Common use of Due Diligence Inspections Clause in Contracts

Due Diligence Inspections. (a)From the Effective Date until the Closing Date or earlier termination of this Agreement, the Sellers shall permit the Purchaser and the Purchaser Parties to inspect the Property, to perform due diligence with respect to the Property, to examine the non-proprietary and non-confidential records of the Sellers pertaining to the Property, and make copies thereof, at such times during normal business hours as the Purchaser may reasonably request, subject to the last sentence of this Section 3.1(a). All such inspections shall be nondestructive and non-invasive in nature and shall not include any physically intrusive, invasive, or destructive testing or boring without the Sellers’ prior written approval, which approval may be given or withheld in the Sellers’ sole and absolute discretion. All such inspections shall be performed in such a manner so as not to interfere (other than to a de minimis extent or as customarily associated with commercially reasonable due diligence activities) with the business of Tenants at the Property and/or the operation of the Property, and, in each case, subject to the rights of Tenants under their applicable Leases. The Sellers shall have the right to have a representative of the Sellers present during any such inspection. Contact and communications by the Purchaser or the Purchaser Parties with any Tenants, property managers, or contractors of the Property shall be limited to reasonable and customary interviews scheduled through the Sellers, and no such interview shall occur unless the applicable counterparty consents thereto and a representative of the Sellers has the opportunity to jointly participate in such interview. All inspection fees, appraisal fees, engineering fees, and all other costs and expenses of any kind incurred by the Purchaser relating to the inspection of the Property shall be solely the Purchaser’s expense. The Purchaser shall contact the Seller to schedule all inspections and interviews pursuant to this Agreement not less than forty-eight (48) hours in advance of any such inspection and/or interview, which scheduling arrangements may be made via email addressed to [****] and the Sellers shall cooperate with the Purchaser in a commercially reasonable manner to facilitate such scheduling.

Appears in 1 contract

Samples: Purchase and Sale Agreement (CTO Realty Growth, Inc.)

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Due Diligence Inspections. (a)From a. From and after the Effective Date until the Closing Date or earlier termination of this Agreement, the Sellers Seller shall permit the Purchaser and the Purchaser Parties its authorized representatives to inspect the Property, to perform due diligence with respect to the Propertyand environmental investigations, to examine the non-proprietary and non-confidential records of the Sellers pertaining Seller with respect to the Property, and make copies thereof, at such times during normal business hours as the Purchaser or its representatives may reasonably request, subject to the last sentence of this Section 3.1(a). All such inspections shall be nondestructive in nature, and non-invasive in nature and specifically shall not include any physically intrusive, invasive, invasive or destructive testing or boring without the Sellers’ Seller's prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed, but which approval may be given or withheld in conditioned on Seller's reasonable approval of the Sellers’ sole scope and absolute discretionnature of such testing and boring. All such inspections shall be performed in such a manner so as not to interfere (other than minimize to a de minimis the extent or as customarily associated with commercially reasonable due diligence activities) reasonably practicable any interference with the business of the Tenants at under the Property and/or the operation of the PropertyLeases, and, in each case, subject to in compliance with the rights and obligations of Tenants Seller as landlord under their applicable the Leases. The Sellers Purchaser shall have the right to interview Tenants of the Property during the Inspection Period, provided that Seller shall have the right to have a representative present at the time of any such interview, whether by phone or in person. Except as set forth in the immediately preceding sentence, Purchaser shall make no contact with and shall not interview any Tenant of the Sellers present during any such inspection. Contact and communications by the Purchaser or the Purchaser Parties with any Tenants, property managers, or contractors of the Property shall be limited to reasonable and customary interviews scheduled through the Sellers, and no such interview shall occur unless the applicable counterparty consents thereto and a representative of the Sellers has the opportunity to jointly participate in such interviewProperty. All inspection fees, appraisal fees, engineering fees, fees and all other costs and expenses of any kind incurred by the Purchaser relating to the inspection of the Property shall be solely the Purchaser’s 's expense. The Seller reserves the right to have a representative present at the time of making any such inspection. Purchaser shall contact the confirm arrangements with Seller to schedule all inspections and interviews pursuant to this Agreement not less than forty-eight one (481) hours Business Day in advance of making any such inspection and/or interviewinspection, which scheduling arrangements may be made confirmed via email addressed during normal business hours (local Atlanta, Georgia time) to [****] Xxxxxx Xxxxxx (email: xxxxxx.xxxxxx@xxxxxxxx.xxx) or Xxx Xxxxxxx (email: xxxxxx.xxxxxxx@xxxxxxxx.xxx), and other representative(s) of Seller's disposition team for the Sellers shall cooperate with the Purchaser in a commercially reasonable manner Property known to facilitate such schedulingPurchaser.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Fund Viii Lp)

