Property Approval Period. Through the earlier of Closing or the termination of this Agreement, Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. Notwithstanding anything to the contrary provided in this Agreement, Purchaser hereby acknowledges that the Property Approval Period has expired with respect to the Oak Park Property (as defined in Section 10.11 hereof), but Purchaser shall have the right to terminate this Agreement prior to the expiration of the Property Approval Period for any reason or no reason at all related to the Champions Property (as defined in Section 10.13). Furthermore, notwithstanding anything to the contrary provided in this Agreement, (i) Purchaser and the Licensee Parties shall have the right to conduct a Phase II environmental site assessment (the “Phase II”) with respect to the Champions Property and (ii) unless required by federal, state or local law or ordinance, or unless requested in writing by Seller, Purchaser shall not disclose the results of the Phase II to Seller. If Purchaser elects to terminate this Agreement prior to the expiration of the Property Approval Period, then Purchaser shall deliver written notice thereof to Seller and the Title Company stating such election, and Title Company shall return to Purchaser the Xxxxxxx Money Deposit pursuant to the terms of Section 4.6 hereof. Following such termination, Purchaser shall pay any cancellation fees or charges of Title Company, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement. If Purchaser fails to terminate this Agreement prior to the expiration of the Property Approval Period, Purchaser shall be deemed to have waived its right to terminate this Agreement as provided in this Section 5.4. If Purchaser elects to terminate this Agreement pursuant to this Section 5.4, the Other Property Agreements shall also terminate in accordance with Section 10.11 hereof.
Property Approval Period. Between the Effective Date and 5:00 p.m. (Pacific Time) on the Contingency Date (the “Property Approval Period”), Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. If Purchaser determines not to proceed with the purchase of the Property in accordance with 19 this Agreement, then Purchaser shall, prior to 5:00 p.m. (Pacific Time) on the Contingency Date, deliver a Termination Notice to Seller. Notwithstanding the provisions of Section 14.1, any Termination Notice from Purchaser to Seller shall be deemed delivered upon Seller sending such Termination Notice via email to Seller’s representatives, Xxxxx XxXxxxx and Xxxxxxxx Xxxxxx, at the following email addresses, respectively, without regard to any acknowledgement of receipt: xxxxx.xxxxxxx@xxxxx.xxx and xxx.xxxxxx@xxxxxxxxxx.xxx, with a record that such email has been delivered. If Purchaser does not timely deliver a Termination Notice, Purchaser shall be deemed to have approved the matters described in Sections 5.1 and 5.2 above and elected to waive its right to terminate this Agreement pursuant to Section 5.4, which determination shall be made by Purchaser in its sole and absolute discretion. If Purchaser delivers a Termination Notice pursuant to the foregoing, this Agreement shall automatically terminate, Purchaser shall pay any cancellation fees or charges of Title Company, and except for Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement.
Property Approval Period. Through the earlier of Closing or the termination of this Agreement, Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. Notwithstanding anything to the contrary provided in this Agreement, Purchaser hereby acknowledges that the Property Approval Period has expired.
Property Approval Period. 20. Between the Effective Date and 5:00 p.m. (Central time) on the last day of the Property Approval Period, Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion, may determine whether or not the Property is acceptable to Purchaser within the Property Approval Period. If Purchaser determines not to proceed with the purchase of the Property in accordance with this Agreement, then Purchaser shall, prior to 5:00 p.m. (Central time) on the Contingency Date, notify Seller in writing (a “Termination Notice”) that Purchaser has not approved the matters described in Sections 5.1 and 5.2 above, which determination shall be made by Purchaser in its sole and absolute discretion. If Purchaser timely delivers a Termination Notice pursuant to the foregoing, this Agreement shall automatically terminate, the Xxxxxxx Money Deposit shall be returned to Purchaser, and except for the Termination Surviving Obligations, the parties shall have no further rights or obligations to one another under this Agreement.
Property Approval Period. During the period from the date of full execution of this Agreement to 5:00 p.m. Pacific time on January 11, 2010 (the “Property Approval Period”), Buyer shall have the right to review and investigate the physical and environmental condition of the Property, the income and expenses of the Property, the character, quality, value and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Real Property, and any other factors or matters relevant to Buyer’s decision to purchase the Property. Buyer may determine, in its sole discretion, whether or not the Property is acceptable to Buyer within the Property Approval Period. If, during the Property Approval Period, Buyer determines that the Property is not acceptable for any reason whatsoever, Buyer shall have the right, by giving notice (“Disapproval Notice”) to Seller and the Escrow Holder on or before the last day of the Property Approval Period, to disapprove any matters relating to the Property. The Disapproval Notice shall identify and briefly describe the disapproved matters (“Disapproved Matters”). If Buyer does not give a Disapproval Notice within the Property Approval Period, Buyer shall be deemed to have approved the Property, this Agreement shall continue in full force and effect, and Buyer shall have no further right to terminate this Agreement pursuant to this Section 5.3. If Buyer delivers a Disapproval Notice within the Property Approval Period, Seller shall have a period of three (3) business days after Seller’s receipt of the Disapproval Notice (“Response Period”) (a) to elect to cure any Disapproved Matters by the Closing Date and to inform Buyer and the Escrow Holder of the same, in which case Seller shall be required to cure the Disapproved Matters prior to, and as a condition to, the Closing, or (b) to advise Buyer and the Escrow Holder, in writing, that Seller will not agree to cure the Disapproved Matters (the “Response Notice”). If Seller fails to deliver to Buyer and the Escrow Holder the Response Notice within the Response Period, Seller shall be deemed to have elected not to cure the Disapproved Matters. If Seller advises Buyer in its Response Notice that it will not cure the Disapproved Matters (or Seller is deemed to have elected not to cure the Disapproved Matters), then Buyer shall have three (3) business days following (i) receipt of the Response Notice, or (ii) expiration...
