Common use of Contingency Period Clause in Contracts

Contingency Period. Purchaser will have until 5:00 p.m., Mountain Time, on the date that is 540 days after the Effective Date (the “Contingency Period”), to obtain (a) approval of annexation and zoning, if applicable, of the Property from the applicable Governmental Authority; (b) all governmental and quasi- governmental approvals and permits necessary for Purchaser’s development in a manner acceptable to Purchaser in its sole discretion, including, without limitation, all governmental and quasi-governmental land use and other approvals and permits required to permit Purchaser to immediately commence construction of a commercial project on the Property following Closing hereunder, including, without limitation, any and all access permits or approvals from the Colorado Department of Transportation and/or any Conditional Letters of Map Amendment or similar matters in connection with any flood plain issues; (c) Purchaser and the appropriate governmental entities or utility companies securing the necessary utilities for the Property; (d) a final subdivision plat in and for the Property (the “Final Plat”); and (e) such other matters concerning the development of the Property in a manner acceptable to Purchaser in its sole discretion (collectively, the “Approvals”) (collectively, the “Entitlements Contingency”). Purchaser’s right hereunder will include, without limitation, the right to enter upon the Property and to have made, at Purchaser’s expense, any plans for the Property as Purchaser may deem necessary or appropriate. Purchaser will indemnify, defend and hold Seller harmless from any expenses, damages and liabilities, including reasonable attorneys’ fees, that Seller may suffer or incur arising out of any claims for property damage, personal injury or claims from materialmen or laborers which arise from Purchaser’s activities under this Section 4.2. The provisions of this Section shall survive the Closing or termination of this Agreement.‌