Waiver vs. Cancellation

Consider this, if the Buyer does not complete the appraisal by the deadline in section 24, is it s deal breaker?

Not at all, this situation is a "Waiver" of the Buyers ability to use this contigency. In other words, the ability to return the earnest money back in case the appraisal is below the purchase price.

The contract though is still fully in force. Seller cannot sell the property again just because the deadline was missed.

Now, if the Buyer gets notice of the appraisal by the appraisal deadline, and there is a problem, buyer notifies Seller wihin 3 calendar days of receipt of the appraisal, then this would be "Cancellantion".

In summary, the waiver is something that could benefit me, but I am going to let it go, and not use it.

Cancellation is a clause that is a benefit to me....