Common use of ENVIRONMENTAL INSPECTION PERIOD Clause in Contracts

ENVIRONMENTAL INSPECTION PERIOD. Notwithstanding the termination of the Inspection Period or the Purchaser's right to terminate as set forth in Section 4.3 hereunder, Purchaser shall have a period of time commencing on the Effective Date and expiring at 5:00 p.m., Boston, Massachusetts time five (5) business days after Purchaser's receipt of the Environmental Report (the "Environmental Inspection Period") to review the Environmental Report. If the Environmental Report obtained by Purchaser discloses either (i) the existence of any Hazardous Substance (as such term is defined in the Lease) on the Property, the existence of which violates any Environmental Laws (as such term is defined in the Lease), or (ii) any material environmental matter which, in the reasonable opinion of Purchaser, based upon the counsel of the environmental consultants or other environmental advisors retained by Purchaser, would warrant additional investigation and/or remediation with respect to the Property or would require a No Further Action Letter (herein so called) with respect to such remediation, then Purchaser may terminate this Contract by delivering written notice of termination to Seller on or before the Environmental Inspection Period, but in no event shall the Environmental Inspection Period extend beyond thirty (30) days after the Effective Date of this Contract. If Purchaser properly terminates this Contract pursuant to this Section 5.4, then this Contract shall be terminated, the Title Company shall return the Exxxxxx Money Deposit to Purchaser, and neither party shall have any further rights, duties or obligations hereunder except with respect to the provisions of this Contract which expressly survive the termination of this Contract. If Purchaser does not timely deliver to Seller written notice of termination during the Environmental Inspection Period, the conditions of this Section 5.4 shall be deemed satisfied, and Purchaser may not thereafter terminate this Contract pursuant to this Section 5.4. Notwithstanding the foregoing, if Purchaser chooses not to obtain an Environmental Report, then this Section 5.4 shall not apply, and Purchaser shall complete any and all environmental inspection by the end of the Inspection Period.