipment. (c) Possession of the Equipment shall pass to Donee upon delivery of the Equipment. Donee shall have no right to possession or occupancy of or entry upon any portion of the property where the Equipment is currently located other than as provided in Section 2 above. Title to the Equipment shall remain vested in Donor until Closing. (d) The Closing shall be held virtually at the convenience of the parties. (e) At the Closing, Donor shall deliver to Donee the executed Quitclaim Bill of Sale referred to in Section 4 for the units of the Equipment, and Donee shall deliver to Donor an executed counterpart of the Quitclaim Bill of Sale and any documents required by ▇▇▇▇▇ as set forth in Section 8 below. (f) At Closing, Donee shall pay to Donor any costs required to be reimbursed or paid to Donor by Donee under subsection 2(b) above.

CLOSING/POSSESSION. (a) The donation purchase and sale of the Equipment Unit shall close be consummated at a closing ("Close" or "“Closing"”) on a date or dates agreed upon by Donor and Donee promptly after Donor notifies Donee that to be held at the conditions set forth in subsection 2(b) and, if applicable, subsection 2(c) are satisfied with respect to all offices of the EquipmentTitle Company in Jackson, Wyoming. The Closing shall take place within 20 business days following the last to occur of (i) the receipt of a Certificate of Occupancy for the Unit issued by the Town of Jackson, Wyoming; (ii) the recordation of the Plat and Declaration in the Office of the Teton County, Wyoming Clerk, and (iii) written verification from the Donor Housing Department that Buyer is a “Local Business” and able purchase the Unit (the date upon which Closing occurs is referred to deliver herein as the “Closing Date”). It is anticipated that construction of the Unit will be substantially completed (meaning Seller has obtained a certificate of occupancy for the Unit) by March 31, 2021 (“Estimated Completion Date”). If Seller has not obtained a certificate of occupancy for the Unit within 90 days after the Estimated Completion Date (such units date to Donee. Donor be extended day for day, for any delays caused by Buyer or Buyer’s agent), then as Buyer’s sole remedy, Buyer may terminate this Contract by giving written notice of termination to Seller and Seller shall, upon receipt of this notice of termination, instruct the Title Company to return the ▇▇▇▇▇▇▇ acknowledge a shared intention Money to complete Buyer and the donation and delivery of parties shall have no other rights or obligations hereunder. At Closing, the Equipment not later than February 28, 2023. However, Donor and ▇▇▇▇▇▇▇ acknowledge Money shall be transferred to Seller (and applied as a credit to the timing of completion of repairs Purchase Price) and Buyer shall pay the Seller the unpaid balance of the units Purchase Price, and Seller shall deliver ‘good and marketable title’ meaning such title that is insurable by a Wyoming licensed titled insurance company under a A.L.T.A. Standard Owner’s title insurance policy, which may be subject to the following: (1) Final Permitted Exceptions; (2) pro-rated taxes and assessments for delivery to Doneethe year of Closing; and (3) a general Warranty Deed. Seller shall then, in addition to other priorities upon consummation of Donor, may result in a delay in the Closing. (b) Immediately upon Closing, Donor shall deliver the Equipment to Donee by moving such Equipment to the location identified by the Donee. Donee shall have no obligation to reimburse the transportation costs incurred by Donor in moving the Equipment. (c) Possession possession of the Equipment Unit to Buyer. Closing shall pass also refer to Donee upon delivery both the recordation of the Equipment. Donee shall have no right to possession or occupancy Warranty Deed and disbursing of or entry upon any portion of the property where the Equipment is currently located other than as provided in Section 2 above. Title to the Equipment shall remain vested in Donor until Closingfunds. (d) The Closing shall be held virtually at the convenience of the parties. (e) At the Closing, Donor shall deliver to Donee the executed Quitclaim Bill of Sale referred to in Section 4 for the units of the Equipment, and Donee shall deliver to Donor an executed counterpart of the Quitclaim Bill of Sale and any documents required by ▇▇▇▇▇ as set forth in Section 8 below. (f) At Closing, Donee shall pay to Donor any costs required to be reimbursed or paid to Donor by Donee under subsection 2(b) above.