1.1 This Contract is subject to and conditional upon the completion of the Buyer’s property settlement and receipt of all monies due and payable to the Buyer from such property settlement (Buyer’s Property Settlement) on or before 60 days from the date of this Contract (the Buyer’s Property Settlement Date).
1.2 The Buyer must give notice to the Seller that:-
a. Their property settlement or receipt of all monies due and payable to the Buyer from such property settlement has not occurred by the Buyer’s Property Settlement Date and the Buyer terminates the Contract. The Buyer may act in its absolute discretion and without being required to give any reasons; or
b. Special Condition 1.1 has been satisfied or waived by the Buyer.
1.3 The Seller may terminate this Contract by notice to the Buyer if notice is not given under Special Condition 1.2 by 5:00pm on the Buyer’s Property Settlement Date. This is the Sellers only remedy for the Buyers failure to give notice.
1.4 The Sellers right under Special Condition 1.3 is subject to the Buyers continuing right to give written notice to the Seller of satisfaction, termination or waiver pursuant to Special Condition 1.2.
1.5 In the event that this Contract is terminated by either the Buyer or Seller pursuant to this Special Condition then the Deposit is to be refunded to the Buyer in full without deduction.