Common use of Right to Extend the Closing Date Clause in Contracts

Right to Extend the Closing Date. Buyer or Seller may unilaterally extend the Closing Date for eight (8) days upon notice to the other party given prior to 8:00 p.m. on the date of Closing if: (1) Seller cannot satisfy valid title objections (excluding title objections that: (a) can be satisfied through the payment of money or by bonding off the same; and (b) do not prevent Seller from conveying good and marketable title, as that term is defined herein, to the Property); or (2) Buyer’s mortgage lender (including in transactions where the financing contingency has expired) or the Closing Attorney is delayed and cannot fulfill their respective obligations by the date of Closing, provided that the delay is not caused by Buyer. The party unilaterally extending the Closing Date shall state the basis for the delay in the notice of extension. If the right to unilaterally extend the Closing Date is exercised once by either the Buyer or Seller, the right shall thereafter terminate.

Right to Extend the Closing Date. Buyer or Seller may unilaterally extend the Closing Date closing date for eight seven (8) 7) days upon notice to the other party given prior to 8:00 p.m. or on the date of Closing closing if: (1) Seller cannot satisfy valid title objections (excluding title objections that: (a) can be satisfied through the payment of money or by bonding off the same; and (b) do not prevent Seller from conveying good and marketable title, as that term is defined herein, to the Property); or (2) Buyer’s mortgage lender lender, if any, (including in transactions where the financing contingency has expired“all cash” transactions) or the Closing Attorney is delayed and closing attorney cannot fulfill their respective obligations by the date of Closingclosing, provided that the delay is not caused by Buyer. The party unilaterally extending the Closing Date closing date shall state the basis for the delay in the notice of extension. If the right to unilaterally extend the Closing Date closing date is exercised once by either the Buyer or Seller, the right shall thereafter terminate.