Common use of Construction Contract Contingency Clause in Contracts

Construction Contract Contingency. Seller has set the Purchase Price for the Unit and the purchase price for other residential Units within the Project based upon an estimated construction budget for the Project and the Resort. Seller's ability to proceed with the Project and the Resort is dependent upon Seller entering into a construction contract for construction of the Project and the Resort (a "Construction Contract") in an amount and upon other terms acceptable to Seller, in its sole and absolute discretion. If Seller has not entered into a Construction Contract prior to May 1, 2022, Seller may terminate this Agreement or waive this Contingency by delivering written notice to Purchaser at any time, but in no event later than May 15, 2022.

Construction Contract Contingency. Seller has set the Purchase Price for the Unit and the purchase price for other residential Units within the Project based upon an estimated construction budget for the Project and the Resort. Seller's ability to proceed with the Project and the Resort is dependent upon Seller entering into a construction contract for construction of the Project and the Resort (a "Construction Contract") in an amount and upon other terms acceptable to Seller, in its sole and absolute discretion. If Seller has not entered into a Construction Contract prior to May November 1, 20222021, Seller may terminate this Agreement or waive this Contingency by delivering written notice to Purchaser at any time, but in no event later than May November 15, 20222021.