Initial Contingencies Sample Clauses

The Initial Contingencies clause sets out specific conditions that must be satisfied before a contract becomes fully binding or before certain obligations are triggered. Typically, these contingencies might include securing financing, obtaining necessary permits, or completing satisfactory inspections. By clearly outlining these prerequisites, the clause protects parties from being obligated to proceed if key requirements are not met, thereby reducing risk and ensuring that both sides are only committed once essential conditions are fulfilled.
Initial Contingencies. 0 - Initial Contingencies 8 Section 3.1 - Failure of Initial Contingencies 8
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Initial Contingencies. Seller and Purchaser hereby acknowledge and agree that each party’s obligations hereunder are conditioned upon the satisfaction of the following contingency within thirty (30) days after the Effective Date of the Agreement (the “Initial Contingency Period”): Seller and Buyer hereby acknowledge and agree that the Development Conditions (as defined in Schedule 5.01) prohibit the rezoning of the Property without the consent of Waltech II Associates. Seller and Buyer further acknowledge and agree that it is a condition to Buyer's obligations under this Agreement to rezone the Property as set forth in Section 6.01(c) below. Buyer hereby agrees to use its good faith commercially reasonable efforts to obtain a modification of the Development Conditions (or such other consent) as is necessary to permit the rezoning of the Property contemplated in Section 6.01(c) below, which modification shall be on terms and conditions satisfactory to Buyer and Seller in their commercially reasonable discretion. In the event that the foregoing contingency is not satisfied on or before the expiration of the Initial Contingency Period, then this Agreement shall automatically terminate, whereupon the Escrow Agent shall return the Deposit to Buyer, less One Hundred Dollars ($100.00) which shall be paid to Seller as consideration for entering into this Agreement, and the parties hereto shall be relieved of all further obligations hereunder, except as otherwise set forth herein. Upon the satisfaction of the foregoing contingency, each party agrees, upon request from the other, to enter into an amendment to this Agreement to memorialize the satisfaction of such contingency.
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Initial Contingencies. The performance of this Agreement is contingent upon satisfaction of all the conditions set forth below (collectively, the "Initial Contingencies").
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Initial Contingencies. ‌ All contingencies set forth in this Section 3.1 are collectively referred to as the “Initial Contingencies”. A. Owner’s obligation to perform pursuant to this Agreement is contingent upon satisfaction of all the conditions set forth in paragraphs 1 through 4 below.
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Initial Contingencies. Buyer's obligation to purchase the Property is expressly conditioned on the matters ("Initial Contingencies") described in this Section 3. 1. Buyer shall deliver written notice to Seller that it (a) approves or waives the Initial Contingencies or (b) disapproves the Initial Contingencies, on or before 5:00 p.m. (California time) on the day that is thirty (30) days after the Effective Date (the "Initial Contingency Date"), with the period from the Effective Date to the Initial Contingency Date being the "Initial Contingency Period".
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Related to Initial Contingencies

  • COMMITMENTS AND CONTINGENCIES As of June 30, 2015, future minimum net payments under all operating leases are as follows (in thousands): Six months ending December 31, 2015 $ 87 $ 24 $ 111 Years ending December 31, 2017 — — — Total minimum net payments $ 87 $ 24 $ 111 Less: amount representing interest — Present value of net minimum payments 111 Less: current portion (111 ) Long-term portion of capital lease obligations $ — In August 2009, the Company entered into an agreement to sublease office space for its headquarters in San Francisco, California, under an operating lease that commenced in November 2009 and expires on December 30, 2014. In July 2012, the Company entered into an agreement to sublease this subleased office space under terms generally equivalent to its existing commitment for a term that commenced in August 2012 and expires in December 2014. In August 2013, the Company leased office space of approximately 2,341 square feet for its corporate office in San Francisco, California under a five year lease that commenced in September 2014 and expires on August 31, 2018. On October 15, 2014, the Company terminated this lease, closed the office and was released from all obligations under this lease. The Company leases office space in Los Angeles, California of approximately of 4,803 square feet. The lease expires in August 2015. The Company entered into a 30-month operating lease agreement for various network operating equipment beginning in the fourth quarter of 2013. Rent expense under all operating leases was not significant for each of the three months ended June 30, 2015 and 2014, respectively.

  • Financing Contingency The Buyer’s obligations herein are contingent on the Buyer’s obtaining financing to pay the balance on the Purchase Price. The Buyer must present to the Seller a binding commitment for financing the purchase of the Property within days from the Effective date. The terms of the financing must be acceptable to and approved by the Buyer who shall not unreasonably withhold such approval. In the event that the Buyer fails to obtain financing within the time allotted, this Agreement shall automatically terminated and all funds paid by the Buyer shall be returned to the Buyer after deducting all reasonable costs incurred by the Seller in good faith in relation this Agreement.

  • FUNDING CONTINGENCY a. In the event funding from state, federal, or other sources is withdrawn, reduced, or limited in any way after the effective date of this Contract and prior to completion of the work in this Contract, DCYF may: (1) Terminate this Contract with ten (10) days advance notice. If this Contract is terminated, the parties shall be liable only for performance rendered or costs incurred in accordance with the terms of this Contract prior to the effective date of termination; (2) Renegotiate the terms of the Contract under the new funding limitations and conditions; (3) After a review of project expenditures and deliverable status, extend the end date of this Contract and postpone deliverables or portions of deliverables; or (4) Pursue such other alternatives as the parties mutually agree to in writing. b. Any termination under this Section (FUNDING CONTINGENCY) shall be considered a Termination for Convenience.

  • Construction Contingency The proposed GMP Change Order shall include, as a separately identified item, a Construction Contingency sum in an initial amount (subject to increase or decrease) against which Design-Builder can draw at its election for the purposes set forth in Section 4 Part 4. The initial Construction Contingency sum shall include the contingency amounts stated in all accepted Component Change Orders.

  • BUDGET CONTINGENCY If the Budget Act of the current year covered under this Grant Agreement does not appropriate sufficient funds for this program, this Grant Agreement shall be of no force and effect. This provision shall be construed as a condition precedent to the obligation of the State to make any payments under this Grant Agreement. In this event, the State shall have no liability to pay any funds whatsoever to the Grantee or to furnish any other considerations under this Grant Agreement and the Grantee shall not be obligated to perform any provisions of this Grant Agreement. Nothing in this Grant Agreement shall be construed to provide the Grantee with a right of priority for payment over any other Grantee. If funding for any fiscal year after the current year covered by this Grant Agreement is reduced or deleted by the Budget Act, by Executive Order, or by order of the Department of Finance, the State shall have the option to either cancel this Grant Agreement with no liability occurring to the State, or offer a Grant Agreement amendment to the Grantee to reflect the reduced amount.