Common use of Obligation to Close Clause in Contracts

Obligation to Close. Notwithstanding any condemnation or casualty event, AW9 will remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Property. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Property” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, AW9 would no longer be able to develop and construct the Development in substantial accordance with Land Use Entitlement Approvals, the Final Plans and Specifications and the 9% Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Property, (A) AW9 will have the right to terminate this Agreement without liability on its part by so notifying FCRHA within 15 Business Days of FCRHA’s notification to AW9 of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither FCRHA nor AW9 will have any further liability hereunder, and (B) if AW9 does not so terminate the Agreement, then AW9 will remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Property thereafter will be deemed to give rise to a default hereunder.

Obligation to Close. Notwithstanding any condemnation or casualty event, AW9 will APAH shall remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Property. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Property” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, AW9 APAH would no longer be able to develop and construct the Development in substantial accordance with Land Use Entitlement Approvals, the Final Plans and Specifications and the 9% Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Property, (A) AW9 will APAH shall have the right to terminate this Agreement without liability on its part by so notifying FCRHA within 15 Business Days of FCRHA’s notification to AW9 APAH of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither FCRHA nor AW9 will APAH shall have any further liability hereunder, and (B) if AW9 APAH does not so terminate the Agreement, then AW9 will APAH shall remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Property thereafter will shall be deemed to give rise to a default hereunder.

Obligation to Close. Notwithstanding any condemnation or casualty event, AW9 AW4 will remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Property. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Property” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, AW9 AW4 would no longer be able to develop and construct the Development in substantial accordance with Land Use Entitlement Approvals, the Final Plans and Specifications and the 94% Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Property, (A) AW9 AW4 will have the right to terminate this Agreement without liability on its part by so notifying FCRHA within 15 Business Days of FCRHA’s notification to AW9 AW4 of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither FCRHA nor AW9 AW4 will have any further liability hereunder, and (B) if AW9 AW4 does not so terminate the Agreement, then AW9 AW4 will remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Property thereafter will be deemed to give rise to a default hereunder.

Obligation to Close. Notwithstanding any condemnation or casualty event, AW9 AW4 will remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Property. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Property” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, AW9 AW4 would no longer be able to develop and construct the Development in substantial accordance with Land Use Entitlement Approvals, the Final Plans and Specifications and the 9% Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Property, (A) AW9 AW4 will have the right to terminate this Agreement without liability on its part by so notifying FCRHA within 15 Business Days of FCRHA’s notification to AW9 AW4 of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither FCRHA nor AW9 AW4 will have any further liability hereunder, and (B) if AW9 AW4 does not so terminate the Agreement, then AW9 AW4 will remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Property thereafter will be deemed to give rise to a default hereunder.