This excerpt taken from the TRT 10-Q filed Feb 23, 2009.
7.1 It is hereby expressly agreed between the parties hereto that this Agreement and the sale and purchase hereunder is subject to and conditional upon the following conditions ("Conditions Precedents"):-
7.1.1 the procurement by the Vendor, at the Vendor's own cost and expense, of a certified true copy of the certificate of Fitness by the relevant local authority;
7.1.2 the Vendor informing the FIC in writing of the disposal of the Property in favour of the Purchaser (if applicable);
7.1.3 the procurement of MIDA's Acknowledgment~ and
7.1.4 the procurement by the Vendor, at the Vendor's own cost and expense, of the State's Consent.
7.2 The Purchaser hereby agrees and covenants to notify MIDA of the Purchaser's acquisition and to obtain MIDA's Acknowledgment as soon as possible within fourteen (14) days from the date hereof or from the date of receipt of the Vendor's information and documents referred to Clause 7.3 whichever shall be the later.
7.3 The Vendor hereby agrees and covenants to supply to the Purchaser, upon written request by the Purchaser, all information and documents that may be reasonably required in relation to 'the procurement of MIDA's acknowledgment.
7.4 The Vendor hereby agrees and covenants within fourteen (14)days from the date of this Agreement or within fourteen (14) days from the date of receipt of the Purchaser's information and documents whichever shall be later:-
7.4.1 to obtain a certified true copy of the Certificate of Fitness from the relevant local authority
7.4.2 inform FIC in writing of the disposal of the Property in favour of the Purchaser;
7.4.3 submit the application for the State Consent and shall deliver a certified copy of the Consent letters to the Purchaser's Solicitors within three(3) business days of the receipt 0'1the same.
Provided always the Purchaser hereby agrees and covenants to supply to the Vendor, upon written request by the Vendor, all information and documents that may be reasonably required In relation to the applications for the State's Consent.
7.5 In the event the Purchaser is unable to obtain MIDA's acknowledgment within three (3) months from the date of this Agreement or such other extended period as may be granted by the Vender, or the Vendor is unable to obtain the State's Consent within six (6) months from the date of this Agreement with an automatic extension of three (3) months or such other extended period as may be granted by the Purchaser or in the event the Vendor is unable to obtain a certified true copy of the Certificate of Fitness for the Property within seven (7) days of receipt of MIDA's acknowledgment and the State Authority's Co1sent (provided always that the Purchaser shall in its sole and absolute discretion be entitled to waive the requirement of a Certificate of Fitness to the extent permitted by law) then either party shall be at liberty to terminate this Agreement by notice in writing to the Vendor whereupon the Vendor shall within seven (7) days of the said notice of termination refund all monies (if any) paid by the Purchaser pursuant to the terms of this Agreement free of interest and thereafter this Agreement shall be terminated and be 01no further force and effect (save for the parties' rights and remedies in respect of any antecedent breaches of this Agreement).