Common use of Drafts not an Offer to Enter into a Legally Binding Contract Clause in Contracts

Drafts not an Offer to Enter into a Legally Binding Contract. The parties hereto agree that the submission of a draft of this Agreement by one party to another is not intended by either party to be an offer to enter into a legally binding contract with respect to the purchase and sale of the Property. The parties shall be legally bound with respect to the purchase and sale of the Property pursuant to the terms of this Agreement only if and when the parties have been able to negotiate all of the terms and provisions of this Agreement in a manner acceptable to each of the parties in their respective sole discretion, and both Seller and Buyer have fully executed and delivered to each other a counterpart of this Agreement (or a copy by facsimile transmission). The last date upon which either Seller or Buyer executes and delivers a counterpart of this Agreement to the other shall be the “Effective Date” of this Agreement, and such date shall be inserted in the first paragraph of this Agreement.

Drafts not an Offer to Enter into a Legally Binding Contract. The parties hereto agree that the submission of a draft of this Agreement by one party to another is not intended by either party to be an offer to enter into a legally binding contract with respect to the purchase and sale of the Property. The parties shall be legally bound with respect to the purchase and sale of the Property pursuant to the terms of this Agreement only if and when the parties have been able to negotiate all of the terms and provisions of this Agreement in a manner acceptable to each of the parties in their respective sole discretion, and both Seller and Buyer have fully executed and delivered to each other a counterpart of this Agreement (or a copy by facsimile transmission). The last date upon Electronic Transmission) (the “Effective Date”) pursuant to which either Seller or Buyer executes and delivers a counterpart of this Agreement to the other shall be the “Effective Date” for purposes of this Agreement, and such date Agreement shall be inserted in the first paragraph date of this Agreementlast execution by Seller and Buyer.