The Closing Date Extension Addendum Form is essential when circumstances require postponing a transaction's closing date beyond what was initially agreed upon. Common scenarios include delays in financing, additional time needed for due diligence, or unforeseen circumstances affecting either party's ability to close on schedule. This document is widely used in U.S. real estate transactions and business deals to formally document the agreement to extend the closing date while preserving all other aspects of the original contract. It provides legal protection for all parties by clearly stating the new closing date and any associated conditions.
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1. Parties: Identification of all parties to the original agreement and this addendum
2. Background: Reference to original agreement and reason for extension
3. Extension Terms: Specific details of the new closing date and any conditions
4. Original Agreement Validity: Confirmation that all other terms of original agreement remain in effect
5. Signatures: Execution block for all parties
1. Additional Consideration: Section detailing any additional payment or consideration required for the extension
2. Modified Terms: Section covering any other terms being modified besides the closing date
3. Conditions Precedent: Section outlining any conditions that must be met before extension takes effect
1. Original Agreement: Copy of the original agreement being modified
2. Previous Extensions: Copies of any previous extension addenda, if applicable
Relevant legal definitions
Agreement
Original Purchase Agreement
Closing
Closing Date
Extended Closing Date
Extension Period
Effective Date
Property
Purchase Price
Parties
Buyer
Seller
Business Day
Transaction
Extension Fee
Deposit
Additional Deposit
Financing Contingency
Due Diligence Period
Force Majeure
Notice
Time of the Essence
Material Adverse Change
Governing Law
Jurisdiction
Clauses
Extension Terms
Consideration
Time Periods
Representations and Warranties
Conditions Precedent
Notice Requirements
Ratification
Amendment
Integration
Binding Effect
Further Assurances
Counterparts
Electronic Signatures
Governing Law
Severability
No Waiver
Compliance with Original Agreement
Force Majeure
Good Faith
Costs and Expenses
Relevant Industries
Relevant Teams
Relevant Roles
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