Common use of Moratorium Clause in Contracts

Moratorium. If the City, County or any other Governmental Authorities declares or effects any moratorium or limitation on the issuance of permits, utility service or other approvals, which moratorium or limitation is applicable to the Property or any portion thereof, and, as a result of such moratorium or limitation, the City, the County or any other Governmental Authorities will not issue permits, utility services or other approvals (collectively, a “Moratorium”), then, in such event, Buyer’s obligation to close hereunder shall axxxx during the pendency of the Moratorium. Upon the discontinuation of any such Moratorium, the Buyer’s obligation to close hereunder shall resume as of that date and continue as per the provisions of this Agreement, provided that the applicable Closing Date shall be adjusted by the number of days Buyer’s obligations were abated hereunder. If, however, such Moratorium shall last longer than ninety (90) days, either Seller or Buyer shall have the right, but not the obligation, to terminate this Agreement by giving written notice thereof to the other Party within one hundred twenty (120) days after the commencement of the Moratorium (the “Moratorium Termination Deadline”). In the event Seller or Buyer has the right, and timely elects to terminate this Agreement as provided herein, then this Agreement shall terminate on the earlier of the Moratorium Termination Deadline or the termination date set forth in the termination notice, and thereafter the uncredited portion of the Exxxxxx Money previously deposited by Buyer shall be immediately refunded to Buyer, and the Parties shall have no further rights or obligations under this Agreement, except for any that expressly survive the termination hereof. If, however, Bxxxx has such right but fails to timely terminate this Agreement as provided herein, Buyer will be deemed to have waived its right to terminate under this section and also waive the existence of a Moratorium as a Buyer’s Conditions Precedent.

Moratorium. If Contrary to the Citylimitation of subsection 10.13, County or in the event of a general moratorium imposed by any other Governmental Authorities declares or effects any moratorium or limitation on governmental authority which will prohibit the issuance of permits, utility service or other approvals, which moratorium or limitation is applicable to building permits affecting the Property or any portion thereof, and, as (a result of such moratorium or limitation"Moratorium"), the CityOutside Closing Date shall be extended by the amount of time that the Moratorium is in effect, the County or any other Governmental Authorities will provided that such extension does not issue permits, utility services or other approvals (collectively, a “Moratorium”), then, in such event, Buyer’s obligation to close hereunder shall axxxx during the pendency of the Moratorium. Upon the discontinuation of any such Moratorium, the Buyer’s obligation to close hereunder shall resume as of extend beyond that date and continue as per which is 2,555 days from the provisions date of this Agreement, provided that the applicable Closing Date shall be adjusted by the number of days Buyer’s obligations were abated hereunder. Ifin which event, however, such Moratorium shall last longer than ninety (90) days, either Seller or Buyer shall have the right, but not the obligation, to terminate this Agreement by giving written notice thereof to the other Party within one hundred twenty (120) days after the commencement of the Moratorium (the “Moratorium Termination Deadline”). In the event Seller or Buyer has the right, and timely elects to terminate this Agreement as provided herein, then this Agreement shall terminate on be deemed to be automatically terminated, and, upon the earlier return of the Moratorium Termination Deadline or Deposit to the termination date set forth in the termination notice, and thereafter the uncredited portion of the Exxxxxx Money previously deposited by Buyer shall be immediately refunded to Buyer, and the Parties neither party shall have no any further rights or obligations under this Agreement, Agreement except for any that expressly obligations which specifically survive the termination hereofof this Agreement. IfIn the event of such a Moratorium, however, Bxxxx has such right but fails Seller shall have the option to timely terminate this Agreement if Closing has not occurred by that date which is 1,825 days from the date of this Agreement upon thirty (30) days' prior written notice to Buyer provided (1) Buyer elects not to waive its right not to settle under this Agreement as provided hereina result of such Moratorium within the aforesaid thirty (30) day period and (2) Seller delivers to Buyer the Deposit and Buyer's actual out-of-pocket development expenses incurred to third parties, which shall not exceed the sum of Three Million Dollars ($3,000,000.00). Buyer will be deemed shall deliver written notice to Seller of Buyer's actual third-party development costs accompanied by copies of paid invoices within five (5) days of written request therefor. If Buyer elects to extend the Outside Closing Date beyond thirty-six (36) months from the date of the Agreement as a result of a Moratorium, the Purchase Price shall escalate at the rate of two percent (2%) annually (the "Escalated Purchase Price"). If an Escalated Purchase Price is triggered, Seller shall have waived the right, at its sole option, to accept the Escalated Purchase Price and forfeit its right to terminate under this section the Additional Purchase Price or to retain its right to receive the Additional Purchase Price and also waive forfeit its right to collect the existence of a Moratorium as a Buyer’s Conditions PrecedentEscalated Purchase Price at Closing. In no event shall Seller be entitled to both the Escalated Purchase Price and the Additional Purchase Price.