Common use of Public Funding Clause in Contracts

Public Funding. Buyer’s obligations under this Agreement are expressly contingent on Buyer obtaining from the state or federal government a grant to support at least 50% of the Purchase Price, and upon the Falmouth Town Council voting to appropriate the Buyer’s share of the Purchase Price (the “Public Funding Contingencies”). If any of the Public Funding Contingencies are not met within the Option Term, the Option Consideration shall be refundable and the parties shall be relieved of all further obligations under this Agreement.

Public Funding. Buyer’s obligations under this Agreement are expressly contingent on upon Buyer obtaining from the state State of Maine or federal government a grant grants to support at least 50% of the Purchase Price, and upon the Falmouth Town Council voting to appropriate the Buyer’s share any portion of the Purchase Price not secured by grants (collectively, the “Public Funding Contingencies”). If any such financing is unavailable to Buyer, Buyer may terminate this Agreement by notice to the Seller of the Public Funding Contingencies are not met within same, at any time prior to exercising the Option Term, in which case the Option Consideration shall be refundable and immediately refunded to the parties shall be relieved of all further obligations under this AgreementBuyer.