Common use of Disapproval Notice Clause in Contracts

Disapproval Notice. Unless Buyer provides Seller with a written notice of its approval of the Property (“Approval Notice”) prior to or on the expiration of the Due Diligence Period, this Agreement shall automatically terminate and the provisions of Section 3.6 shall apply. Notwithstanding anything herein to the contrary, an Approval Notice shall not be deemed to be a waiver by Buyer of any other rights of termination it may have as set forth herein. In the event that Buyer terminates any Seller Affiliate Purchase Agreement on or prior to the expiration of the Due Diligence Period, such termination shall automatically act as a termination hereunder without the need for any further action on the part of any party. For the avoidance of doubt, a written notice provided by Buyer that terminates a Seller Affiliate Purchase Agreement shall act as a Disapproval Notice hereunder and Buyer shall not be required to provide a separate Disapproval Notice to effect the termination of this Agreement pursuant to this Section. The parties acknowledge and agree that the Closing on the Property must occur at the same time and is contingent upon, the Closing under all of the Seller Affiliate Purchase Agreements.

Disapproval Notice. Unless Buyer provides Seller with a written notice of its approval of the Property (“Approval Notice”) prior to or on the expiration of the Due Diligence Period, this Agreement shall automatically terminate and the provisions of Section 3.6 shall apply. Notwithstanding anything herein to the contrary, an Approval Notice shall not be deemed to be a waiver by Buyer of any other rights of termination it may have as set forth herein. In the event that Buyer terminates any Seller Affiliate Purchase Agreement on or prior to the expiration of the Due Diligence Period, such termination shall automatically act as a termination hereunder without the need for any further action on the part of any party. For the avoidance of doubt, a written notice provided by Buyer that terminates a Seller Affiliate Purchase Agreement shall act as a Disapproval Notice hereunder and Buyer shall not be required to provide a separate Disapproval Notice to effect the termination of this Agreement pursuant to this Section. The parties acknowledge and agree that the Closing on the Property must occur at the same time and is contingent upon, the Closing under all of the Seller Affiliate Purchase Agreements. Notwithstanding anything to the contrary contained in this Agreement, the Seller shall have the right to terminate this Agreement by providing written notice to Seller that Seller does not reasonably approve the form of a submanagement agreement as between the Seller’s affiliate and the Buyer’s intended management company, Xxxxx & Xxxxx Equity Advisors, Property Management, Inc. (the “Submanagement Agreement”).