23. Contract subject to seller being released from previous contract – back up contract

This Contract is conditional upon the Seller being released from a certain Contract of Sale entered into by the Seller with [1] with respect to the property (such release being evidenced by a letter executed by the buyer or the buyer’s solicitors) such release to be received by the Seller on or before 5.00 pm on [2] failing which the seller or the seller’s solicitors may by written notice to the Buyer terminate this Contract in which event all monies paid by the Buyer by way of deposit or otherwise shall be refunded in full. Forthwith upon receipt of the letter of release the seller shall give notice in writing thereof to the Buyer.

LEGEND:
[1] name of other buyer
[2] date of receipt of notice of release