The Closing of the sale of the Property by Seller to Purchaser will occur on the Closing Date, TIME BEING OF THE ESSENCE, through the escrow established with the Title Company. Each of Seller and Purchaser shall have the right to extend the Closing Date one time to a date no later than September 7, 2016, only in the event that any of the Closing Extension Conditions remain unsatisfied (and otherwise not waived in writing by Purchaser) as of the initial Closing Date. At Closing, the events set forth in this Article X will occur, it being understood that the performance or tender of performance of all matters set forth in this Article X are mutually concurrent conditions which may be waived by the party for whose benefit they are intended.