Common use of Physical Inspections Clause in Contracts

Physical Inspections. After Buyer has provided to Seller a certificate of insurance(s) evidencing Buyer's or Buyer's agents', consultants' and/or contractors' (as the case may be) procurement of a commercial general liability insurance policy as required herein, Seller shall permit Buyer and Buyer's authorized agents, consultants and contractors to enter upon the Property during reasonable business hours to make and perform such non-invasive environmental evaluations, and other non-invasive inspections, investigations, tests and studies of the physical condition of the Property as Buyer may elect to make or obtain. Buyer shall maintain, and shall ensure that Buyer's agents, consultants and contractors maintain, public liability and property damage insurance insuring against any liability arising out of any entry, inspections, investigations, tests or studies of the Property pursuant to the provisions hereof. Such insurance maintained by Buyer and/or Buyer's agents, consultants and contractors (as applicable) shall be in the amount of Two Million Dollars ($2,000,000) combined single limit for injury to or death of one or more persons in an occurrence, and for damage to tangible property (including loss of use) in an occurrence. The policy maintained by Buyer shall insure the contractual liability of Buyer covering the indemnities herein and shall (a) name Seller (and their successors, assigns and affiliates) as additional insureds, and (b) contain a provision that "the insurance provided by Buyer hereunder shall be primary and non-contributing with any other insurance available to Seller." Buyer shall provide Seller with evidence of such insurance coverage prior to any entry, inspections, investigations, tests or studies of the Property by Buyer or any of Buyer's agents, consultants or contractors. The aforementioned insurance coverage may be obtained under a blanket policy carried by Buyer or Buyer's agents, consultants or contractors, as the case may be. Notwithstanding anything to the contrary contained in this Agreement, Buyer shall not be permitted to undertake any invasive, intrusive or destructive investigation, testing or study of the Property, including a "Phase II" environmental assessment, without in each instance first obtaining Seller's written consent thereto, which consent Seller may give, withhold or condition in Seller's sole and absolute discretion. Prior to any entry onto the Property (and on each and every occasion), Buyer shall deliver to Seller prior written notice, or prior verbal notice wherein Buyer actually speaks with a representative of Seller (i.e. not a voice mail message), not less than two (2) Business Days prior to such entry, and Buyer shall afford Seller a reasonable opportunity to have a representative of Seller present to accompany Buyer or Buyer's agents, consultants and contractors while any inspections, investigations, tests or studies of the Property are made or performed; provided, however, that entry onto the Property by Buyer and/or Buyer’s agents, consultants and/or contractors (as the case may be), shall be subject to any restrictions and/or instructions as Seller shall deem necessary, in its sole discretion; and provided, further, that Buyer hereby agrees to cooperate with and abide by Seller’s restrictions and/or instructions. If requested by Seller, Buyer shall provide Seller the identity of the company or party(s) who will perform such inspections, investigations, tests or studies and the proposed scope of the inspections, investigations, tests or studies. Seller shall have the right to approve or disapprove any proposed inspections, investigations, tests or studies and the party(s) performing the same within two (2) Business Days after Seller's receipt of such notice identifying the same. Seller's failure to notify Buyer of Seller's disapproval of any proposed inspections, investigations, tests or studies and the party(s) performing the same within such two (2) Business Day period shall be deemed Seller's approval thereof, except to the extent said proposed inspections, investigations, tests or studies relate to "Phase II" environmental matters or constitute invasive, intrusive or destructive inspections, investigations, tests or studies, in which event Seller's failure to advise Buyer of Seller's approval or disapproval of any proposed inspections, investigations, tests or studies and the party(s) performing the same within such two (2) Business Day period shall be deemed Seller's disapproval thereof. Buyer shall not contact any tenants, without first obtaining the prior consent of Seller. Upon Seller’s request, Buyer shall provide Seller with the identity of the company or persons who will perform any tenant interview or contacts. Seller or its representative(s) may be present at any such interview or meeting with a tenant and Buyer will reasonably cooperate and coordinate with Seller to effectuate same. Buyer shall have until the Due Diligence Deadline to approve the results of any evaluations, inspections, investigations, tests and studies of the Property as Buyer desires to have made or performed by delivering an Approval Notice to Seller. Buyer's failure to deliver an Approval Notice to Seller prior to the Due Diligence Deadline shall be deemed to be a failure of this Pre-Closing Condition and Buyer's election to terminate this Agreement pursuant to Section 4.2 below.