Due Diligence Inspections. (a)From a) From and after the Effective Date until the Closing Date or earlier termination of the inspection rights of Purchaser under this Agreement, the Sellers Seller shall permit the Purchaser and the Purchaser Parties its authorized representatives to inspect the Property, to perform due diligence with respect to the Propertyand environmental investigations, to examine the non-proprietary and non-confidential records of the Sellers pertaining Seller with respect to the Property, and make copies thereof, at such times during normal business hours as the Purchaser or its representatives may reasonably request, subject to the last sentence of this Section 3.1(a). All such inspections shall be nondestructive in nature, and non-invasive in nature and specifically shall not include any physically intrusive, invasive, or destructive intrusive testing or boring without the Sellers’ prior written approvalconsent of Seller. Purchaser shall repair any damage caused by or resulting from any such testing, which approval may be given or withheld in the Sellers’ sole and absolute discretion. All such inspections shall be performed in such a manner so as not to interfere (other than to a de minimis extent or as customarily associated with commercially reasonable due diligence activities) with the business of Tenants at restore the Property and/or the operation of the Property, and, in each case, subject to the rights of Tenants under their applicable Leases. The Sellers shall have condition as the right to have a representative of the Sellers present during Property was in before any such inspection. Contact and communications by the Purchaser or the Purchaser Parties with any Tenants, property managers, or contractors of the Property shall be limited to reasonable and customary interviews scheduled through the Sellers, and no such interview shall occur unless the applicable counterparty consents thereto and a representative of the Sellers has the opportunity to jointly participate in such interviewtesting. All inspection fees, appraisal fees, engineering fees, fees and all other costs and expenses of any kind incurred by the Purchaser relating to the inspection of the Property shall be solely the Purchaser’s expense. The Seller reserves the right to have a representative present at the time of making any such inspection. Purchaser shall contact the notify Seller to schedule all inspections and interviews pursuant to this Agreement not less than forty-eight two (482) hours Business Days in advance of making any such inspection and/or interviewinspection. If Purchaser desires to perform any invasive or physically intrusive testing of the Property, including, without being limited to, any investigation that will involve the removal of flooring, making excavations or test borings, disturbance of any plants, trees or shrubs, or any other invasive test or activity (collectively, “Invasive Testing”), then Purchaser shall provide to Seller a written request for approval therefor, which scheduling arrangements may be made via email addressed to [****] Invasive Testing request shall include the nature and scope of the proposed Invasive Testing and the Sellers identity of the company or persons by whom it would be performed. Seller shall cooperate with approve or disapprove, in Seller’s reasonable discretion, any such Invasive Testing request in writing within two (2) Business Days following Seller’s receipt thereof, if received on a Business Day. Seller’s failure to either approve or disapprove the Purchaser in a commercially reasonable manner to facilitate Invasive Testing request within such schedulingtime period shall be deemed Seller’s approval.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Fund Ix Lp)

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Due Diligence Inspections. (a)From a) From and after the Effective Date until the Closing Date or earlier termination of this Agreement, the Sellers Seller shall permit the Purchaser and the Purchaser Parties its authorized representatives to inspect the Property, Property to perform due diligence with respect to the Propertydiligence, soil analysis and environmental investigations (including intrusive tests and inspections), to examine the non-proprietary and non-confidential records of the Sellers pertaining Seller with respect to the Property, and make copies thereof, at such times during normal business hours as the Purchaser or its representatives may reasonably request, subject . Notwithstanding anything to the last sentence contrary contained herein, Purchaser shall notify Seller in writing at least three (3) Business Days prior to performing any physically intrusive testing or inspections (an “Intrusive Notice”); any such Intrusive Notice shall include a drawing showing the proposed location of this Section 3.1(a)such intrusive testing or inspections, and Seller shall have the right, in its sole discretion, to consent to such locations. All such inspections shall be nondestructive testing and non-invasive in nature and shall not include any physically intrusive, invasive, or destructive testing or boring without the Sellers’ prior written approval, which approval may be given or withheld in the Sellers’ sole and absolute discretion. All such inspections shall be performed in such a manner so as not to interfere (other than to a de minimis extent or as customarily associated with commercially reasonable due diligence activities) minimize any interference with the business of Tenants the tenants under the Leases at the Property and/or the operation of the Property, and, in each case, subject to in compliance with Seller’s rights and obligations as landlord under the rights of Tenants under their applicable Leases. The Sellers shall have the right to have a representative of the Sellers present during any such inspection. Contact and communications by the Purchaser or the Purchaser Parties with any Tenants, property managers, or contractors of the Property shall be limited to reasonable and customary interviews scheduled through the Sellers, and no such interview shall occur unless the applicable counterparty consents thereto and a representative of the Sellers has the opportunity to jointly participate in such interview. All inspection fees, appraisal fees, engineering fees, fees and all other costs and expenses of any kind incurred by the Purchaser relating to the testing and inspection of the Property shall be solely the Purchaser’s expense. The In the course of its investigations, Purchaser may make inquiries to third parties, including, without limitation, tenants, lenders, contractors, property managers, parties to Operating Agreements and municipal, local and other government officials and representatives, and Seller consents to such inquiries; provided, however, that Purchaser shall contact schedule any and all tenant interviews through Seller by providing notice to Seller of the proposed interview times and dates at least three (3) Business Days prior to any such interviews. Seller reserves the right to schedule all inspections have a representative present at the time of making any testing, interviews and/or inspections. The three (3) Business Day notice requirement described above shall not apply to follow-up conversations with tenants after the initial interviews so long as Purchaser notifies Seller of any such follow-up conversations and interviews pursuant provides Seller with the opportunity to this Agreement be present at or on the phone during any such follow-up conversations. Except as set forth above, Purchaser shall notify Seller not less than forty-eight one (481) hours Business Day in advance of making any such inspection and/or interviewtests, which scheduling arrangements may be made via email addressed to [****] and the Sellers shall cooperate with the Purchaser in a commercially reasonable manner to facilitate such schedulinginterviews or inspections.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Fund Iii L P)

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