Permitting Period definition
Examples of Permitting Period in a sentence
In the event that Purchaser reasonably determines prior to the expiration of two hundred seventy (270) days following the filing for Permits for a Property (the “Initial Permitting Period”) Purchaser will not be able to obtain such Permits before the expiration of the Initial Permitting Period, Purchaser shall provide written notice to Wal-Mart, prior to the expiration of the Initial Permitting Period, a detailed time line of when Purchaser expects to obtain such Permits (“Permit Extension Notice”).
The Purchaser will diligently pursue obtaining all necessary final site plan approval, environmental, building, clearing, grading, and other required governmental approvals for the development of the property for Purchaser’s Intended Use (the “Permitting Approvals”) within the Permitting Period.
In the event Landlord fails to obtain the Permits by the end of the Permitting Period, Tenant shall have the right to terminate this Lease and declare it null and void and of no further force and effect as provided in Section 13.1. Once Landlord has secured all necessary Permits, Landlord shall provide Tenant with written notice (the "Permit Approval Notice").
Unless otherwise agreed upon between Seller and Purchaser, the Closing (the "Closing") shall occur ten (10) days after the expiration of the Permitting Period or upon obtaining necessary approvals as described in Section 6 above.
The Purchaser shall have the right at any time during the Permitting Period to notify Seller and Escrow Agent in writing that it has elected to terminate this Agreement if Purchaser for any reason determines Purchaser will be unable to obtain all Permitting Approvals acceptable to Purchaser to construct designated improvements necessary for Purchaser’s Intended Use of the Property.