Physical Inspections. After Buyer NetREIT has provided to Seller LGI De a certificate of insurance(s) evidencing BuyerNetREIT's or BuyerNetREIT's agents', consultants' and/or contractors' (as the case may be) procurement of a commercial general liability insurance policy as required herein, Seller LGI De shall permit Buyer NetREIT and BuyerNetREIT's authorized agents, consultants and contractors to enter upon the Property during reasonable business hours to make and perform such non-invasive environmental evaluations, and other non-invasive inspections, investigations, tests and studies of the physical condition of the Property as Buyer NetREIT may elect to make or obtain. Buyer NetREIT shall maintain, and shall ensure that BuyerNetREIT's agents, consultants and contractors maintain, public liability and property damage insurance insuring against any liability arising out of any entry, inspections, investigations, tests or studies of the Property pursuant to the provisions hereof. Such insurance maintained by Buyer NetREIT and/or BuyerNetREIT's agents, consultants and contractors (as applicable) shall be in the amount of Two Million Dollars ($2,000,000) combined single limit for injury to or death of one or more persons in an occurrence, and for damage to tangible property (including loss of use) in an occurrence. The policy maintained by Buyer NetREIT shall insure the contractual liability of Buyer NetREIT covering the indemnities herein and shall (a) name Seller LGI De (and their successors, assigns and affiliates) as additional insureds, and (b) contain a provision that "the insurance provided by Buyer NetREIT hereunder shall be primary and non-contributing with any other insurance available to SellerLGI De." Buyer NetREIT shall provide Seller LGI De with evidence of such insurance coverage prior to any entry, inspections, investigations, tests or studies of the Property by Buyer NetREIT or any of Buyer's agents, consultants or contractors. The aforementioned insurance coverage may be obtained under a blanket policy carried by Buyer or Buyer's agents, consultants or contractors, as the case may be. Notwithstanding anything to the contrary contained in this Agreement, Buyer shall not be permitted to undertake any invasive, intrusive or destructive investigation, testing or study of the Property, including a "Phase II" environmental assessment, without in each instance first obtaining Seller's written consent thereto, which consent Seller may give, withhold or condition in Seller's sole and absolute discretion. Prior to any entry onto the Property (and on each and every occasion), Buyer shall deliver to Seller prior written notice, or prior verbal notice wherein Buyer actually speaks with a representative of Seller (i.e. not a voice mail message), not less than two (2) Business Days prior to such entry, and Buyer shall afford Seller a reasonable opportunity to have a representative of Seller present to accompany Buyer or Buyer's agents, consultants and contractors while any inspections, investigations, tests or studies of the Property are made or performed; provided, however, that entry onto the Property by Buyer and/or Buyer’s agents, consultants and/or contractors (as the case may be), shall be subject to any restrictions and/or instructions as Seller shall deem necessary, in its sole discretion; and provided, further, that Buyer hereby agrees to cooperate with and abide by Seller’s restrictions and/or instructions. If requested by Seller, Buyer shall provide Seller the identity of the company or party(s) who will perform such inspections, investigations, tests or studies and the proposed scope of the inspections, investigations, tests or studies. Seller shall have the right to approve or disapprove any proposed inspections, investigations, tests or studies and the party(s) performing the same within two (2) Business Days after Seller's receipt of such notice identifying the same. Seller's failure to notify Buyer of Seller's disapproval of any proposed inspections, investigations, tests or studies and the party(s) performing the same within such two (2) Business Day period shall be deemed Seller's approval thereof, except to the extent said proposed inspections, investigations, tests or studies relate to "Phase II" environmental matters or constitute