I really can't advise you on your contract if I am not involved in the transaction.
Most other agents won't either.
You need to get a direct answer from your Realtor...
Hank Lauzon III
Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134
Web : http://www.HanksLVRealestate.com
Never look down on anybody...unless you're helping them up.
Licensed Real Estate Broker NV#62827 MA#9530304 RI#18138
NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
MA & RI Broker at Sankey Real Estate
Unfortunately you won't get any definitive answers from agents on this because it is technically a legal question (asking them to interpret a contract) about a transaction they are not involved with. (I have never seen a contract that had two different time periods in it like this before.)
Have you asked your agent? Have you consulted with an attorney?
My personal opinion: if you are in doubt and don't want to chance losing your earnest deposit, don't cancel the contract before the 180 days.
If you have a due diligence period to inspect the home after a bank approval and if the contract is subject to you approving the HOA docs (if this property is in an association) you may have additional recourse to cancel the contract AFTER the 120 days or 180 days has expired.
MY advice would be to consult with an attorney who can truly advise you of your legal rights to cancel.
Berkshire Hathaway HomeServices
The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"