Property Approval Period. Notwithstanding any provision of Section 1.2(a) or any other provision of the Purchase Agreement to the contrary, the “Property Approval Period” is extended through and until 5:00 p.m. (Pacific time) on February 10, 2012.
Property Approval Period. Until thirty (30) days after the date of this Agreement, (the “Property Approval Period”), Buyer shall have the right to review and investigate the physical and environmental condition of the Property, the income and expenses of the Property, the character, quality, value and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Real Property, and any other factors or matters relevant to Buyer’s decision to purchase the Property. Buyer may determine whether or not the Property is acceptable to Buyer within the Property Approval Period. If, during the Property Approval Period, Buyer determines that the Property is not acceptable for any reason whatsoever, Buyer shall have the right, by giving notice to Seller on or before the last day of the Property Approval Period, to terminate this Agreement. If Buyer exercises the right to terminate this Agreement in accordance with this section 5.3, this Agreement shall terminate as of the date such termination notice is given by Buyer If Buyer does not exercise the right to terminate this Agreement in accordance with this section 5.3, this Agreement shall continue in full force and effect, and Buyer shall have no further right to terminate this Agreement except pursuant to section 10.5.
Property Approval Period. Between the Effective Date and 5:00 p.m. (Central time) on the Contingency Date (the “Property Approval Period”), Purchaser shall have the right to review and investigate the Property and the items set forth in Sections 5.1 and 5.2 above (collectively, the “Due Diligence Items”). Purchaser, in Purchaser’s sole and absolute discretion and for any reason or no reason, may determine whether or not Purchaser’s acquisition of the Property is acceptable to Purchaser within the Property Approval Period. If Purchaser determines to proceed with the purchase of the Property in accordance with this Agreement, then Purchaser shall, prior to 5:00 p.m. (Central time) on the Contingency Date, notify Seller in writing (an “Approval Notice”) that Purchaser has approved the matters described in Sections 5.1 and 5.2 above, which determination shall be made by Purchaser in its sole and absolute discretion. If Purchaser fails to timely deliver an Approval Notice pursuant to the foregoing, this Agreement shall automatically terminate and Purchaser, acting unilaterally, shall be entitled to receive a full refund of the Xxxxxxx Money Deposit (less the Independent Consideration, which shall be paid to Seller). Purchaser shall pay any cancellation fees or charges of Title Company, and except for Termination Surviving Obligations under this Agreement, which expressly survive termination of this Agreement, the parties shall have no further rights or obligations to one another under this Agreement.
Property Approval Period. At all reasonable times during the Option Term, Optionee shall have the right to review and investigate the physical and environmental condition of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Real Property, and any other factors or matters relevant to Optionee’s decision to purchase the Property. Optionee may determine whether or not the Property is acceptable to Optionee during the Option Term. If, during the Option Term, Optionee determines that the Property is not acceptable for any reason whatsoever, Optionee shall have the right, by giving written notice to Optionor on or before the last day of the Option Term, as such term may be extended, to terminate this Agreement. If Optionee exercises the right to terminate this Agreement in accordance with this Paragraph 5.3, this Agreement shall terminate as of the date such termination notice is given by Optionee, and Optionee shall have no obligation to make any further Option Payment Installments. Except as otherwise expressly provided in this Agreement all Option Payment Installments paid to Optionor prior to termination by Optionee, or deemed termination, shall be retained by Optionor and in the event of such termination neither party shall have any further obligation to the other, except for obligations which by the provisions of this Agreement specifically survive termination.
Property Approval Period. If the parties to this Agreement have previously executed an access agreement or other similar agreement in connection with the transaction contemplated by this Agreement, then the terms and provisions of such other access agreement shall apply to the parties’ actions prior to the date of this Agreement and, effective upon the date of this Agreement, the terms and provisions of this Agreement regarding access and due diligence investigations shall control with respect to the parties’ actions from and after the date of this Agreement.
