DFIN sells Phoenix property for $13M; buyer has up to 300 days for entitlements

Donnelley Financial Solutions, Inc.

Sale price $13M; buyer pays $250K initial deposit, additional $300K after due diligence.
Buyer has 90-day due diligence; if not terminated, deposit released to DFIN in tranches.
After due diligence, buyer has up to 300 days to obtain entitlements for mixed-use building; can extend 30 days for $100K.
Closing expected by Oct 24, 2023, or Nov 23, 2023 if extended; buyer pays $25K non-refundable commitment fee.
If buyer defaults after due diligence, full deposit kept as liquidated damages; seller default limited to deposit plus up to $75K costs.

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