Common use of Outside Dates Clause in Contracts

Outside Dates. This Agreement shall terminate if the Phase 1 Closing does not take place by the First Outside Date, the Phase 2 Closing does not take place by the Second Outside Date, or the Phase 3 Closing does not take place by the Third Outside Date. In each case, the Deposit shall be returned to the Redeveloper, and the Parties shall have no further obligations under this Agreement except for those obligations for which there exists an uncured Default (which the Defaulting Party must cure unless waived by the Non-Defaulting Party) and those obligations expressly stated to survive termination. Notwithstanding anything to the contrary in this section, (a) any of the Outside Dates may be extended by written agreement of both Parties, and (b) if a failure to close by any of the Outside Dates is due entirely to the failure of one Party to satisfy its conditions to Closing, then the Party who is able to satisfy its conditions to Closing shall have the option of terminating this Agreement or exercising its remedies under Section 13, including specific performance.