Definition of Term for Closing

  1. Term for Closing means the seventy five (75) calendar days following the date of execution of this Agreement, broken down as follows: sixty (60) calendar days during which the conditions for closing shall be met, and during which period of time Future Buyer shall advise Future Seller its intent to conduct the Closing, plus fifteen (15) additional calendar days to effectuate the Closing, with the understanding that such additional fifteen (15) day period shall only apply if Future Buyer has elected to conduct the Closing. SECOND. The Future Seller hereby promises, covenants and agrees to transfer the Property exclusively to the Future Buyer or its appointed designee(s), free and clear of any Restriction, and the Future Buyer promises, covenants and agrees to acquire the Property, through the execution of the Purchase and Sale Agreement, subject to and upon its satisfaction, that the terms and conditions identified herein have been fulfilled, complied with or waived. The transfer of the Property from the Future Seller to the Future Buyer shall occur on or before the expiration of the Term for Closing, subject to and upon satisfaction of the conditions provided for herein. The transfer of the Property shall be effected through the execution of the Purchase and Sale Agreement, before a Mexican Notary Public selected exclusively by the Future Buyer. Possession of the Property will be delivered to the Future Buyer at Closing. THIRD. The Future Seller represents and warrants to the Future Buyer, as of the date of execution of this Contract and as of Closing, as follows:

Definition of Term for Closing in Purchase and Sale Agreement

Term for Closing means the seventy five (75) calendar days following the date of execution of this Agreement, broken down as follows: sixty (60) calendar days during which the conditions for closing shall be met, and during which period of time Future Buyer shall advise Future Seller its intent to conduct the Closing, plus fifteen (15) additional calendar days to effectuate the Closing, with the understanding that such additional fifteen (15) day period shall only apply if Future Buyer has elected to conduct the Closing. SECOND. The Future Seller hereby promises, covenants and agrees to transfer the Property exclusively to the Future Buyer or its appointed designee(s), free and clear of any Restriction, and the Future Buyer promises, covenants and agrees to acquire the Property, through the execution of the Purchase and Sale Agreement, subject to and upon its satisfaction, that the terms and conditions identified herein have been fulfilled, complied with or waived. The transfer of the Property from the Future Seller to the Future Buyer shall occur on or before the expiration of the Term for Closing, subject to and upon satisfaction of the conditions provided for herein. The transfer of the Property shall be effected through the execution of the Purchase and Sale Agreement, before a Mexican Notary Public selected exclusively by the Future Buyer. Possession of the Property will be delivered to the Future Buyer at Closing. THIRD. The Future Seller represents and warrants to the Future Buyer, as of the date of execution of this Contract and as of Closing, as follows: