Common use of FEASIBILITY STUDY AND INSPECTION Clause in Contracts

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, market and economic feasibility studies of the Property, and/or a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided however, (b) If Buyer’s inspections, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Land, then Buyer may either: 1. Terminate this Contract) by written notice to Seller prior to the expiration of the Feasibility Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 2 contracts

Sources: Contract of Sale, Contract of Sale

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to Purchaser may conduct engineering, market market, and economic feasibility studies of the Property, and/or a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the Feasibility StudyInspection”) during the period (the Feasibility Inspection Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on that date that is Thirsty time thirty (30) days thereafter. Parties After Purchaser has provided not less than three (3) Business Days’ notice (which period shall be inclusive of the notice required to be provided to the tenant under the Lease) to Seller (which for the purposes of this Section 5(a) only may agree be by email to extend the Feasibility Period in writing. Buyer ▇▇▇▇ ▇▇▇▇▇ at ▇▇▇▇▇▇@▇▇▇-▇▇▇.▇▇▇, with a copy to ▇▇▇▇▇ ▇▇▇▇ at ▇▇▇▇▇@▇▇▇-▇▇▇.▇▇▇), Purchaser or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections deemed necessary by Purchaser for the Inspection; provided, however, Purchaser is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for the testing, and (ii) obtaining the prior written consent of Seller which may be deemed necessary withheld in Seller’s sole and absolute discretion. Seller may have a representative present at any inspection or testing made by Buyer Purchaser on the Property. Purchaser shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the prior written consent of Seller to any physical alteration of the Property. Purchaser will exercise diligent and good faith efforts to conduct or cause to be conducted all inspections and tests in a manner and at times that will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Purchaser determines, in its sole judgment and for the Feasibility Study; provided however, (b) If Buyer’s inspectionsany reason or no reason, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landthat it has decided to terminate this Agreement, then Buyer Purchaser may either: 1. Terminate terminate this Contract) Agreement by written notice to Seller and the Title Company at any time prior to the expiration of the Feasibility Inspection Period, in which event case the ▇▇▇▇▇▇▇ Money together with any accrued interest shall will be paid or returned Buyer and thereafter this Contract shall terminate to Purchaser, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or liability to the other under this Contract; or 2obligations that survive termination. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract Agreement is not terminated in the manner and within the time provided in this Section 45(a), the condition provided in this Section 4 5(a) and any and all objections with respect to regarding the Feasibility Study Inspection shall be deemed to have been satisfied and/or waived by Buyer Purchaser for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) . The Feasibility Study Inspection shall be at BuyerPurchaser’s sole cost and expense. Buyer . (b) Purchaser shall promptly restore the Property, at its sole cost and expense, Property to its original condition existing at the time of Purchaser’s tests or inspections if damaged or changed due to the tests and inspections performed by BuyerPurchaser, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4Upon Seller’s request, or this Contract is terminated due to a default of Buyer, Buyer Purchaser shall provide Seller, at no cost to SellerSeller (other than any out-of-pocket cost incurred by Purchaser in connection with the provision of such copies), with a copy of the results of any tests and inspections made by BuyerPurchaser, excluding any market and economic feasibility studiesstudies and Purchaser’s internal analysis and proprietary information (collectively, “Purchaser Reports”). BUYER Any Purchaser Reports (or drafts thereof) delivered to Seller will be delivered for informational purposes only and Purchaser makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in the Purchaser Reports (or drafts thereof). Seller agrees not to enforce any claim or cause of action against Purchaser or the preparers of the Purchaser Reports (unless Seller obtains its own separate agreement with the preparer of the applicable Purchaser Reports) for any inaccuracies in the Purchaser Reports. Prior to Closing, Purchaser shall keep the Purchaser’s Reports confidential, and may not disclose the results to any third parties except (i) as may be required by law or court order after advance written notice to Seller and the opportunity to intervene prior to disclosure, and/or (ii) to Purchaser’s consultants, attorneys, advisors and potential lenders to the extent (y) such disclosure is reasonably necessary to such party(ies), and (z) such parties are made aware of the existence of, and directed by Purchaser to comply with, the confidentiality terms applicable to Purchaser herein. Except as expressly set forth in Section 20(q), Purchaser shall not be bound by any confidentiality requirements contained in this Agreement after the Closing. PURCHASER HEREBY INDEMNIFIES, DEFENDS INDEMNIFIES AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES (EXCLUDING SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES), LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACTIONS, AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY INSPECTION PERFORMED BY BUYERPURCHASER, ITS AGENTS, INDEPENDENT CONTRACTORS, SERVANTS SERVANTS, AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES INCLUDING THOSE CONTRIBUTED TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF WAY BY THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES INDEPENDENT CONTRACTORS, SERVANTS, AND/OR EMPLOYEES, BUT EXCLUDING (I) THOSE CAUSED SOLELY BY THE NEGLIGENCE OR GROSS NEGLIGENCE OF SELLER, ITS AGENTS, INDEPENDENT CONTRACTORS, SERVANTS, AND/OR EMPLOYEES, OR (II) PRE-EXISTING CONDITIONS MERELY DISCOVERED BY PURCHASER OR ITS AGENTS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARYPurchaser further waives and releases any claims, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right demands, damages, actions, causes of action or other remedies of any kind whatsoever against Seller for property damages or bodily and/or personal injuries to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration Purchaser, its agents, independent contractors, servants and/or employees arising out of the Feasibility PeriodInspection or use in any manner of the Property. Purchaser shall procure, or cause its third party inspectors and agents to procure, and continue in force from and after the sum date Purchaser first enters the Property, and continuing throughout the term of Ten Thousand this Agreement, commercial