GOVERNMENTAL APPROVALS CONTINGENCY Sample Clauses
The Governmental Approvals Contingency clause establishes that the effectiveness or continuation of an agreement is dependent on obtaining necessary permits, licenses, or approvals from relevant government authorities. In practice, this means that if the required governmental consents are not secured within a specified timeframe, either party may have the right to terminate the agreement or delay performance without penalty. This clause is essential for managing risk in transactions where regulatory approval is uncertain, ensuring that parties are not bound to obligations that cannot be legally fulfilled.
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GOVERNMENTAL APPROVALS CONTINGENCY. At all times from and after the Opening of Escrow and continuing through the Closing, Buyer shall use its reasonable and diligent efforts, to obtain all necessary approvals from the City of Phoenix, Maricopa County, and all other applicable governmental authorities, quasi-governmental authorities, and/or utility providers and regulators (collectively, “Governmental Authorities”) of the following in form reasonably acceptable to Buyer:
a. any rezoning of the Property to permit Buyer’s intended residential development of the Property (the “Rezoning”);
b. a Preliminary Plat for the Property (the “Preliminary Plat”);
GOVERNMENTAL APPROVALS CONTINGENCY. Tenant acknowledges and agrees that Tenant’s termination right in Section 4.2(d) of the Lease expired on May 30, 2003.
GOVERNMENTAL APPROVALS CONTINGENCY. A. Unless waived by Buyer in writing, Buyer's obligation to close title pursuant to this Agreement is contingent on Buyer's receiving All Approvals as defined as all necessary nonappealable rezoning, final approvals, permits and agreements containing terms and conditions acceptable to Buyer needed for the uninterrupted development of at least one hundred seventy four (174) Homes consisting of ninety-six (96) Active Adult Garden Homes and seventy-eight (78) Townhomes (collectively the "Development") to completion and which final approvals shall include, but not be limited to the governing body of the Township, Township Planning and Zoning Boards, New Jersey Department of Environmental Protection, New Jersey Department of Transportation, New Jersey Department of Community Affairs Registration, County Planning Board, Municipal or Regional Sewerage/Utilities Authority, County Soil Conservation District and any and all other approvals, permits and agreements necessary or desirable for the development and construction of the Premises, including the right to obtain a building permit for the first Home in the development but not the building permit itself. Each such approval shall be referred to as an "Approval."
B. The Premises are not currently zoned for the use contemplated by this Agreement.. Unless waived by Buyer in writing, Buyer's obligation to close title pursuant to this Agreement is contingent on Buyer's obtaining a final and nonappealable municipal rezoning of the Premises to permit the use contemplated in this Agreement (hereinafter "Rezoning"