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7. Closing or Cancellation of Closing. <br /> 7.1 Closing Date. <br /> 7.1.1 Provided that this Agreement is not earlier terminated pursuant to <br /> the terms and provisions hereof and provided that all of the conditions precedent to the Closing <br /> have been satisfied or waived, the Parties agree that the Closing shall occur on or before August <br /> 31, 2026 (the "Closing Date"), unless extended as described in Section 7.1.2; provided however, <br /> that in no event shall the Closing Date be later than September 30, 2026 ("Outside Date"). By <br /> Closing, the Parties shall be deemed to have irrevocably committed to cause the Title Company <br /> to issue any requested Title Policy. <br /> 7.1.2 In the event that City believes it is necessary to extend the Closing <br /> Date in order to conduct additional Due Diligence as described in Section 5 above, as applicable, <br /> City shall have the right to unilaterally extend the Closing Date by ten (10) days by providing <br /> written notice to the County before the Closing Date. City shall only be entitled to one unilateral <br /> extension. The Parties may subsequently extend the Closing Date only by written agreement of <br /> both Parties, except that in no event shall the Closing Date be later than the Outside Date without <br /> the written agreement of both Parties. <br /> 7.1.3 In the event that the Closing fails to occur by the Outside Date, and <br /> neither Party is in default of its obligations hereunder, then the Party for whose benefit the non- <br /> satisfied condition exists may cancel the Closing by written notice to the other Party. In the <br /> event that, due to an "Event of Default" by a "Defaulting Party" (as the terms are defined in <br /> Section 10.1 below), the Closing fails to occur by the Outside Date, then without waiving any <br /> rights or remedies which the non-Defaulting Party may have against the Defaulting Party under <br /> Section 10 of this Agreement, the non-Defaulting Party may cancel the Closing upon written <br /> notice to the Defaulting Party. In the event that the non-Defaulting Party elects not to terminate <br /> this Agreement, then the non-Defaulting Party may pursue the remedies for such Event of <br /> Default as provided in Section 10 below. <br /> 7.2 Cancellation. <br /> 7.2.1 If the Closing is cancelled pursuant to Section 7.1.3 above, each <br /> Party shall return to the other Party delivering the same, all instruments which are then held by <br /> the Party in connection with the Transfer. <br /> 7.2.2 If the Closing is cancelled pursuant to Section 7.1.3 above and <br /> neither Party is in default of its obligations hereunder, this Agreement shall be deemed to be <br /> terminated (with the exception of those provisions which expressly state that they are to survive <br /> such termination). In such event, neither Party shall be obligated to the other to effectuate the <br /> Closing. <br /> 7.3 Items to be Delivered Prior to Closing. <br /> 7.3.1 On or before five (5) business day prior to the Closing Date, the <br /> County shall execute and provide City with a copy of the following: <br /> 5 <br /> Project Name:County of Orange/Santa Ana Plaza of the Fountains Property Transfer <br />