Common use of Regulatory Delay Clause in Contracts

Regulatory Delay. Notwithstanding the foregoing, to the extent that the Buyer is delayed in obtaining any of the Approvals necessary to construct Buyer’s Project due solely to the actions or inactions of a permit granting authority, the Buyer may request, and the Seller, in its reasonable discretion may grant, an extension to the Time of Closing without requiring the Buyer to pay any additional deposit for the period of time that Seller determines, based on the records maintained in connection with the Approvals hearings, that Buyer has been delayed by such permit granting authority. Alternatively, or if the Seller elects not to extend the Time of Closing as requested by ▇▇▇▇▇, Buyer may terminate this Agreement and the Deposit shall be refunded to Buyer by Escrow Agent and neither party shall have any further obligations hereunder except for those obligations that specifically survive termination.