Common use of Effect of Partial Termination Clause in Contracts

Effect of Partial Termination. Section 13.33 of the Contract shall be deleted in its entirety and replaced as follows: “If Purchaser timely exercises its right to terminate this Contract with respect to any one or more (but not all) of the Properties (each a “Terminated Property”) pursuant to any one or more of the provisions of Section 4.4, Section 4.6.9, Section 4.7, Section 4.8.5, Section 4.11.10, Section 8.1, Section 10.2, Section 11.1 and/or Section 12.1 hereof, then the following provisions shall apply: (i) if such Terminated Property is located in the State of Maryland, then this Contract shall automatically terminate with respect to all (but not less than all) Maryland Properties and each of the Maryland Properties shall be deemed to be a Terminated Property, (ii) if such Terminated Property is located in the State of Texas, then this Contract shall automatically terminate with respect to all (but not less than all) Texas Properties and each of the Texas Properties shall be deemed to be a Terminated Property, (iii) this Contract shall automatically be deemed modified to (a) remove each Terminated Property as a “Property” hereunder and (b) remove the owner of each Terminated Property as a “Seller” hereunder, such that such owner shall no longer constitute a party to this Contract, and, accordingly, such owner and Purchaser shall no longer have any further rights or obligations hereunder to each other, except for the Survival Provisions and (iv) subject to the terms of Section 2.3.3 hereof, Escrow Agent shall release to Purchaser the Allocated Deposit Amount for each Terminated Property, and the Deposit shall be deemed to be reduced by the amount of the Allocated Deposit Amount for each Terminated Property.”