Mass Closing Timeframe Clause Samples

Mass Closing Timeframe. Borrower covenants and agrees that it will complete the Mass Closing within the Mass Closing Timeframe. In the event the Mass Closing is not achieved by the earlier of the expiration of the Mass Closing Timeframe or the twelve (12) month anniversary of the Closing Date, Borrower shall immediately make a principal reduction payment on the Loan in an amount equal to (a) $4,000,000 multiplied by (b) (one (1) minus (the number of Units closed during the Mass Closing Timeframe divided by 90), from additional cash equity and not from any proceeds derived from the Property together with payment of the Prepayment Fee applicable to such prepayment.