Common use of Basic Project Inspection Clause in Contracts

Basic Project Inspection. At all times prior to Closing, including times following the “Inspection Period” (which Inspection Period is defined to be the period commencing with the Contract Date and continuing through and including June 22, 2006), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable times, to perform inspections of the Land and the Improvements, (ii) make a non-invasive “Phase I” investigation with regard to the environmental condition of the Land and the Improvements and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is in attendance throughout such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two (2) business days’ prior notice to Seller before conducting any investigation, study, or interview at the Land and the Improvements. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteria, in its sole discretion, for the purchase, financing or operation of the Property in the manner contemplated by Purchaser, then Purchaser may terminate this Agreement by written notice to Seller (the “Termination Notice”), delivered not later than the last day of the Inspection Period (the “Approval Date”), whereupon the Deposit shall be returned to Purchaser and neither party shall have any further liabilities or obligations hereunder, except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Termination Notice to Seller on or prior to the Approval Date, Purchaser shall be automatically deemed to have elected to terminate this Agreement pursuant to this Section 6.1.

Basic Project Inspection. At all times prior to Closing, including times following the “Inspection Period” (which Inspection Period is defined to be the period commencing with the Contract Date and continuing through and including June 22ending on August 23, 2006), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable times, to perform inspections and tests of the Land and the Improvements, (ii) make a non-invasive “Phase I” investigation investigations with regard to the environmental condition of the Land and the Improvements and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is in attendance throughout such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two (2) business days’ prior notice to Seller before conducting any investigationinvestigations, study, interview or interview test to or at the Land and the Improvements. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteriacriteria (which criteria may include the requirements of Purchaser’s lenders and investors), in its sole discretion, for the purchase, financing or operation of the Property in the manner contemplated by Purchaser, then Purchaser may terminate this Agreement by written notice to Seller (the “Termination Notice”), delivered not later than 5:00 p.m. (Denver Time) on the last day of the Inspection Period (the “Approval Date”), whereupon the Deposit shall be returned to Purchaser and neither party shall have any further liabilities or obligations hereunder, except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser does not so terminate this Agreement, Purchaser shall, within three (3) business days after the Approval Date, but in no event later than August 26, 2006, deposit an additional $1,000,000.00 into the Escrow with the Title Company. If Purchaser fails to timely deliver a Termination Notice to Seller on or prior to the Approval Date, Purchaser shall be automatically deemed to have elected forever waived its right to terminate this Agreement pursuant to this Section 6.1, and the Property shall be deemed acceptable to Pxxxxxxxx.

Basic Project Inspection. At all times prior to Closing, including times following the “Inspection Period” (which Inspection Period is defined to be the period commencing with the Contract Date and continuing through and including June 22November 8, 20062019), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable times, to perform non-intrusive inspections and tests of the Land and the Improvements, (ii) make a non-invasive “Phase I” investigation investigations with regard to the environmental condition of the Land and the Improvements and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is in attendance throughout such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two (2) business days’ prior notice to Seller before conducting any investigationinvestigations, study, interview or interview test to or at the Land and the Improvements. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteria, in its sole and exclusive discretion, for the purchase, financing or operation of the Property in the manner contemplated by Purchaser, then Purchaser may terminate this Agreement by written notice Agreement, for any or no reason, whatsoever, at any time, prior to Seller 5:00 p.m. (the “Termination Notice”), delivered not later than Chicago time) on the last day of the Inspection Period (the “Approval Date”), whereupon . Title Company (as defined below) shall immediately return the entire Deposit shall be returned to Purchaser and upon receipt of any notice of Termination by Purchaser pursuant to this Section 6.1 (the “Termination Notice”). Upon Purchaser’s receipt of the refunded Deposit, neither party shall have any further liabilities or obligations hereunder, except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Termination Notice to Seller on or prior to From and after the Approval Date, Purchaser shall be automatically deemed to have elected no further right to terminate this Agreement pursuant to this Section 6.1.

Basic Project Inspection. At all times prior to Closing, including times following During the “Inspection Period” (which Inspection Period is defined to be the forty-five (45) day period commencing with from and after the Contract Date and continuing through and including June 22, 2006Date), Purchaser Purchaser, its agents and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) representatives shall be entitled to conduct a “Basic Project Inspection,” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, on at reasonable timesleast one business day’s notice to Seller (which notice may be given by telephone or electronic mail to Xxxxx Xxxxxx at the contact information set forth in Section 18 below), to perform inspections and tests of the Land and the ImprovementsProject, (ii) make a non-invasive “Phase I” investigation investigations with regard to the environmental condition of the Land and the Improvements other legal requirements, and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases tenant leases and other contracts affecting the PropertyPremises, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is in attendance throughout such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two (2) business days’ prior notice to Seller before conducting any investigation, study, or interview at the Land and the Improvementsif any. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteria, in its sole discretion, for the purchase, financing or operation of the Property Project in the manner contemplated by Purchaser, then Purchaser may terminate this Agreement by written notice to Seller (the “Termination Notice”), delivered with a copy to Escrowee, given not later than the last day of the Inspection Period (the “Approval Date”). Alternatively, whereupon if Purchaser is satisfied with the Deposit shall be returned results of its review of the Project, Purchaser may elect to Purchaser and neither party shall have any further liabilities or obligations hereunderproceed to Closing by written notice to Seller (the “Approval Notice”), except for those liabilities and obligations that expressly survive with a termination of this Agreementcopy to Escrowee, given not later than the Approval Date. If Purchaser fails to timely deliver a Termination delivers the Approval Notice to Seller on or prior to the Approval Date, Purchaser shall be automatically deemed to have elected forever waived its right to terminate this Agreement pursuant and the Project shall be deemed acceptable to Purchaser. If, however, Purchaser timely delivers the Termination Notice, or if Purchaser fails to timely deliver the Approval Notice, this Section 6.1Agreement shall automatically terminate, the Xxxxxxx Money, together with all interest thereon, shall be returned to Purchaser and neither party shall have any further liability to the other hereunder, except as provided in Sections 6(c), 17 and 20 below.

