Effect of Failure of Condition. So long as a party is not in default hereunder, if any condition benefiting such party has not been satisfied as of the Closing Date or other applicable date, such party may, in its sole discretion: (i) terminate this Contract by delivering written notice to the other party on or before the Closing Date or other applicable date, in which event the Xxxxxxx Money shall be returned to Purchaser (unless Purchaser is in default hereunder), (ii) extend the time available for the satisfaction of such condition by up to a total of 10 business days, but not past December 29, 2006, or (iii) elect to close, notwithstanding the non satisfaction of such condition, and therefore waive satisfaction of such condition. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may proceed pursuant to either clause (i) or (iii) above.
Effect of Failure of Condition. The Parties expressly acknowledge and agree that a failure of condition in favor of the Agency for one Major Phase, Sub-Phase, Lot or Vertical Project shall not by itself be deemed the failure of a condition for any other Major Phase, Sub-Phase, Lot or Vertical Project except to the extent that such failure directly pertains to the other Major Phase, Sub-Phase, Lot or Vertical Project (e.g., the failure to satisfy a condition may prevent subsequent Sub-Phase Approvals if the Infrastructure needed to service the proposed Sub-Phase has not Commenced), nor shall such failure relieve Developer or the Agency of an obligation that arose before the failure of such condition. The failure of a condition shall not, in and of itself, be an Event of Default; provided, that (i) the failure of Developer or the Agency to comply with Section 7.6 may, following notice and the cure period set forth in Article 16, be an Event of Default, and (ii) the failure of the Agency to act upon an Application as and when required under the DRDAP shall not be a Material Breach but shall give rise to an Excusable Delay.
Effect of Failure of Condition. If a condition to Closing fails hereunder and the Option Termination Date has not occurred, the Option shall be reinstated with respect to the Option Exercise contemplated by such Closing, as if the Option has not been exercised.
Effect of Failure of Condition. So long as a party is not in default hereunder, if any condition benefiting such party has not been satisfied as of the Closing Date or other applicable date, such party may, in its sole discretion and as its sole remedies: (i) terminate this Contract by delivering written notice to the other party on or before the Closing Date or other applicable date, in which event the Xxxxxxx Money shall be returned to Purchaser (unless Purchaser is in default hereunder) and the parties shall have no further obligation to each other except as otherwise expressly provided herein, (ii) extend the time available for the satisfaction of such condition (in which event the Closing Date shall be extended for the same period by up to a total of ten (10) business days), or (iii) elect to close, notwithstanding the non satisfaction of such condition, and therefore waive satisfaction of such condition. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may proceed pursuant to either clause (i) or (iii) above. Nothing in this Section 5.2 precludes a party from exercising its respective default remedies under Article 10.
Effect of Failure of Condition. In the event that the conditions specified in Section 9.1(b) of the Plan have not occurred or been waived on or before sixty (60) days after the Confirmation Date, the Confirmation Order may be vacated upon order of the Court after motion made by the Debtors or any party in interest.
Effect of Failure of Condition. So long as a party is not in default hereunder, if any condition benefiting such party has not been satisfied as of the Closing Date or other applicable date, such party may, in its sole discretion and except as otherwise provided in Paragraph 4.6: (i) terminate this Contract as to the applicable Property by delivering written notice to the other party on or before the Scheduled Closing Date or other applicable date, (ii) extend the time available for the satisfaction of such condition by up to a total of 10 business days, or (iii) elect to close, notwithstanding the non-satisfaction of such condition. By closing the transaction contemplated by this Contract, Seller and Purchaser shall be conclusively deemed to have waived the benefit of any remaining unfulfilled conditions set out herein with respect to such Property; provided, however that no party shall be deemed to have waived any right with respect to the breach of an express covenant in this Contract by the other party, except with respect to the covenant contained in Section 4.6 above. In no event shall Seller be liable for breach of said covenant unless Seller fails to make a reasonable and diligent effort to obtain and deliver the estoppels as required in Section 4.6 above. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may elect to proceed pursuant to either clause (i) or (iii) above.