general liability insurance, including direct contractual and 00/100 contingent liability, with limits of not less than One Million Dollars ($10,000.001,000,000) per occurrence and Two Million Dollars (“Extension Payment”)$2,000,000) in the aggregate. Seller, LIC US Real Estate Fund No. 1, and LIC U.S., LLC shall be included as an additional insured(s) under Purchaser’s commercial general liability coverage. In addition, this insurance must include: (i) personal injury liability with employee and contractual exclusions removed; and (ii) a waiver of subrogation in favor of Seller without exception for the negligence of any additional insured. Purchaser will not be permitted to come onto the Property unless and until Purchaser has provided to Seller copies of the insurance policy or policies evidencing this coverage, the additional insured status of Seller, and the waiver of subrogation. The Extension Payment provisions of this Section 5(b) shall be deposited with survive the Title Company Closing or any termination of this Agreement and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable are not subject to any liquidated damage limitation on remedies, notwithstanding anything to the Sales Price at Closingcontrary in this Agreement.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Rodin Global Property Trust, Inc.)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, engineering and/or market and economic feasibility studies of the Property, and/or Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas timetime on May 5, on that date that is Thirsty 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (3024) days thereafter. Parties may agree hours advance written notice to extend the Feasibility Period in writing. any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided provided, however, , Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (bi) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s inspectionsintended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate terminate this Contract) Contract by written notice to Seller prior to the expiration of the Feasibility Period, in which event case the E▇▇▇▇▇▇ Money together with any accrued interest shall will be paid or returned Buyer and thereafter this Contract shall terminate to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or liability to obligations that survive termination. If the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 45, the condition provided in this Section 4 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) . The Feasibility Study shall be at Buyer’s sole cost and expense. . (b) Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIESBuyer shall keep confidential the results of any tests and inspections made by Buyer, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMSand shall not disclose said results to any third parties; other than Buyer’s officers, LIABILITIESdirectors, DAMAGESemployees, LOSSESaffiliates, COSTScounsel, EXPENSES investment advisors, potential lenders, partners, investors and participants and their advisors and other representatives (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEEScollectively “Buyer Group”), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYERand the Buyer Group shall be informed to treat such information confidentially and in accordance with the terms and conditions of this Contract. Buyer hereby indemnifies and holds Seller harmless from all claims, ITS AGENTSliabilities, CONTRACTORSdamages, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMSlosses, DEMANDScosts, DAMAGESexpenses (including, ACTIONSwithout limitation, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYERreasonable attorneys’ fees), ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right actions and causes of action arising out of or in any way relating to extend the Feasibility Period Study performed by Buyer, its agents, independent contractors, servants and/or employees, including those caused by or in any way contributed to by the negligence of Seller, its agents, independent contractors, servants and/or employees; provided such indemnity shall not extend to the gross negligence or willful misconduct of the Seller, its agents, independent contractors, servants and/or employees. Buyer further waives and releases any claims, demands, damages, actions, causes of action or other remedies of any kind whatsoever against Seller for one (1) period of thirty (30) days (“Extension Period”) upon written notice property damages or bodily and/or personal injuries to Seller and deposit into escrow with the Title Company prior to expiration Buyer, its agents, independent contractors, servants and/or employees arising out of the Feasibility PeriodStudy or use in any manner of the Property. Buyer shall procure and continue in force from and after the date Buyer first enters the Property, and continuing throughout the sum term of Ten Thousand and 00/100 this Contract, Comprehensive General Liability Insurance with a combined single limit of not less than One Million Dollars ($10,000.001,000,000) per occurrence, or Commercial General Liability Insurance, with limits of not less than One Million Dollars (“Extension Payment”)$1,000,000) per occurrence and Two Million Dollars ($2,000,000) per event. The Extension Payment shall be deposited with the Title Company Seller and become part of the T▇▇▇▇▇▇▇ MoneyRealty Corporation shall be included as an additional insured(s) under such comprehensive general liability or commercial general liability coverage. Such insurance shall include: (i) personal injury liability with employee and contractual exclusions removed; and (ii) a waiver of subrogation in favor of Seller without exception for the negligence of any additional insured. Buyer will not be permitted to come onto the Property unless and until Buyer has provided to Seller a Contract of Sale — Hidden Lake Apartments certificate of insurance evidencing such coverage, the additional insured status of Seller, and such waiver of subrogation. The Extension Payment provisions of this Section 5(b) shall survive the Closing or any termination of this Contract and are not subject to any liquidated damage limitation on remedies, notwithstanding anything to the Contrary in this Contract. (c) During the Feasibility Period, Buyer shall review all Service Contracts provided by Seller. Buyer shall notify Seller prior to the expiration of the Feasibility Period of those Service Contracts that it disapproves, and Seller shall, at Seller’s expense, terminate such disapproved Service Contracts effective not later than the Closing Date. All Service Contracts not disapproved by Buyer during the Feasibility Period shall be applicable deemed to have been approved by Buyer, and Buyer shall assume and be liable for any and all obligations under the Sales Price at Closingrespective Service Contracts extending past the Closing Date. Notwithstanding the foregoing, Buyer shall be deemed to have approved and shall have no right to reject those Service Contracts that, by their terms, cannot be terminated by Seller without the payment of a penalty, termination fee, or other charge.

