Extending Closing Or Completion Date
Extending Closing or Completion Date
This Agreement extends the closing date for the Original Agreement between the parties dated ___________ and attached as Exhibit 1.
The parties wish to extend the date for completing the transactions contemplated by the Original Agreement to _____________ (“Extended Date”) on which transactions contemplated by Original Agreement are to be completed.In consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. The parties agree that the recitals above are true and correct in all material respects.
2. The parties agree that the Original Agreement is hereby modified and amended by extending the date for completing the transactions contemplated by the Original Agreement to Extended Date on which obligation to be performed.
3. The parties hereby confirm that (i) all other terms and conditions of the Original Agreement are in full force and effect, unamended except as expressly provided in this Agreement; and (ii) time shall remain of the essence.
4. This is the entirety of the Agreement. Any changes must be made in writing and signed by both parties.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the date written below.
__________________ ___________________
First Party Second Party__________________ ___________________
Witness Witness
Extending Closing or Completion Date
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. Formalizing extensions is always a wise practice for both sides. You can easily modify this for most circumstances whether in real estate, consumer, or business transactions.
1. Make multiple copies. Give one to each signatory. Keep one with the transaction file. If especially important to you, put one in your home safe.
Frequently Asked Questions
What is the purpose of an agreement to extend the closing or completion date?
The purpose is to extend the date for completing the transactions contemplated by an original agreement. It modifies the original agreement by setting a new extended date for completion. All other terms and conditions of the original agreement remain in full force and effect, unamended except as expressly provided.
What does 'time shall remain of the essence' mean in this extension agreement?
It means that the parties intend for the deadlines in the original agreement, as extended, to be strictly enforced. Failure to meet the extended date could have legal consequences. The extension agreement confirms that time remains of the essence.
How is the original agreement modified by this extension?
The original agreement is modified and amended by extending the date for completing the transactions to the extended date. This is done through the parties' agreement as stated in the extension document. All other terms and conditions remain unchanged.
What happens to the other terms of the original agreement when the closing date is extended?
All other terms and conditions of the original agreement remain in full force and effect, unamended except as expressly provided in the extension agreement. The extension only changes the completion date. The parties confirm this in the extension document.
Can the extension agreement be changed orally?
No, any changes must be made in writing and signed by both parties. The extension agreement states that it is the entirety of the agreement. Therefore, oral modifications are not permitted.
What is the extended date in this agreement?
The extended date is the new date for completing the transactions contemplated by the original agreement. It is specified in the extension agreement as the date on which obligations are to be performed. The exact date is left blank to be filled in by the parties.
What do the parties agree about the recitals in the extension agreement?
The parties agree that the recitals above are true and correct in all material respects. This is stated in section 1 of the extension agreement. By agreeing, they confirm the accuracy of the background information.
Does this extension agreement replace the original agreement?
No, it does not replace the original agreement. It modifies and amends the original agreement by extending the completion date. All other terms and conditions remain in full force and effect.
What is the consideration for this extension agreement?
The consideration is the premises and other good and valuable consideration, the receipt and sufficiency of which is acknowledged. This is stated in the opening paragraph of the extension agreement. The parties agree to the extension in exchange for this consideration.
What happens if the transactions are not completed by the extended date?
The extension agreement does not specify the consequences of failing to complete by the extended date. However, it states that time shall remain of the essence. Therefore, the original agreement's remedies for missed deadlines may still apply.
