The Closing Date Extension Addendum is commonly used when circumstances require a modification to the originally agreed-upon closing date in a transaction. This document type is essential when parties need additional time to complete due diligence, secure financing, or address other closing-related issues. Under U.S. contract law, this formal addendum ensures the extension is properly documented and legally binding, protecting all parties' interests while maintaining the validity of the original agreement.
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1. Original Agreement Reference: Details of the original agreement being modified, including date and parties
2. Current Closing Date: Statement of the current closing date in the original agreement
3. New Closing Date: Clear specification of the new closing date
4. Consideration: Any consideration paid for the extension
5. Original Terms Confirmation: Statement that all other terms remain unchanged
1. Extension Fee: Details of any fees required for the extension of the closing date
2. Conditions for Extension: Specific conditions that must be met for the extension to be valid
3. Multiple Extension Options: Provisions allowing for additional extensions if needed
1. Original Agreement: Copy of the original agreement being modified
2. Extension Fee Schedule: Breakdown of any extension fees if applicable
3. Timeline Schedule: Updated timeline showing original and new closing dates
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