Common use of Study Period Clause in Contracts

Study Period. Subject to the provisions of Section 5.1, Purchaser has had the Study Period to physically inspect the Property, review the economic data, underwrite the Tenants and review the Leases, conduct appraisals, perform examinations of the physical condition of the Improvements, examine the Real Property for the presence of Hazardous Materials, and to otherwise conduct such due diligence review of the Property and all records and other materials related thereto as Purchaser, in its absolute discretion, deems appropriate. Purchaser is satisfied with the condition of the Property and has elected to proceed to Closing and Purchaser shall be obligated to purchase the Property in accordance with the terms hereof.. Notwithstanding the foregoing, in the event that the Phase I Update discloses an environmental condition at the Property that is not disclosed in the Existing Phase I Report and which materially and adversely affects the value of the Property or the use and operation thereof, Purchaser shall have the right to terminate this Agreement by sending written notice thereof to Seller no later than June 1, 2007, whereupon the Deposit shall be promptly returned to Purchaser and the parties shall have no further liabilities or obligations under this Agreement except for Purchaser’s Surviving Obligations. Purchaser shall promptly deliver a copy of the Phase I Update to Seller upon receipt thereof. In the event that Purchaser does not terminate this Agreement on or before June 1, 2007, Purchaser shall be deemed to have waived its termination right under this Section 5.2.

Study Period. Subject to Purchaser shall have beginning on the provisions of Section 5.1Effective Date through the period ending at 6:00 p.m. (local time in Boston, Purchaser has had Massachusetts) on August 14, 2006 (the “Study Period Period”), to physically inspect the individual parcels of land and improvements that make up the Real Property, review the economic datadata and market conditions, underwrite the Tenants and review the Leases, conduct appraisals, make inquiry of governmental officials, perform examinations of the physical condition of the Improvements, examine each individual parcel of land and improvements that make up the Real Property for the presence of Hazardous Materials, Materials except for Hazardous Materials Permitted Exceptions and to otherwise conduct such due diligence review of the Property and all records and other materials related thereto underwriting as Purchaser, in its sole and absolute discretion, deems appropriate. This Agreement shall automatically terminate at 6:00 p.m. on August 14, 2006 (the “Study Period Notice Deadline”), unless Purchaser is satisfied gives Seller written notice (the “Study Period Notice_”) that Purchaser, in its absolute and unreviewable discretion, elects to proceed with the condition purchase of the Real Property subject to and has elected to proceed to Closing and Purchaser shall be obligated to purchase the Property in accordance with the terms hereof.. Notwithstanding of this Agreement. At any time before the foregoingStudy Period Notice Deadline, Purchaser may, in the event that the Phase I Update discloses an environmental condition at the Property that is not disclosed in the Existing Phase I Report its absolute and which materially and adversely affects the value of the Property or the use and operation thereofunreviewable discretion, Purchaser shall have the right to terminate this Agreement by sending giving written notice thereof to Seller no later than June 1(the “Termination Notice”). If this Agreement shall automatically terminate, 2007, whereupon the Deposit promptly shall be promptly returned to Purchaser, and Seller and Purchaser and the parties shall have no further obligations or liabilities or to each other hereunder other than Purchaser’s obligations under this Agreement except for Purchaser’s Surviving Obligations. Purchaser shall promptly deliver a copy of the Phase I Update to Seller upon receipt thereof. In the event that Purchaser does not terminate this Agreement on or before June 1, 2007, Purchaser shall be deemed to have waived its termination right under this Section 5.25.1(b)(iv) and Section 5.3.

Study Period. Subject to Purchaser shall have beginning on the provisions of Section 5.1Effective Date through the period ending at 6:00 p.m. (local time in Boston, Purchaser has had Massachusetts) on August 14, 2006 (the “Study Period Period”), to physically inspect the individual parcels of land and improvements that make up the Real Property, review the economic datadata and market conditions, underwrite the Tenants and review the Leases, conduct appraisals, make inquiry of governmental officials, perform examinations of the physical condition of the Improvements, examine each individual parcel of land and improvements that make up the Real Property for the presence of Hazardous Materials, Materials except for Hazardous Materials Permitted Exceptions and to otherwise conduct such due diligence review of the Property and all records and other materials related thereto underwriting as Purchaser, in its sole and absolute discretion, deems appropriate. This Agreement shall automatically terminate at 6:00 p.m. on August 14, 2006 (the “Study Period Notice Deadline”), unless Purchaser is satisfied gives Seller written notice (the “Study Period Notice_”) that Purchaser, in its absolute and unreviewable discretion, elects to proceed with the condition purchase of the Real Property subject to and has elected to proceed to Closing and Purchaser shall be obligated to purchase the Property in accordance with the terms hereof.. Notwithstanding of this Agreement. At any time before the foregoingStudy Period Notice Deadline, Purchaser may, in the event that the Phase I Update discloses an environmental condition at the Property that is not disclosed in the Existing Phase I Report its absolute and which materially and adversely affects the value of the Property or the use and operation thereofunreviewable discretion, Purchaser shall have the right to terminate this Agreement by sending giving written notice thereof to Seller no later than June 1(the “Termination Notice”). If this Agreement shall automatically terminate, 2007, whereupon the Deposit promptly shall be promptly returned to Purchaser, and Seller and Purchaser and the parties shall have no further obligations or liabilities or to each other hereunder other than Purchaser’s obligations under this Agreement except for Purchaser’s Surviving ObligationsSection 5.1(b)(iv) and Section 5.3. Purchaser shall promptly deliver a copy of the Phase I Update to Seller upon receipt thereof. In the event that Purchaser does not terminate this Agreement on or before June 1, 2007, Purchaser shall be deemed to have waived its termination right under this Section 5.25.3.