Initial Due Diligence Review Clause Samples

Initial Due Diligence Review. In addition to the inspection rights contained elsewhere in this Article V, the Parties acknowledge and agree that from the Effective Date until Closing or the earlier termination of this Agreement, Purchaser shall have an opportunity to perform a due diligence review of the Property by virtue of its review of the following documents and other information pertaining to the Property (the matters described in subparagraphs (a) through (s) below, collectively, the “Property Information”) provided by the Sellers: (a) Unaudited income statements for the Asset for calendar years 2000 through 2006, and year-to-date unaudited income statements for the Asset through January 2007, and, if available, audited financial statements for calendar years 2000 through 2006; (b) Copies of current-year operating forecasts for the Asset; (c) Copies of the current (dated after December 15, 2006) title commitment issued to the Sellers for the Property (the “Title Commitment”) issued by the Title Company, together with copies of instruments or documents (the “Exception Documents”) creating or evidencing conditions or exceptions to title affecting the Asset and a copy of the Sellers’ existing title policy together with all endorsements thereto; (d) Copies of the existing survey pertaining to the Asset (the “Existing Survey”); (e) Intentionally Omitted; (f) Copies of any environmental reports regarding the Asset in the possession of the Sellers (collectively, the “Environmental Reports”); (g) Copies of any property condition reports (including geotechnical, geophysical and engineering reports) regarding the Asset in the possession of the Sellers; (h) Copies of the most recent real estate and personal property tax statements in the Sellers’ possession with respect to the Property or any part thereof; (i) Copies of the Material Agreements; (j) Intentionally Omitted; (k) Intentionally Omitted; (l) Copies of all Operating Agreements (and all amendments, modifications, or supplements thereto) pertaining to the Asset, to the extent in the Sellers’ possession; (m) Copies of all Permits pertaining to the Asset, to the extent in the Sellers’ possession; (n) A schedule setting forth in reasonable detail (as of the date specified in such schedule) all Bookings, House Cash and FF&E Reserves; (o) A schedule prepared by the Manager setting forth in reasonable detail the capital expenditures projected at the Property for the next five (5) years; (p) Intentionally Omitted; (q) Copies of all archite...