Engineering Inspection. It is agreed that within ten (10) days prior to the Closing Date, Buyer's engineer may inspect the Assets to insure that its equipment complies with all warranties and conditions set forth herein. Seller agrees to extend full cooperation to said engineer, including such access to the equipment and to logs pertaining thereto at such time or times as said engineer shall reasonably request. Buyer shall furnish Seller with a copy of the report of any inspection prior to the Closing Date. If Buyer's engineer reports that the equipment fails to materially comply with said warranties, Buyer may either: (1) Elect to consummate the purchase of the Assets in which case Seller shall bear the cost of equipment repair in an amount not to exceed $50,000, and such amount shall be deducted from the Purchase Price; or (2) Elect to consummate the purchase of the Assets exclusive of the equipment which fails to materially comply with warranties, in which case the Purchase Price shall be reduced by the fair market value of such equipment.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Nassau Broadcasting Corp), Asset Purchase Agreement (Nassau Broadcasting Corp)