Common use of Inspection by Purchaser Clause in Contracts

Inspection by Purchaser. Purchaser shall have the right, at Purchaser’s expense, through July 12, 2007 (the “Inspection Period”) to inspect the Property and all documents in Seller’s possession relating to the Property and operations thereof, including without limitation books, records, service contracts, real estate tax statements covering the Property for the current year, all environmental reports covering the Property, if any, and other documents maintained by or for the Seller, and to conduct such due diligence review, inspections (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”) as Purchaser may deem necessary or appropriate in order to determine if the Property is in satisfactory condition and is suitable for Purchaser’s purpose. Purchaser hereby acknowledges that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to the Property and operations thereof, and Other Related Documents. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shall: (i) deliver to Seller telephonic, e-mail, or written notice of its intention to the enter the Property, and Seller shall have the right to have one or more of its agents and/or representatives accompany the Purchaser and (ii) provide Seller sufficient evidence to show that Purchaser and its agents and representatives who entered the Property are adequately covered by policies of insurance, issued by a carrier reasonably acceptable to Seller, insuring Purchaser and Seller against any and all liability arising out of Purchaser’s or Purchaser’s agents’ or representatives’ entry upon and investigation respecting the Property. Purchaser shall indemnify, and hold harmless Seller for all reasonable costs and expenses required to repair or restore any property damaged by Purchaser or its agents in conducting such tests. The indemnification of Seller by Purchaser in the preceding sentence shall survive the termination of this Agreement or the Closing. During the Inspection Period, Purchaser may, at Purchaser’s election and at its sole expense, perform any or all of the following, and Seller shall have absolutely no responsibility, obligation for payment of or reimbursement for, or liability in connection with such items:

Inspection by Purchaser. For the period of time from the Effective Date through 6:00 p.m. Chicago time on the date which is ninety (90) days after the date that the Property Information Certificate is received by Purchaser shall have (as the rightsame may be extended as expressly provided herein, at Purchaser’s expense, through July 12, 2007 (the “Inspection Period”), Purchaser and its agents shall have the right to investigate the materials related to and the physical condition of the Property, including, without limitation, the right to (i) to inspect the Property review title and all documents in Seller’s possession survey matters relating to the Property and operations thereof, including without limitation books, records, service contracts, real estate tax statements covering Property; (ii) enter the Property for to examine the current yearphysical (both above and below ground), all environmental reports covering the Property, if any, and other documents maintained by or for conditions of the Sellersame and conduct physical surveys, environmental studies, engineering and to conduct such due diligence review, inspections geophysical feasibility tests of the Property (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”sampling) as Purchaser may deem shall determine are reasonably necessary or appropriate in order to determine if the Property is in satisfactory condition and is suitable for Purchaser’s purpose. Purchaser hereby acknowledges appropriate, provided that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to the Property and operations thereof, and Other Related Documents. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shall: (i) deliver to Seller telephonic, e-mail, or written notice of its intention to the enter the Property, and Seller shall have the right to have one an agent or more representative of its agents and/or representatives accompany Seller present during any such inspections; ) (iii) to access and investigate the Purchaser utilities and drainage systems servicing the Property; (iv) to review the Property Information; and (iiv) provide Seller sufficient evidence to show that Purchaser and its agents and representatives who entered perform other reasonable due diligence to decide, in Purchaser’s sole discretion whether the Property are adequately covered by policies of insurance, issued by a carrier reasonably acceptable is satisfactory. Seller hereby agrees to Seller, insuring Purchaser and Seller against any and all liability arising out of Purchaser’s or Purchaser’s agents’ or representatives’ entry upon and investigation respecting the Property. Purchaser shall indemnify, and hold harmless Seller for all reasonable costs and expenses required to repair or restore any property damaged by Purchaser or its agents in conducting such tests. The indemnification of Seller by Purchaser in the preceding sentence shall survive the termination of this Agreement or the Closing. During the Inspection Period, Purchaser may, at Purchaser’s election and at its sole expense, perform any or all of the following, and Seller shall have absolutely no responsibility, obligation for payment of or reimbursement for, or liability cooperate in connection with Purchaser’s inspection of the Property permitted hereunder. Seller further agrees that Purchaser, its agents, employees, representatives, or contractors shall be provided promptly, upon written request, such items:information as shall be reasonably necessary to examine the Property and the condition thereof and as shall be in the possession or control of or readily available to Seller or Seller’s agents.

Inspection by Purchaser. Purchaser shall have For the rightperiod of time from the Effective Date through 5:00 p.m. Chicago time on September 26th, at Purchaser’s expense, through July 12, 2007 2016 (the “Inspection Period”), Purchaser and its agents shall have the right to (i) to inspect enter the Property to examine the physical (both above and all documents in Seller’s possession relating to below ground), environmental and other conditions of the same and conduct physical surveys, environmental studies, engineering and geophysical feasibility tests of the Property and operations thereof, including without limitation books, records, service contracts, real estate tax statements covering the Property for the current year, all environmental reports covering the Property, if any, and other documents maintained by or for the Seller, and to conduct such due diligence review, inspections (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”sampling) as Purchaser may deem shall determine are reasonably necessary or appropriate in order to determine if the Property is in satisfactory condition and is suitable for Purchaser’s purpose. Purchaser hereby acknowledges appropriate, provided that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to the Property and operations thereof, and Other Related Documents. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shall: (i) deliver to Seller telephonic, e-mail, or written notice of its intention to the enter the Property, and Seller shall have the right to have one an agent or more representative of its agents and/or representatives accompany the Purchaser and Seller present during any such inspections, (ii) provide Seller sufficient evidence to show that review title and survey matters relating to the Property, and (iii) to perform other reasonable due diligence to decide, in Purchaser’s sole discretion whether the Property is satisfactory to both Purchaser and its agents and representatives who entered Lender, if any. Seller hereby agrees to cooperate in connection with Purchaser’s inspection of the Property are adequately covered by policies permitted hereunder, including, without limitation, making an on-site representative of insurance, issued by a carrier reasonably acceptable Seller available to Seller, insuring Purchaser and Seller against any and assist with all liability arising out of Purchaser’s or Lender’s on-site inspections. Seller further agrees that Purchaser, its agents, employees, representatives, or contractors shall be provided promptly, upon written request, such information as shall be reasonably necessary to examine the Property and the condition thereof and as shall be in the possession or control of or readily available to Seller or Seller’s agents’ agents (including Seller’s property management company, if any). Purchaser shall cause of all its inspections of the Property in a manner that does not unreasonably disrupt Seller’s or, if applicable, any tenant’s use or representatives’ entry upon and investigation respecting operation of the Property. Purchaser shall indemnifyUpon concluding any such surveys, and hold harmless Seller for all reasonable costs and expenses required to repair tests or restore any property damaged by Purchaser or its agents in conducting such tests. The indemnification of Seller by Purchaser in the preceding sentence shall survive the termination of this Agreement or the Closing. During the Inspection Period, Purchaser mayinvestigations, at Purchaser’s election and at its sole expensecost, perform any Purchaser shall return the Property to the condition in which it existed immediately prior to such surveys, tests or all of the following, and Seller shall have absolutely no responsibility, obligation for payment of or reimbursement for, or liability in connection with such items:investigations having been conducted.