Common use of Reports and Inspections Clause in Contracts

Reports and Inspections. During the period from and including the Effective Date and through 5:00 p.m. EST on the thirtieth (30) day after the Effective Date (the “Inspection Period”), the Purchaser and its agents and representatives shall have the right to enter upon the Property for the purpose of performing such examinations and tests, including without limitation soil tests, environmental inspections, structural and roof inspections, determination of future capital needs of the Property, title examination, surveys, and determination of compliance with laws, all as the Purchaser may deem appropriate for determining the feasibility of the Property for the Purchaser’s intended use (collectively, the “Inspections”). The Purchaser covenants to repair any damage to the Property caused by such Inspections and to indemnify and hold harmless the Seller from any loss, cost, expense or liability incurred or sustained by the claim of any person made by reason of the Purchaser’s activities as permitted pursuant to this Section 5, save and except for any reduction of value of the Property resulting from the discovery of any hazardous or toxic wastes and substances on, or defects to, the Property. The foregoing covenant shall survive any termination of this Agreement. If the Purchaser determines the Property is unacceptable to the Purchaser for any reason, as determined by the Purchaser in its sole and absolute discretion, the Purchaser may terminate this Agreement by giving the Seller written notice of such termination in accordance with the requirements of Section 12.4 prior to the expiration of the Inspection Period. If Purchaser so terminates this Agreement for any reason, Purchaser agrees to furnish Seller with copies of all engineering and environmental reports and studies that Purchaser has had prepared concerning the Property, its status, and its possible uses, including but not limited to any site plans and any Phase I Report. Upon such termination by the Purchaser, the Deposit shall be returned to the Purchaser and neither party hereto shall have a claim against the other under this Agreement, except for any claims of the Seller against the Purchaser under this Section 5.

Reports and Inspections. During the period from and including the Effective Date and through 5:00 p.m. EST on the thirtieth forty-fifth (3045) day after the Effective Date (the “Inspection Period”), the Purchaser and its agents and representatives shall have the right to enter upon the Property for the purpose of performing such examinations and tests, including without limitation soil tests, environmental inspections, structural and roof inspections, determination of future capital needs of the Property, title examination, surveys, and determination of compliance with laws, all as the Purchaser may deem appropriate for determining the feasibility of the Property for the Purchaser’s intended use (collectively, the “Inspections”). The Purchaser covenants to repair any damage to the Property caused by such Inspections and to indemnify and hold harmless the Seller from any loss, cost, expense or liability incurred or sustained by the claim of any person made by reason of the Purchaser’s activities as permitted pursuant to this Section 5, save and except for any reduction of value of the Property resulting from the discovery of any hazardous or toxic wastes and substances on, or defects to, the Property. The foregoing covenant shall survive any termination of this Agreement. If the Purchaser determines the Property is unacceptable to the Purchaser for any reason, as determined by the Purchaser in its sole and absolute discretion, the Purchaser may terminate this Agreement by giving the Seller written notice of such termination in accordance with the requirements of Section 12.4 prior to the expiration of the Inspection Period. If Purchaser so terminates this Agreement for any reason, Purchaser agrees to furnish Seller with copies of all engineering and environmental reports and studies that Purchaser has had prepared concerning the Property, its status, and its possible uses, including but not limited to any site plans and any Phase I Report. Upon such termination by the Purchaser, the Deposit shall be returned to the Purchaser and neither party hereto shall have a claim against the other under this Agreement, except for any claims of the Seller against the Purchaser under this Section 5.