invasive, intrusive or destructive inspections, investigations, tests or studies, in which event Seller's failure to advise Buyer of Seller's approval or disapproval of any proposed inspections, investigations, tests or studies and the party(s) performing the same within such two (2) Business Day period shall be deemed Seller's disapproval thereof. Buyer shall not contact any tenants, without first obtaining the prior consent of Seller. Upon Seller’s request, Buyer shall provide Seller with the identity of the company or persons who will perform any tenant interview or contacts. Seller or its representative(s) may be present at any such interview or meeting with a tenant and Buyer will reasonably cooperate and coordinate with Seller to effectuate same. Buyer shall have until the Due Diligence Deadline to approve the results of any evaluations, inspections, investigations, tests and studies of the Property as Buyer desires to have made or performed by delivering an Approval Notice to Seller. Buyer's failure to deliver an Approval Notice to Seller prior to the Due Diligence Deadline shall be deemed to be a failure of this Pre-Closing Condition and Buyer's election to terminate this Agreement pursuant to Section 4.2 below.NetREIT's

Physical Inspections. Without any warranty or representation as to the accuracy or thoroughness thereof or to the ability of Buyer to rely thereon, Seller previously has delivered to Buyer, to the extent in Seller's possession (i) a copy of an environmental [Phase 1] site assessment report with respect to an evaluation of Hazardous Materials (defined below) in, on or under the Property, (ii) an asbestos report with respect to any asbestos in the Real Property, and (iii) and ADA/Title 24 compliance report with respect to the Real Property. After Buyer has provided to Seller a certificate of insurance(s) evidencing Buyer's or and Buyer's agents', consultants' and/or contractors' (as the case may be) procurement of a commercial general liability insurance policy as required herein, Seller shall permit Buyer and Buyer's its authorized agents, consultants and contractors to enter upon the Property during reasonable business hours (provided, Buyer shall not interfere with or disturb Seller's operation or use of the Property) to make and perform such non-invasive environmental evaluations, and other non-invasive inspections, investigations, tests inspections and studies investigations of the physical condition of the Property as Buyer may elect to make or obtainProperty. Buyer shall maintain, and shall ensure that Buyer's its agents, consultants and contractors maintain, public liability and property damage insurance insuring against any liability arising out of any entry, inspections, investigations, tests or studies investigations of the Property pursuant to the provisions hereof. Such insurance maintained by Buyer and/or Buyer's agentsand its consultants, consultants agents and contractors (as applicable) shall be in the amount of Two One Million Dollars ($2,000,0001,000,000.00) combined single limit for injury to or death of one or more persons in an occurrence, and for damage to tangible property (including loss of use) in an occurrence. The policy maintained by Buyer shall insure the contractual liability of Buyer covering the indemnities herein and shall (ai) name the Seller and its manager (and their successors, assigns and affiliates) as additional insureds, (ii) contain a cross-liability provision, and (biii) contain a provision that "the insurance provided by Buyer hereunder shall be primary and non-contributing with any other insurance available to Seller." Buyer shall provide Seller with evidence of such insurance coverage prior to any entry, inspections, investigations, tests or studies investigations of the Property by Buyer or any of Buyer's agents, consultants or contractorsProperty. The aforementioned insurance coverage may be obtained under a blanket policy carried by Buyer or Buyer's its agents, consultants or contractors, as the case may be. Notwithstanding anything to the contrary contained in this Agreementforegoing, Buyer shall not be permitted to undertake any invasive, intrusive or destructive investigation, testing or study of the Property, including without limitation a "Phase II" environmental assessment, without