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Estoppels
Estoppels contract clause examples

If Seller is unable to obtain and deliver the Required Estoppels as required under [Section 8.4(a)], or if the certificates received contain a statement that Seller is in default under a Lease and Buyer objects thereto by written notice to Seller within two (2) business days after receipt by Buyer of the objectionable estoppel, but in any event on or before the Closing Date, then Seller will not be in default by reason thereof, and either Buyer or Seller may elect to extend the Closing Date by up to thirty (30) days in order to satisfy the requirement. If Seller still cannot satisfy the requirement at the end of such extended period, then Buyer may, by written notice given to Seller before the Closing, elect to terminate this Agreement and receive a refund of the Deposit or waive said condition. If Buyer so elects to terminate this Agreement, the Deposit shall be promptly returned to Buyer, and neither party shall have any further rights or obligations hereunder except as provided in [Sections 6.1, 9.3, 9.5 and 9.9]9]9]. If no such notice is delivered by Buyer, Buyer shall be deemed to have waived such condition.

In the event Seller has obtained but is unable to deliver the Required Estoppels or the Ground Lessor Certificate to Buyer on the date that is least three (3) business days prior to Closing, then Buyer shall have the option to extend Closing for each day of delay but in no event more than ten (10) days. In the event Seller has been unable to obtain the Required Estoppels or the Ground Lessor Certificate as of the Closing Date, then # with respect to all Required Estoppels, Buyer or Seller shall have the right to extend the Closing Date by up to ten (10) days by delivery of written notice to the other to allow additional time to obtain the Required Estoppels, and # with respect to the Ground Lessor Certificate, Buyer or Seller shall have the right to extend the Closing Date by up to thirty (30) days by delivery of written notice to the other in order to allow Seller additional time to obtain the Ground Lessor Certificate. Seller shall have no obligation to update any Tenant Estoppels described in this Section 6.3 or the Ground Lessor Certificate at or prior to Closing, including without limitation in connection with any extension of the Closing Date pursuant to this Agreement. Notwithstanding anything contained herein to the contrary, if Buyer has not received the Required Estoppels or the

In the event Sellers have been unable to obtain the Required Estoppels at or prior to Closing, Sellers shall have the right, upon written notice to the Buyer, to extend the Closing Date by up to ten (10) days in order to allow Sellers additional time to obtain all Required Estoppels. Sellers shall have no obligation to update any Conforming Estoppels described in this Section 6.3 at or prior to Closing. Notwithstanding anything contained herein to the contrary, if Buyer has not received the Required Estoppels in accordance with the terms of this Section 6.3 at or before the scheduled Closing (as may be extended), Sellers shall not be deemed in default of this Agreement, but rather a failure of a condition to Closing shall have occurred, and the terms of Section 11 of this Agreement shall control.

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