Common use of Takedown Schedule Clause in Contracts

Takedown Schedule. In order for the Option for a Property herein granted to remain effective, the applicable Builder Party must acquire each Takedown Group of Homesites for such Property (the closing for each such acquisition, a “Takedown”, and the group of Homesites to be acquired at each such Takedown, a “Takedown Group”) on or before the applicable date specified in the Takedown Schedule (the “Takedown Date”) (subject to the notice and cure provisions in the next sentence). If the total number of Homesites reflected on the Approved Plat (as defined in the Addendum) and as reflected on the Takedown Schedule differs from the total number of Homesites actually applicable to the Property once the Final Plat (as defined in Section 3.1 below) is recorded, then the Takedown Schedule shall be modified by the Owner Party and Builder Party accordingly with such adjustment being reflected in a revision to the number of Homesites to be acquired by Builder Party in the final Takedown for the Property, unless otherwise agreed to by Owner Party. In the event (i) Builder Party timely exercises the Option for the applicable Takedown Group, (ii) the Closing with respect to such Takedown Group fails to be consummated by Builder Party on the applicable Takedown Date even though the applicable Owner Party is prepared to fulfill all of its obligations at Closing, and (iii) such failure continues for twenty (20) business days after Builder Party has received written notice of such failure from Owner, then the Option herein granted shall terminate and be of no further force or effect.

Takedown Schedule. In order for the Option for a Property herein granted to remain effective, the applicable Builder Party must acquire each Takedown Group of Homesites for such Property (the closing for each such acquisition, a “Takedown”, and the group of Homesites to be acquired at each such Takedown, a “Takedown Group”) on or before the applicable date specified in the Takedown Schedule (the “Takedown Date”) (subject to the notice and cure provisions in the next sentence). If the total number of Homesites reflected on the Approved Plat (as defined in the Addendum) and as reflected on the Takedown Schedule differs from the total number of Homesites actually applicable to the Property once the Final Plat (as defined in Section 3.1 below) is recorded, then the Takedown Schedule shall be modified by the Owner Party and Builder Party accordingly with such adjustment being reflected in a revision to the number of Homesites to be acquired by Builder Party in the final Takedown for the Property, unless otherwise agreed to by Owner Party. In the event (i) Builder Party timely exercises the Option for the applicable Takedown Group, (ii) the Closing with respect to such Takedown Group fails to be consummated by Builder Party on the applicable Takedown Date even though the applicable Owner Party is prepared to fulfill all of its obligations at ClosingDate, and (iii) such failure continues for twenty (20) business days after Builder Party has received written notice of such failure from Owner, then the Option herein granted shall terminate and be of no further force or effect.