Extended Permit definition
Examples of Extended Permit in a sentence
If the Application is not filed by the Extended Permit Application Date, the Agreement is deemed terminated and the Deposit less the Delay Damages if applicable will be returned to Buyer.
If, despite using good faith and diligent efforts, Tenant fails to (a) obtain any required Governmental Approval within the Permit Period; or (b) resolve an appeal of a required land use Governmental Approval within the Extended Diligence Period, Tenant may terminate this Lease without the payment of any Termination Fee (defined in Section 7.1), by giving Landlord written notice thereof prior to the expiration of the Permit Period or the Extended Permit Period, as the case may be.
If Buyer fails to submit the Substantial Application by the Permit Application Date and/or the Application by the 2nd Permit Application Date, Seller shall either terminate the Agreement and the Deposit less the Delay Damages shall be released to Buyer, or be deemed to have extended (after payment of the Delay Damages, if applicable), the Permit Application Date to August 29, 1997 ("Extended Permit Application Date").
Notwithstanding the terms of Section 5.2, above, after the first eight (8) weeks of Permit Delay, any subsequent Permit Delay (the "Extended Permit Delay") shall serve to extend the Outside Lease Commencement Date by only fifty percent (50%) of the period of such Extended Permit Delay.