Common use of Audit Responsibilities Clause in Contracts

Audit Responsibilities. From time to time, both before and after Closing, Buyer may be engaged in financing and other transactions which will require that both Buyer and the operation of the Property be audited as to then current and past operations of the Property, including periods of time during which Seller owned the Property. As a material inducement for Buyer to enter into this Agreement, Seller agrees that upon written request of Buyer, Seller shall render its timely and cooperative efforts to any such auditors in delivering such responses to inquiries and information as is within the knowledge or records of Seller with respect to the operations of the Property or which is within the control or reasonable ability of Seller to obtain, including, without limitation, operating statements and other financial information relevant to the Property and its operations. In addition to the foregoing, Seller shall sign and deliver to any such auditor, such reasonable representations regarding the accuracy of the information and documents provided to the auditor by Seller as may be requested by the auditor. If the time or expenses which Seller is required to spend in responding to and assisting the auditor can be provided at little or no cost to Seller, Seller will bear those costs. If the time and expenses exceed such amount, Buyer will pay Seller reasonable hourly rates for the time incurred by Seller's employees in connection with the audit and will reimburse Seller's expenses in connection with the audit.