Common use of Extension and Termination Clause in Contracts

Extension and Termination. The Vendor shall take all reasonable steps to construct the dwelling without delay. If the Vendor cannot close the transac tion by the closing date listed in the Agreement, any extensions taken will follow the rules outlined by the Tarion addendum. This addendum, including the accompanying “Statement of Critical Dates” forms part of the Agreement of Purchase and Sale between the Vendor and the Purchaser relating to the property. It contains important provisions that are part of the delayed closing warranty provided by the Vendor in accordance with the Ontario New Home Warranties Plan Act. If there are any differences between the provisions in the Addendum and the Purchase Agreement, then the Addendum provisions shall prevail. Prior to signing the Purchase Agreement or any amendment to it, the Purchaser should seek advice from a lawyer with respect to the Purchase Agreement or amending agreement, the addendum and the delayed closing warranty. For further information about anything contained in the Tarion addendum or about the warranties available to purchasers under the Ontario New Home Warranties Plan Act, please contact the Ontario New Home Warranty Program, toll free, at 0-000-000-0000 during regular business hours, Monday through Friday.