Common use of Study Period Clause in Contracts

Study Period. (a) The Purchaser shall have the right, until 5:00 p.m. on the last day of the Study Period, and thereafter if the Purchaser notifies the Seller that the Purchaser has elected to proceed to Closing in the manner described below, to enter upon the Real Property and to perform, at the Purchaser's expense, such economic, surveying, engineering, topographic, environmental and marketing tests, studies and investigations as the Purchaser may deem appropriate; including review by Purchaser's Board of Directors. If after such tests, studies and investigations as Purchaser determines to make, Purchaser decides to proceed with the purchase of the Property for the purposes contemplated by the Purchaser, then the Purchaser may elect to proceed to Closing and shall so notify the Seller and the Escrow Agent, in writing, prior to the expiration of the Study Period. If for any reason, in the Purchaser's sole, absolute and unreviewable discretion, the Purchaser does not so notify the Seller and the Escrow Agent of its determination to proceed to Closing prior to the expiration of the Study Period, or notifies the Seller and the Escrow Agent, in writing, prior to the expiration of the Study Period that it has determined not to proceed to Closing, this Agreement automatically shall terminate, the Deposit shall be returned to the Purchaser and upon the return of the Deposit, the Purchaser and the Escrow Agent shall be released form any further liability or obligation under this Agreement.

Study Period. (a) The Purchaser shall have have, with respect to each Property, the right, until 5:00 p.m. on the last day of right during the Study Period, Period (and thereafter if the Purchaser notifies the Seller Sellers that the Purchaser has elected to proceed to Closing in the manner described below) upon not less than one (1) business day prior notice to the applicable Seller, to enter upon the Real Property and to perform, at the Purchaser's ’s expense, such economic, surveying, engineering, topographicenvironmental, environmental topographic and marketing tests, studies and investigations as the Purchaser may deem appropriate; including review by Purchaser's Board of Directors. If after such tests, studies and investigations as Purchaser determines to makewarrant, Purchaser decides to proceed with in the Purchaser’s sole, absolute and unreviewable discretion, the purchase of the Property for the purposes contemplated by the Purchaser, then the Purchaser may elect to proceed to Closing and shall so notify the Seller and the Escrow Agent, in writing, Sellers prior to the expiration of the Study Period. If for any reason, in the Purchaser's sole, absolute and unreviewable discretion, reason the Purchaser does not so notify the Seller and the Escrow Agent Sellers of its determination to proceed to Closing prior to the expiration of the Study Period, or if the Purchaser notifies the Seller and the Escrow AgentSellers, in writing, prior to the expiration of the Study Period that it has determined not to proceed to Closing, this Agreement shall automatically shall terminate, the Deposit shall be returned to the Purchaser and upon the return of the Deposit, the Purchaser and the Escrow Agent shall be released form from any further liability or obligation under this Agreement, except those which expressly survive the termination of this Agreement.

Study Period. (a) The Purchaser shall have the right, until 5:00 p.m. on the last day of right during the Study Period, Period (and thereafter if the Purchaser notifies the Seller that the Purchaser has elected to proceed to Closing in the manner described below) upon not less than one (1) business day prior notice to the Seller, to enter upon the Real Property and to perform, at the Purchaser's ’s expense, such economic, surveying, engineering, topographicenvironmental, environmental topographic and marketing tests, studies and investigations as the Purchaser may deem appropriate; including review by Purchaser's Board of Directors. If after such tests, studies and investigations as Purchaser determines to makewarrant, Purchaser decides to proceed with in the Purchaser’s sole, absolute and unreviewable discretion, the purchase of the Property for the purposes contemplated by the Purchaser, then the Purchaser may elect to proceed to Closing and shall so notify deposit the Seller and the Escrow Agent, in writing, Additional Deposit prior to the expiration of the Study Period. If for any reason, in the Purchaser's sole, absolute and unreviewable discretion, reason the Purchaser does not so notify deposit the Seller and the Escrow Agent of its determination to proceed to Closing Additional Deposit prior to the expiration of the Study Period, or if the Purchaser notifies the Seller and the Escrow AgentSeller, in writing, prior to the expiration of the Study Period that it has determined not to proceed to Closing, this Agreement shall automatically shall terminate, the Initial Deposit shall be returned to the Purchaser and upon the return of the Initial Deposit, the Purchaser and the Escrow Agent shall be released form from any further liability or obligation under this Agreement, except those which expressly survive the termination of this Agreement.

Study Period. (a) The Purchaser shall have the right, until 5:00 p.m. on the last day of right during the Study Period, Period (and thereafter if the Purchaser notifies the Seller that the Purchaser has elected to proceed to Closing in the manner described below) upon not less than one (1) business day prior notice to the Seller, to enter upon the Real Property and to perform, at the Purchaser's ’s expense, such economic, surveying, engineering, topographicenvironmental, environmental topographic and marketing tests, studies and investigations as the Purchaser may deem appropriate; including review by Purchaser's Board of Directors. If after such tests, studies and investigations as Purchaser determines to makewarrant, Purchaser decides to proceed with in the Purchaser’s sole, absolute and unreviewable discretion, the purchase of the Property for the purposes contemplated by the Purchaserof operating a Hotel, then the Purchaser may elect to proceed to Closing and shall so notify the Seller and the Escrow Agent, in writing, prior to the expiration of the Study Period. If for any reason, in the Purchaser's sole, absolute and unreviewable discretion, reason the Purchaser does not so notify the Seller and the Escrow Agent of its determination to proceed to Closing prior to the expiration of the Study Period, or if the Purchaser notifies the Seller and the Escrow AgentSeller, in writing, prior to the expiration of the Study Period that it has determined not to proceed to Closing, this Agreement shall automatically shall terminate, the Deposit shall be returned to the Purchaser and upon the return of the Deposit, the Purchaser and the Escrow Agent shall be released form from any further liability or obligation under this Agreement, except those which expressly survive the termination of this Agreement.

Study Period. (a) The Purchaser shall have the right, until 5:00 p.m. on the last day of the Study Period, and thereafter if the Purchaser notifies the Seller that the Purchaser has elected to proceed to Closing in the manner described below, to enter upon the Real Property and to perform, at the Purchaser's expense, such economic, surveying, engineering, topographic, environmental and marketing tests, studies and investigations as the Purchaser may deem appropriate; including review by Purchaser's Board of Directors. If after such tests, studies and investigations as Purchaser determines to makewarrant, Purchaser decides to proceed with in the Purchaser's sole, absolute and unreviewable discretion, the purchase of the Property for the purposes contemplated by the Purchaser, then the Purchaser may elect to proceed to Closing and shall so notify the Seller and the Escrow Agent, in writing, prior to the expiration of the Study Period. If for any reason, in the Purchaser's sole, absolute and unreviewable discretion, reason the Purchaser does not so notify the Seller and the Escrow Agent of its determination to proceed to Closing to purchase all of the Hotels prior to the expiration of the Study Period, or if the Purchaser notifies the Seller and the Escrow Agent, in writing, prior to the expiration of the Study Period that it has determined not to proceed to Closing, this Agreement automatically shall terminate, the Deposit shall be returned Closing to the Purchaser and upon the return purchase all of the DepositHotels, the Purchaser and the Escrow Agent shall be released form any further liability or obligation under this Agreement.this