Common use of ELECTED Clause in Contracts

ELECTED. Investigation Period: days (60 if not specified) from the Execution Date of the Agreement of Sale. 33 1. Within the Investigation Period, Buyer will have completed an investigation of the ownership rights/interests and status 36 2. If the result of the investigation demonstrates terms that are unsatisfactory to Buyer, Buyer will, within the stated Investigation 37 Period: 38 a. Accept the Property and agree to the the RELEASE in the Agreement of Sale, OR 39 b. Terminate the Agreement of Sale by written notice to Seller, with all deposit monies returned to Buyer according to the 41 c. Enter into a mutually acceptable written agreement with Seller as acceptable to the lender(s), if any. 42 If Buyer and Seller do not reach a written agreement before the conclusion of the Investigation Period, and Buyer does 43 not terminate the Agreement of Sale by written notice to Seller within that time, Buyer will accept the Property and 44 agree to the terms of the RELEASE in the Agreement of Sale.