Inspection Date definition
Examples of Inspection Date in a sentence
In the event that, despite using good faith efforts to negotiate the form of the Leaseback Lease and Lease Guaranty, the parties are unable to agree upon a form of Leaseback Lease and Lease Guaranty prior to the expiration of the Inspection Date, either Seller (at the direction of the Leaseback Tenant) or Buyer may terminate this Agreement by providing written notice to the other parties to this Agreement on or prior to the expiration of the Inspection Date.
If B▇▇▇▇ fails to give Seller written notice, not later than the Inspection Date, that B▇▇▇▇ has elected to terminate this Agreement, then this Agreement shall remain in full force and effect in accordance with its terms and the parties shall proceed to Closing.
Buyer shall have until the Inspection Date by which to examine title to the Property, to order through the Title Agent and obtain a title insurance commitment with respect to the Property (the “Title Commitment”) from the Title Insurer, and to give written notice to Seller of any objections which Buyer may have with respect to the Property.
If, on or before the Inspection Date, Buyer gives Seller written notice that B▇▇▇▇ has elected to terminate this Agreement pursuant to this Section 7.3, then this Agreement shall terminate with such termination to be effective as of the date such notice is given to Seller, in which event the Deposit, less the Independent Consideration, shall be returned to Buyer, and the parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination.
Any matters shown on the Survey and objected to by Buyer by the Inspection Date shall be additional title objections, as to which the obligations and rights of Buyer and Seller shall be the same as provided in Section 5 above.