in each instance first obtaining Seller's written consent thereto, which consent Seller may give, withhold or condition in Seller's sole and absolute discretionshall not unreasonably withheld. Prior to any entry onto entering the Property (and on each and every occasion), Buyer shall deliver to Seller prior written notice, or prior notice thereof (any verbal notice wherein shall be where Buyer actually speaks with a representative ▇▇▇▇▇ ▇▇▇▇ of Seller (i.e. and not a voice mail voicemail message), not less than two (2) Business Days prior to such entry, and Buyer shall afford Seller a reasonable opportunity to have a representative of Seller present to accompany Buyer or Buyer's agentswhile Buyer performs its evaluations, consultants and contractors while any inspections, investigationstests and other investigations of the physical condition of the Property. Prior to any entry to perform any necessary on-site inspections, tests or studies of the Property are made or performed; provided, however, that entry onto the Property by Buyer and/or Buyer’s agents, consultants and/or contractors (as the case may be), shall be subject to any restrictions and/or instructions as Seller shall deem necessary, in its sole discretion; and provided, further, that Buyer hereby agrees to cooperate with and abide by Seller’s restrictions and/or instructions. If requested by Sellerinvestigations, Buyer shall provide give Seller notice thereof (any verbal notice shall be where Buyer actually speaks with ▇▇▇▇▇ ▇▇▇▇ of Seller and not a voicemail message), including the identity of the company or party(s) who will perform such inspections, investigations, tests or studies investigations and the proposed scope of the inspections, investigations, tests or studiesinvestigations. Seller shall have the right to approve or disapprove any proposed inspections, investigations, tests or studies investigations and the party(s) performing the same within two (2) Business Days business days after Seller's receipt of such notice identifying the samenotice. Seller's failure to notify advise Buyer of Seller's its disapproval of any proposed inspections, investigations, tests or studies investigations and the party(s) performing the same within such two (2) Business Day business day period shall be deemed Seller's approval thereof, except to the extent said proposed inspections, investigations, tests or studies investigations relate to "Phase II" environmental matters or constitute invasive, intrusive or destructive inspections, investigations, tests or studiesmatters, in which event Seller's failure to advise Buyer of Seller's its approval or disapproval of any proposed environmental inspections, investigations, tests or studies investigations and the party(s) performing the same within such two (2) Business Day business day period shall be deemed Seller's disapproval thereof. To the extent the same are not subject to any confidentiality requirements or restrictions precluding the same, Buyer shall promptly deliver to Seller copies of any reports relating to any inspections, tests or investigations of the Property performed by or on behalf of Buyer; provided, however, that Buyer shall not contact be deemed to have made any tenants, without first obtaining warranty or representation whatsoever as to the prior consent accuracy or thoroughness thereof or the ability of Seller. Upon Seller’s request, Buyer shall provide Seller with the identity of the company or persons who will perform any tenant interview or contacts. Seller or its representative(s) may be present at any such interview or meeting with a tenant and Buyer will reasonably cooperate and coordinate with Seller to effectuate samerely thereon. Buyer shall have until 5:00 p.m. (Pacific Time) on the Due Diligence Deadline Approval Date to approve the results notify Seller in writing of its approval or disapproval of any such evaluations, inspections, inspections and investigations, tests and studies of the Property as Buyer desires to have made or performed by delivering an Approval Notice to Seller. Buyer's failure to deliver an Approval Notice to Seller prior to the Due Diligence Deadline shall be deemed to be a failure of this Pre-Closing Condition and Buyer's election to terminate this Agreement pursuant to Section 4.2 below.

