Common use of Performance Clause Clause in Contracts

Performance Clause. The Purchaser hereby agrees to initiate the development of the Property within six (6) months from the date the deed is recorded. In the event that the Purchaser fails to, or refuses to, initiate development of said Property within such time frame then the Property shall automatically revert back to the Seller upon Seller’s demand. Upon Purchaser’s receipt of written notice by Seller of Purchaser’s failure to perform their obligations under this Section and demand for the Property, the City of Carbondale, as Seller, shall have the right to re-enter and take possession in fee simple title to the Property. The Seller shall reimburse the Purchaser the purchase price paid by Purchaser for the Property under this contract, minus any and all costs incurred by the Seller to enforce the provisions of this Contract. This provision shall survive the closing of the property transaction.

Performance Clause. The Purchaser hereby agrees to initiate the development of the Property within six eighteen (618) months from the date the deed is recorded. In the event that the Purchaser fails to, or refuses to, initiate development of said Property within such time frame then the Property shall automatically revert back to the Seller upon Seller’s demand. Upon Purchaser’s receipt of written notice by Seller of Purchaser’s failure to perform their obligations under this Section and demand for the Property, the City of Carbondale, as Seller, shall have the right to re-enter and take possession in fee simple title to the Property. The Seller shall reimburse the Purchaser the purchase price paid by Purchaser for the Property under this contract, minus any and all costs incurred by the Seller to enforce the provisions of this Contract. This provision shall survive the closing of the property transaction.