P06-Closing

                        

Objective Form:

06.1  Closing shall occur at such time as may be mutually agreed
by the parties provided; however, that closing shall occur no
later than __________________, 19_____, unless such a re-
quirement is waived in writing by both parties and a new date is
substituted therefore.

06.2  Closing shall occur at ____________________________________.

06.3  Time is of the essence in this agreement.

Comment:
    The objective form is integrated with the provisions for con-
ditions of the premises, governmental regulation and title ob-
jections which give specific periods in which the parties must
perform.  The maximum closing date should contemplate sufficient
time in which the parties may perform their dutiesY under those


and other sections of the agreement and some additional time to
allow for final details of closing.  Time is of the essence, so
that any delays beyond the maximum date would result in default.

Alternative:
    The parties may agree to a provision in which closing is set
on the basis of the date that all the conditions to closing are
met.  Here, it is common for time not to be of the essence and,
hence, the failure to timely close by a set and predetermined
date is not a default.
         "Closing shall occur within ________ days of the date
         on which all conditions to closing have been met, or
         at such other time as the parties may agree in writing.
         The time of day, place and manner of closing shall be
         established by mutual agreement of the parties."