Deposit: Upon Execution of this term sheet, the Purchaser shall make a deposit equal to $2,000,000 (“Initial Deposit”). Upon the expiration of the Diligence Period, the Purchaser shall make an additional deposit equal to the sum of $8,000,000 (collectively, the “Deposit”). The Deposit shall be non-refundable, except as otherwise specified in this Term Sheet or the Purchase Contract, as applicable. Upon closing, the Deposit shall be applied to the Purchase Price. Due Diligence: Following execution of this Term the Purchaser shall have 90 days to conduct standard due diligence (the Period”). Upon “Diligence expiration of the Diligence Period, the Deposit or any portion thereof that has been funded at that time, shall become non-refundable except as otherwise specified in this Term Sheet. Due Diligence” include environmental review, title “Standard matters, subsurface condition review and other investigations directly related to the condition of the Property. Documentation: Concurrent with the 90 day Due Diligence Period, the Purchaser and Port Authority shall to draft and finalize the transaction documents, which may include, but not be limited to: Purchase and Sale Agreement; Zoning Lot Development Agreement; and Air Easement; Easement, Maintenance and Operating Agreements; and Any other document necessary or agreed upon to effectuate this transaction. Termination: The Authority and the Purchaser will proceed in good faith to enter into the Purchase and Sale Agreement by 2015. If the Authority and the Purchaser have not executed the Purchase and Sale Agreement by such date then the Authority shall have the option to terminate this Term Sheet, and neither party will have any further obligation to the other. If the parties proceeded in good faith as required, but are unable to reach an agreement by the aforesaid date and the Port Authority elects to terminate, then the Deposit shall be returned to the Purchaser less any reasonable Authority expenses incurred with the negotiations in an amount not to exceed $50,000. The balance of the Purchase Price (i.e., after crediting the Deposit) is due upon closing of this transaction. Authority Board The Purchaser expressly acknowledges that it is executing this Term Approval: prior to authorization by the Authority Board of Commissioners for execution of this Term Sheet by the Authority and prior to the
Deposit: Upon Execution of this term sheet, the Purchaser shall make a deposit equal to $2,000,000 (“Initial Deposit”). Upon the expiration of the Diligence Period, the Purchaser shall make an additional deposit equal to the sum of $8,000,000 (collectively, the “Deposit”). The Deposit shall be non-refundable, except as otherwise specified in this Term Sheet or the Purchase Contract, as applicable. Upon closing, the Deposit shall be applied to the Purchase Price. Due Diligence: Following execution of this Term the Purchaser shall have 90 days to conduct standard due diligence (the “Diligence Period”). Upon expiration of the Diligence Period, the Deposit or any portion thereof that has been funded at that time, shall become non-refundable except as otherwise specified in this Term Sheet. “Standard Due Diligence” include environmental review, title matters, subsurface condition review and other investigations directly related to the condition of the Property. Documentation: Concurrent with the 90 day Due Diligence Period, the Purchaser and Port Authority shall to draft and finalize the transaction documents, which may include, but not be limited to: Purchase and Sale Agreement; Zoning Lot Development Agreement; and Air Easement; Easement, Maintenance and Operating Agreements; and Any other document necessary or agreed upon to effectuate this transaction. Termination: The Authority and the Purchaser will proceed in good faith to enter into the Purchase and Sale Agreement by 2015. If the Authority and the Purchaser have not executed the Purchase and Sale Agreement by such date then the Authority shall have the option to terminate this Term Sheet, and neither party will have any further obligation to the other. If the parties proceeded in good faith as required, but are unable to reach an agreement by the aforesaid date and the Port Authority elects to terminate, then the Deposit shall be returned to the Purchaser less any reasonable Authority expenses incurred with the negotiations in an amount not to exceed $50,000. The balance of the Purchase Price (i.e., after crediting the Deposit) is due upon closing of this transaction. Authority Board Approval: The Purchaser expressly acknowledges that it is executing this Term prior to authorization by the Authority Board of Commissioners for execution of this Term Sheet by the Authority and prior to the
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