Upon the completion of the MAC Cure to the reasonable satisfaction of the Purchaser, the Parties shall thereupon proceed to consummate the Transaction on the Closing Date on the terms and conditions provided for in this Agreement. The Vendor shall be required to notify the Purchaser within 5 (five) Business Days following the date of the MAC Notice of its decision to effect a MAC Cure (a “ MAC Cure Notice”), and to effect the MAC Cure within twenty (20) Business Days from the date of the MAC Cure Notice but in any event by not later than the Closing Date (subject to agreed extensions).Īll costs and expenses incurred in effecting a MAC Cure shall be for the account of the Vendor. The MAC Cure of a MAC Casualty Event shall entail inter alia, the repair of the damage caused and/or re-construction of the damaged areas in such manner that all premises affected by the MAC Casualty Event are returned in all material respects to the same condition, structural integrity and operational functionality as they existed on the Execution Date. In the event that: (A) the Vendor shall decline or fail to furnish the Purchaser with its MAC Cure Notice in a timely manner as specified in § 5.1.2(b) above or (B) the MAC Cure shall not have been completed in all material respects within the period set out in the Vendor’s MAC Cure Notice (subject to any further extensions agreed between the Parties in writing), then and in such event the Purchaser shall have the right to terminate this Agreement without sanction or penalty.
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