Common use of CONDITIONS PRECEDENT FOR CLOSING Clause in Contracts

CONDITIONS PRECEDENT FOR CLOSING. The obligation of the BUYER to pay the SELLER the purchase price under Section 2 and to execute the Deed of Absolute Sale covering the sale and transfer to the BUYER of the factory building and all rights, title and interest of the SELLER in and to the same is subject to the fulfilment of all the following conditions precedent: (a) Execution of the Deed of Absolute Sale over the Land Parcels by the owner in favor of the BUYER. (b) All the representations and warranties of the SELLER shall be true and in effect as of the date of the Deed of Absolute Sale. (c) The SELLER shall have submitted to the BUYER the following documents on or before the date of the Deed of Absolute Sale: (i) clearance from the Provincial Treasurer’s Office that all real property taxes and assessments due on the factory building have been paid as of the date of the Deed of Absolute Sale; and (ii) Declaration of Real Property in the original and in the name of the SELLER corresponding to the factory building. Upon the fulfilment of the foregoing conditions precedent, the closing of the transaction covered hereby shall take place, and the Deed of Absolute Sale shall be executed by the parties hereto, on the third working day from the date all the foregoing conditions have been fulfilled. The closing date may, however, be extended upon the mutual agreement of the parties.

CONDITIONS PRECEDENT FOR CLOSING. The obligation of the BUYER to pay the SELLER the purchase price under Section 2 and to execute the Deed of Absolute Sale covering the sale and transfer to the BUYER of the factory building Land Parcels and all rights, title and interest of the SELLER in and to the same is subject to the fulfilment of all the following conditions precedent: (a) Execution of the Deed of Absolute Sale over the Land Parcels by the owner in favor of the BUYER. (b) All the representations and warranties of the SELLER shall be true and in effect as of the date of the Deed of Absolute Sale. (cb) The SELLER shall have submitted to the BUYER the following documents on or before the date of the Deed of Absolute Sale: (i) Transfer Certificate of Title (in the original) corresponding to the Land Parcels in the name of the SELLER; (ii) clearance from the Provincial Treasurer’s Office that all real property taxes and assessments due on the factory building Land Parcels have been paid as of the date of the Deed of Absolute Sale; and (iiiii) Declaration of Real Property in the original and in the name of the SELLER corresponding to the factory buildingLand Parcels. Upon the fulfilment of the foregoing conditions precedent, the closing of the transaction covered hereby shall take place, and the Deed of Absolute Sale shall be executed by the parties hereto, on the third working day from the date all the foregoing conditions have been fulfilled. The closing date may, however, be extended upon the mutual agreement of the parties.