Common use of Economic Viability Clause in Contracts

Economic Viability. Buyer must have determined, on or before the Contingency Date, in its sole and absolute discretion, that it intends to move forward with construction of the Delano Ice Park Project. The “Contingency Date” is January 9, 2024. If any of the foregoing contingencies have not been satisfied on or before the stated date, then this Agreement may be terminated, at Buyer’s option, by written notice from Buyer to Seller. Such notice of termination may be given at any time on or before the Closing Date. Upon such termination (a) Buyer and ▇▇▇▇▇▇ will execute a recordable written termination of this Agreement, which will include ▇▇▇▇▇’s quit claim of any interest in and to the Property, and (b) upon such return, neither party will have any further rights or obligations regarding this Agreement or the Property. All the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the Buyer and the Buyer will have the right to unilaterally waive any contingency by written notice to Seller.