Termination of Property Contracts. Prior to the expiration of the Due Diligence Period, Buyer shall notify Seller of any Property Contract which Buyer wishes to retain and assume as of the Closing, in Buyer’s sole and absolute discretion. Seller shall terminate all other Property Contracts at Seller’s sole cost and expense; provided, however, that if any such Property Contract does not permit Seller to terminate same as of the Closing Date, Buyer shall assume all obligations thereunder until the effective date of the termination, but shall have no liability with regard to events occurring prior to the Closing Date. If Buyer does not provide such notice to Seller, Buyer shall be deemed to have elected to assume all Property contracts.
Appears in 3 contracts
Sources: Real Estate Purchase and Sale Agreement (Medalist Diversified REIT, Inc.), Real Estate Purchase and Sale Agreement (Medalist Diversified REIT, Inc.), Real Estate Purchase and Sale Agreement (Medalist Diversified REIT, Inc.)