Scott Mollen, Partner at Herrick, Feinstein LLP Contracts—Specific Performance Denied—Contract Subject to Land Use Approvals—After Expiration of Time Period For Obtaining the Approvals, Seller Had Right To Cancel the Contract
A plaintiff and a defendant entered into a purchase and sale agreement pursuant to which the defendant agreed to sell an undeveloped parcel of land for $1 million. The agreement was contingent upon the purchaser "obtaining all governmental approvals for the development of the parcel within 24 months from the end of a 90-day due diligence period." The contract provided that the date pursuant to which the plaintiff was to obtain the approvals was referred to as the "Approval Date." The contract permitted the plaintiff to extend the Approval Date by three months on two occasions. The closing was to occur 30 days after the Approval Date.Realty Law Digest
In this edition of his Realty Law Digest, Scott Mollen discusses "B&A Realty Mgt., LLC v. Gloria," "Cozzolino v. N.Y.S. Div. of Hous. & Cmty. Renewal," and "Daytree at Courtland Square Inc. v. Walsh."
August 10, 2021 at 01:59 PM
18 minute read
Scott Mollen, Partner at Herrick, Feinstein LLP
Contracts—Specific Performance Denied—Contract Subject to Land Use Approvals—After Expiration of Time Period For Obtaining the Approvals, Seller Had Right To Cancel the Contract
A plaintiff and a defendant entered into a purchase and sale agreement pursuant to which the defendant agreed to sell an undeveloped parcel of land for $1 million. The agreement was contingent upon the purchaser "obtaining all governmental approvals for the development of the parcel within 24 months from the end of a 90-day due diligence period." The contract provided that the date pursuant to which the plaintiff was to obtain the approvals was referred to as the "Approval Date." The contract permitted the plaintiff to extend the Approval Date by three months on two occasions. The closing was to occur 30 days after the Approval Date.
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