Contingency Removal Sample Clauses
The Contingency Removal clause defines the process by which parties formally eliminate specific conditions or contingencies from a contract, making the agreement more binding. Typically, this involves one or both parties providing written notice that a particular contingency—such as financing approval, property inspection, or regulatory consent—has been satisfied or waived. By removing contingencies, the parties signal their commitment to proceed with the transaction, reducing uncertainty and clarifying that the deal is moving forward without those prior conditions.
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Contingency Removal. Buyer shall have the right to terminate this Agreement, in Buyer’s sole and absolute discretion and receive immediate return of the Deposit, by giving written notice to Seller with a copy to Escrow Agent, at any time prior to the end of the Inspection Period, stating Buyer desires to terminate the Agreement. In addition, this Agreement shall terminate automatically, without need of any notice from Buyer, unless, prior to the end of the Inspection Period, Buyer gives written notice (the “Election Not to Terminate”) to Seller stating the Inspection Condition has been satisfied or is waived and Buyer has elected not to allow this Agreement to be terminated as otherwise provided for in this Section 5.4. If Buyer does not deliver an Election Not to Terminate to Seller by the end of the Inspection Period, then this Agreement shall terminate without requirement of notice from either Party, Buyer shall have no further right, title or interest in or to the Property, and the Deposit shall be returned to Buyer. Seller and Buyer shall execute such cancellation instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any escrow cancellation, title cancellation or other cancellation costs in connection therewith shall be borne equally by Seller and Buyer. Except with respect to the Disapproved Matters (as defined below), an Election Not to Terminate, if given, must state unequivocally and without qualification that the Inspection Condition is satisfied or waived. Except with respect to the Disapproved Matters, a conditional, qualified or equivocal notice, or a notice purporting to state conditions or terms on which Buyer may or may not waive the Inspection Condition shall not constitute an Election Not to Terminate for purposes of this Section 5.4. Seller and Buyer hereby acknowledge and agree that, concurrently with the execution and delivery of this Agreement by Seller and Buyer, Buyer is also delivering to Seller Buyer’s Election Not to Terminate pursuant to this Section 5.4. Notwithstanding the provisions of the last two sentences of the immediately preceding paragraph of this Section 5.4, Buyer has advised Seller in writing that there are certain matters concerning the Property and Buyer’s review thereof that are disapproved by Buyer (collectively, the “Disapproved Matters”), all of which are identified on Exhibit “K” attached hereto. Seller hereby covenants and agrees to take, on or before the date of Closi...
Contingency Removal. With exception of the Buyer obtaining an SBA loan commitment from the SBA and the property appraising for the $2,215,000.00 purchase price, Buyer will remove all other Buyer contingencies within fifteen (15) days from full execution of the purchase agreement (Friday, November 6, 2000). Buyer shall have thirty (30) days from full execution of the purchase agreement to remove the SBA loan commitment and property appraisal contingencies. (November 21, 2000)
Contingency Removal. Buyer may remove any contingency placed by it and reflected herein at any time, prior to closing, by notifying seller's agent thereof in writing:
Contingency Removal. Buyer shall in writing remove or waive the contingencies at the end of the Contingency Period.