Basic Project Inspection. At all times prior to Closing, including times following the “Inspection Period” (which Inspection Period is defined to be the period commencing with the Contract Date and continuing through and including June 2215, 2006), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable times, to perform inspections and tests of the Land and the Improvements, (ii) make a non-invasive “Phase I” investigation investigations with regard to the environmental condition of the Land and the Improvements and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is in attendance throughout such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two one (21) business days’ prior notice to Seller before conducting any investigationinvestigations, study, interview or interview test to or at the Land and the Improvements. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteriadetermines, in its sole discretion, for the purchase, financing or operation of discretion that the Property in the manner contemplated by is not appropriate for Purchaser’s intended use, then Purchaser may terminate this Agreement by written notice to Seller (the “Termination Notice”), delivered not later than 5:00 p.m. (Chicago Time) on the last day of the Inspection Period (the “Approval Date”), whereupon the Deposit shall be returned to Purchaser and neither party shall have any further liabilities or obligations hereunder, except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Termination Notice to Seller prior 5:00 p.m. (Chicago Time) on or prior to the Approval Date, Purchaser shall be automatically deemed to have elected forever waived its right to terminate this Agreement pursuant to this Section 6.1, and the Property shall be deemed acceptable to Purchaser.

Basic Project Inspection. At all times prior to Closing, including times following the “Inspection Period” (which Inspection Period is defined to be the period commencing with the Contract Date and continuing through and including June 223:00 p.m. (Chicago time) on September 24, 20062007), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable times, to perform inspections and tests of the Land and the Improvements, (ii) make a non-invasive “Phase I” investigation investigations with regard to the environmental condition of the Land and the Improvements and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is notified in attendance throughout advance of such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two one (21) business days’ day’s prior notice to Seller before conducting any investigationinvestigations, study, interview or interview test to or at the Land and the Improvements. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteria, in its sole discretion, for the purchase, financing or operation of the Property in the manner contemplated by Purchaser, or for any other reason then Purchaser may terminate this Agreement by written notice to Seller (the “Termination Notice”), delivered not later than 5:00 p.m. (Chicago time) on the last day of the Inspection Period (as the same may be extended as provided above) (the “Approval Date”), whereupon the Deposit shall be returned to Purchaser and neither party shall have any further liabilities or obligations hereunder, except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Termination Notice to Seller on or prior to 5:00 p.m. Chicago time on the Approval Date, Purchaser shall be automatically deemed to have elected forever waived its right to terminate this Agreement pursuant to this Section 6.1, and the Property shall be deemed acceptable to Purchaser.

Basic Project Inspection. At all times prior to Closing, including times following the “Inspection Period” (which Inspection Period is defined to be the period commencing with on the Contract Date and continuing through and including June 22July 26, 2006), Purchaser and Purchaser’s employees, third party consultants, lenders, engineers, accountants and attorneys (collectively, the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable times, to perform inspections and tests of the Land and the Improvements, (ii) make a non-invasive “Phase I” investigation investigations with regard to the environmental condition of the Land and the Improvements and the compliance by the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii) review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with respect to its current and prospective occupancy of the Improvements as long as a representative of Seller is in attendance throughout such interview, which representatives shall be made reasonably available for such purposes. Purchaser shall provide not less than two (2) business days’ prior notice to Seller before conducting any investigationinvestigations, study, interview or interview test to or at the Land and the Improvements. If Purchaser determines that the results of any inspection, test, examination or review do not meet Purchaser’s criteriacriteria (which criteria may include the requirements of Purchaser’s lenders and investors), in its sole discretion, for the purchase, financing or operation of the Property in the manner contemplated by Purchaser, then Purchaser may terminate this Agreement. This Agreement by shall automatically terminate unless Purchaser provides Seller with written notice waiving Purchaser’s right to Seller (terminate this Agreement pursuant to this Section 6.1 prior to the “Termination Notice”), delivered not later than the last day of the Inspection Period (the “Approval Date”). If this Agreement terminates pursuant to the foregoing provisions of this paragraph, whereupon the Deposit shall be returned to Purchaser and then neither party shall have any further liabilities or obligations hereunder, except for those liabilities and obligations that expressly survive a termination of this Agreement. If Purchaser fails to timely deliver a Termination Notice to Seller on or prior to Agreement and the Approval Date, Purchaser Deposit shall be automatically deemed returned to have elected to terminate this Agreement pursuant to this Section 6.1Purchaser.