affiliates are unable to complete the sale of the Other Phases (or Seller is unable to complete the sale of this Phase), Purchaser shall have the right to terminate this Agreement and receive a
return of the Deposit. Therefore a condition to Purchasers obligation to Close shall be Sellers affiliates meeting the conditions to close and otherwise fully performing Sellers obligations under the contracts for the purchase and
sale of the Other Phases.
7.2 Conditions Precedent to Sellers Obligation to Close. Sellers obligation to
sell the Property is subject to satisfaction, on or before the Closing Date of the following conditions, any of which may be waived in writing by Seller, in Sellers sole and absolute subjective discretion:
7.2.1 Covenants. Purchaser shall have performed and observed, in all material respects, all covenants of Purchaser under this
7.2.2 Representations and Warranties. All representations and warranties of Purchaser set forth in this
Agreement shall be true and correct in all material respects as if made on the Closing Date
7.2.3 Delivery of Closing
Documents and Payment of Purchase Price. Purchaser shall have delivered each of the Closing Documents required to be delivered under Section 8.3.1 of this Agreement and shall have paid into escrow the balance due of the Purchase Price.
7.3 Failure of a Condition.
7.3.1 If any condition precedent to Purchasers obligation to close the transactions contemplated by this Agreement, as set forth in Section 7.1 of this Agreement, has not been satisfied
on or before the Closing Date, then Purchaser shall give notice to Seller of the condition or conditions that Purchaser asserts are not satisfied. Purchaser shall have the right to waive the unsatisfied condition or conditions by written notice to
Seller and Escrow Agent given on or before the Closing Date, in which case Purchaser shall have the right to extend the Closing Date by one (1) Business Day. Seller shall have the right to extend the Closing Date for a period of up to six
(6) months by delivering written notice to Seller and Escrow Agent within five (5) Business Days after Sellers receipt of such notice if Seller is unable to meet the conditions to close under this Agreement or the Other Phases
agreements, and is diligently working to be able to close such phase(s); provided, that if the Closing Date is extended beyond December 31, 2012, Purchaser is given notice not less than sixty (60) days advanced notice of the extended
Closing Date (further provided that Purchaser and Seller shall use good faith efforts to close prior to the end of any such sixty (60) day period). The failure of any condition set forth in Section 7.1 hereof that is not reasonably
susceptible of being cured within the time allotted shall not constitute a default, breach of a covenant, or other failure to perform by Seller hereunder if caused by a third party (other than Sellers lender) unless such failed condition was
caused by Sellers negligence, or willful and intentional actions or omissions in violation of its covenants set forth in this Agreement, in which case such shall be a Seller default entitling Purchaser to exercise its rights under Article 10.
In the event Seller exercises its right to extend the Closing Date in order to meet a condition precedent to Purchasers obligation to close under this preceding paragraph and Closing does not occur on or before December 31, 2012, Escrow
Agent shall promptly refund the Extension Payment (together with any interest accrued thereon) to Purchaser. If Seller has exercised its right to extend the Closing Date and Closing does not occur on or before June 21, 2013, Escrow Agent shall
promptly refund the Deposit (together with any interest accrued thereon) to Purchaser.