Contract Termination Rights For Excessive Relocation Costs Sample Clauses

Contract Termination Rights For Excessive Relocation Costs. If, on or before thirty (30) days before Closing, Seller informs Purchaser that the amount of the Determined Costs is in excess of $500,000.00 (the “Excess Costs”), Seller shall deliver written notice to Purchaser within ten (10) days after Seller’s determination of the Excess Costs (“Seller’s Notice”) stating whether or not Seller agrees, in its sole and absolute discretion, to pay the Excess Costs. If Xxxxxx’s Notice states that Xxxxxx agrees to pay the Excess Costs, then Seller shall be obligated to continue to perform the Relocation of Transmission Lines Work as provided in the Contract, as amended hereby. However, if Seller’s Notice states that Seller shall not pay the Excess Costs, then Purchaser, at Purchaser’s election, may by delivering written notice to Seller (the “Purchaser Notice”) within ten (10) days after receipt of Seller’s Notice (i) terminate the Contract (the "Excessive Relocation Cost Termination Right"), in which event, provided Purchaser is not in default of its obligations under the Contract, the Deposit, and all interest thereon, shall be promptly returned to Purchaser (and Seller shall deliver written notice to Escrow Agent authorizing Escrow Agent to return the such Deposit no later than two (2) Business Days following receipt of the Purchaser Notice), and all further rights and obligations of the parties under the Contract shall cease and terminate without any further liability of either party to the other (except those obligations which are specifically provided to survive such termination as provided in the Contract), or (ii) proceed to Closing, in which event Seller shall continue to perform the Relocation of Transmission Lines Work as provided in the Contract and the Purchase Price shall be increased by the amount of the Excess Costs. Purchaser’s failure to timely deliver the Purchaser Notice pursuant to the foregoing sentence shall be deemed Purchaser’s election to terminate the Contract pursuant to clause (i) of the foregoing sentence. In determining whether Determined Costs are in excess of $500,000.00 for purposes of the termination right in this Section 2.01(e) and the exercise thereof, any contribution of monies by Commonwealth Edison identified in the Edison Contract, or costs absorbed by Commonwealth Edison pursuant to and identified in the Edison Contract, in connection with Relocation of the Transmission Lines Work, shall reduce the Determined Costs.
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