PROPERTIES (BUT NOT IN PART WITH RESPECT TO ONE PROPERTY) BASED SOLELY ON THE
FACT THAT THE LOAN ASSUMPTION AND RELEASE HAS NOT BEEN APPROVED BY THE LENDERS.
IF PURCHASER TIMELY EXERCISES SUCH TERMINATION RIGHT, THEN (I) THIS CONTRACT
SHALL BE OF NO FURTHER FORCE AND EFFECT, SUBJECT TO AND EXCEPT FOR THE SURVIVAL
PROVISIONS AND (II) THE FULL DEPOSIT SHALL BE RETURNED TO PURCHASER.
IF PURCHASER FAILS TO DELIVER TO SELLER A WRITTEN NOTICE OF
TERMINATION PRIOR TO THE EXPIRATION OF THE LOAN ASSUMPTION APPROVAL PERIOD (AS
THE SAME MAY BE EXTENDED PURSUANT TO PURCHASER'S LOAN ASSUMPTION EXTENSION
RIGHT) IN ACCORDANCE WITH THE TERMS OF THIS SECTION 4.7.9, THEN PURCHASER'S
RIGHT TO TERMINATE THIS CONTRACT UNDER THIS SECTION 4.7.9 SHALL BE PERMANENTLY
WAIVED, THIS CONTRACT SHALL REMAIN IN FULL FORCE AND EFFECT, AND PURCHASER SHALL
HAVE NO FURTHER RIGHT TO TERMINATE THIS CONTRACT ON ACCOUNT OF PURCHASER'S
INABILITY OR FAILURE TO OBTAIN THE LOAN ASSUMPTION AND RELEASE.
4.7.10
PURCHASER SHALL BE IN DEFAULT HEREUNDER IF (A) PURCHASER FAILS TO
SUBMIT A COMPLETE LOAN ASSUMPTION APPLICATION FOR EACH PROPERTY BY THE LOAN
ASSUMPTION APPLICATION SUBMITTAL DEADLINE, OR (B) PURCHASER DOES NOT ELECT TO
TERMINATE THIS CONTRACT PURSUANT TO SECTION AND THEREAFTER PURCHASER
FAILS TO OBTAIN THE LOAN ASSUMPTION AND RELEASE FOR EACH PROPERTY PRIOR TO THE
CLOSING DATE.
IF ANY OF THE EVENTS SET FORTH IN SUBSENTENCES (A) OR (B)
OCCURS, SELLERS MAY (I) TERMINATE THIS CONTRACT AND THE DEPOSIT SHALL BE
IMMEDIATELY RELEASED BY THE ESCROW AGENT TO SELLERS, OR (II) EXTEND THE TIME FOR
CLOSING FOR ALL PROPERTIES AS REASONABLY DETERMINED BY SELLERS TO PERMIT
PURCHASER TO OBTAIN THE LOAN ASSUMPTION AND RELEASE FOR ONE OR MORE OF THE
PROPERTIES.
4.8
PURCHASER FINANCING.
Except as otherwise provided in Section 4.7.9 above with respect to the Loan
Assumption and Release, Purchaser assumes full responsibility to obtain the
funds required for settlement, and Purchaser's acquisition of such funds shall
not be a contingency to the Closing.
ARTICLE V
CLOSING
5.1
CLOSING DATE.
5.1.1
THE CLOSING SHALL OCCUR ON JULY 1, 2009 AT THE TIME SET FORTH IN
SECTION 2.2.4 (THE "CLOSING DATE") THROUGH AN ESCROW WITH ESCROW AGENT, WHEREBY
SELLERS, PURCHASER AND THEIR ATTORNEYS NEED NOT BE PHYSICALLY PRESENT AT THE
CLOSING AND MAY DELIVER DOCUMENTS BY OVERNIGHT AIR COURIER OR OTHER MEANS.
NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, EACH SELLER SHALL HAVE THE
OPTION, BY DELIVERING WRITTEN NOTICE TO PURCHASER, TO EXTEND THE CLOSING DATE TO
THE LAST BUSINESS DAY OF THE MONTH IN WHICH THE CLOSING DATE OTHERWISE WOULD
OCCUR PURSUANT TO THE PRECEDING SENTENCE, AND THE EXERCISE OF SUCH OPTION SHALL
EXTEND THE CLOSING DATE FOR ALL PROPERTIES.
IN ADDITION, IF REQUIRED IN ORDER
TO OBTAIN ANY NECESSARY CONSENTS OR APPROVALS PURSUANT TO SECTION 8.2.4, THEN
SELLER MAY EXTEND THE CLOSING DATE TO A DATE NOT LATER THAN THIRTY (30) DAYS
FOLLOWING THE CLOSING DATE SPECIFIED IN THE FIRST SENTENCE OF THIS PARAGRAPH.
5.1.2
NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, IF PURCHASER
EXERCISES PURCHASER'S LOAN