Physical Inspections. After Buyer NetREIT has provided to Seller LGI De a certificate of insurance(s) evidencing BuyerNetREIT's or BuyerNetREIT's agents', consultants' and/or contractors' (as the case may be) procurement of a commercial general liability insurance policy as required herein, Seller LGI De shall permit Buyer NetREIT and BuyerNetREIT's authorized agents, consultants and contractors to enter upon the Property during reasonable business hours to make and perform such non-invasive environmental evaluations, and other non-invasive inspections, investigations, tests and studies of the physical condition of the Property as Buyer NetREIT may elect to make or obtain. Buyer NetREIT shall maintain, and shall ensure that BuyerNetREIT's agents, consultants and contractors maintain, public liability and property damage insurance insuring against any liability arising out of any entry, inspections, investigations, tests or studies of the Property pursuant to the provisions hereof. Such insurance maintained by Buyer NetREIT and/or BuyerNetREIT's agents, consultants and contractors (as applicable) shall be in the amount of Two Million Dollars ($2,000,000) combined single limit for injury to or death of one or more persons in an occurrence, and for damage to tangible property (including loss of use) in an occurrence. The policy maintained by Buyer NetREIT shall insure the contractual liability of Buyer NetREIT covering the indemnities herein and shall (a) name Seller LGI De (and their successors, assigns and affiliates) as additional insureds, and (b) contain a provision that "the insurance provided by Buyer NetREIT hereunder shall be primary and non-contributing with any other insurance available to SellerLGI De." Buyer NetREIT shall provide Seller LGI De with evidence of such insurance coverage prior to any entry, inspections, investigations, tests or studies of the Property by Buyer NetREIT or any of BuyerNetREIT's agents, consultants or contractors. The aforementioned insurance coverage may be obtained under a blanket policy carried by Buyer NetREIT or BuyerNetREIT's agents, consultants or contractors, as the case may be. Notwithstanding anything to the contrary contained in this Agreement, Buyer NetREIT shall not be permitted to undertake any invasive, intrusive or destructive investigation, testing or study of the Property, including a "Phase II" environmental assessment, without in each instance first obtaining SellerLGI De's written consent thereto, which consent Seller LGI De may give, withhold or condition in SellerLGI De's sole and absolute discretion. Prior to any entry onto the Property (and on each and every occasion), Buyer NetREIT shall deliver to Seller LGI De prior written notice, or prior verbal notice wherein Buyer NetREIT actually speaks with a representative of Seller LGI De (i.e. not a voice mail message), not less than two (2) Business Days prior to such entry, and Buyer NetREIT shall afford Seller LGI De a reasonable opportunity to have a representative of Seller LGI De present to accompany Buyer NetREIT or BuyerNetREIT's agents, consultants and contractors while any inspections, investigations, tests or studies of the Property are made or performed; provided, however, that entry onto the Property by Buyer NetREIT and/or Buyer’s NetREIT's agents, consultants and/or contractors (as the case may be), shall be subject to any restrictions and/or instructions as Seller LGI De shall deem necessary, in its sole discretion; and provided, further, that Buyer NetREIT hereby agrees to cooperate with and abide by Seller’s LGI De's restrictions and/or instructions. If requested by SellerLGI De, Buyer NetREIT shall provide Seller LGI De the identity of the company or party(s) who will perform such inspections, investigations, tests or studies and the proposed scope of the inspections, investigations, tests or studies. Seller LGI De shall have the right to approve or disapprove any proposed inspections, investigations, tests or studies and the party(s) performing the same within two five (25) Business Days after SellerLGI De's receipt of such notice identifying the same. SellerLGI De's failure to notify Buyer NetREIT of SellerLGI De's disapproval of any proposed inspections, investigations, tests or studies and the party(s) performing the same within such two five (25) Business Day period shall be deemed SellerLGI De's approval thereof, except to the extent said proposed inspections, investigations, tests or studies relate to "Phase II" environmental matters or constitute invasive, intrusive or destructive inspections, investigations, tests or studies, in which event SellerLGI De's failure to advise Buyer NetREIT of SellerLGI De's approval or disapproval of any proposed inspections, investigations, tests or studies and the party(s) performing the same within such two five (25) Business Day period shall be deemed SellerLGI De's disapproval thereof. Buyer NetREIT shall not contact any tenants, without first obtaining the prior consent of SellerLGI De. Upon Seller’s LGI De's request, Buyer NetREIT shall provide Seller LGI De with the identity of the company or persons who will perform any tenant interview or contacts. Seller LGI De or its representative(s) may be present at any such interview or meeting with a tenant and Buyer NetREIT will reasonably cooperate and coordinate with Seller LGI De to effectuate same. Buyer NetREIT shall have until the Due Diligence Deadline to approve the results of any evaluations, inspections, investigations, tests and studies of the Property as Buyer NetREIT desires to have made or performed by delivering an Approval Notice to SellerLGI De. BuyerNetREIT's failure to deliver an Approval Notice to Seller LGI De prior to the Due Diligence Deadline shall be deemed to be a failure of this Pre-Closing Condition and BuyerNetREIT's election to terminate this Agreement pursuant to Section 4.2 4.3 below.. 4.1.3