Appears in 1 contract

Sources: Contract of Sale (NNN Apartment REIT, Inc.)

FEASIBILITY STUDY AND INSPECTION. During the one hundred and eighty day period commencing upon delivery of Optionee's Notice to proceed with feasibility studies and inspections pursuant to this Section 5 (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”"Feasibility Period"), which Diligence Documents are provided for informational purposes only and Optionee shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted have the right to conduct engineering, market physical inspections and economic feasibility studies of the PropertyProperty during normal business hours, and/or a physical inspection of including, without limitation, environmental site assessments, engineering studies, title and zoning review and survey work. During the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, “Feasibility Study”) during the period (“Feasibility Period, (i) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer Optionee or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections such inspection which may be deemed necessary by Buyer Optionee, (ii) Optionee may engage an accountant to audit Optionor's books and records for the Feasibility Study; provided however, purpose of verifying the Adjusted Book Value and (biii) If Buyer’s inspectionsOptionee may provide the appraiser(s) with environmental due diligence information regarding the Property and the appraiser(s) shall, investigationswithin ten business days of the receipt of such information, studies or tests disclose determine the existence amount of any Hazardous Materials inan appropriate discount to the Appraised Value (the "Environmental Contingency Reserve"), to reflect the risk adjusted anticipated cost of environmental claims, demands, causes of action, judgments, damages, costs and expenses that relate to hazardous materials on or the Property and other environmental matters that arose prior to the Closing Date and which would not otherwise be the Optionee's obligation under the LandLease. If Optionee determines that the Property is not suitable for any reason for Optionee's intended use or purpose, or is not in satisfactory condition in Optionee's sole discretion, then Buyer may either: 1. Terminate this Contract) Optionee may, by written notice to Seller Optionor, on or before the expiration of the Feasibility Period, rescind the Preliminary Exercise Notice. Upon any such rescission of the Preliminary Exercise Notice, the Optionee shall retain the right to exercise the Option at a later date in accordance with this Agreement, provided, however, that the Optionee may not deliver more than one Preliminary Exercise Notice in any calendar year. If the written notice described in the preceding sentence is not given to Optionor prior to the expiration of the Feasibility Period, in which event or should Optionee indicate its written acceptance of the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability Property prior to the other under this Contract; or 2. Waiveend of such period, in writing, its objections to then the existence conditions of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study 5 shall be deemed to have been satisfied and/or waived by Buyer for all purposesfully satisfied, and it shall be conclusively presumed that Buyer (i) has approved Optionee may not thereafter rescind the Diligence DocumentsPreliminary Exercise Notice. All inspections, any surveys obtained, studies and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study audits shall be at Buyer’s Optionee's sole cost and expense. Buyer shall promptly restore If the Property, at its sole cost and expense, Optionee elects to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow proceed with the Title Company prior to Closing, then the notice of such election shall be accompanied by a deposit in the amount of Three Hundred Thousand Dollars ($300,000.00) (including accrued interest thereon, the "Deposit"). The Deposit shall be held in escrow by a nationally recognized title insurance company in an interest bearing account. Such notice shall also designate a closing date (the "Closing Date") which shall be not less than ninety days and no more than one hundred and twenty days following the expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars Period ($10,000.00) (“Extension Payment”subject to extension pursuant to Section 31). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Option Agreement (Capital Properties Inc /Ri/)

FEASIBILITY STUDY AND INSPECTION. Purchaser shall have forty five (a) Seller shall deliver to Buyer within thirty (3045) days after from the Effective Date any environmental reports pertaining to of this Contract, as defined herein (the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, market and economic feasibility studies of the Property, and/or a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on ), to interview the Effective Date tenants of the Property and ending at 5:00 p.m.to conduct a physical and economic inspection and study of the Property and in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer Purchaser or its designated agents may enter upon the Property Property, during normal business hours, for purposes of analysis or other tests and such inspections which as may be deemed necessary by Buyer Purchaser, subject, however, to the rights of tenants of the Property. Seller agrees that Purchaser may conduct engineering, environmental, architectural, mechanical and other studies and investigations of the Property that Purchaser deems necessary. Seller shall cooperate with Purchaser to obtain any consent of the Association necessary for the Feasibility Study; provided however, (b) If Buyerconduct of Purchaser’s inspections, investigationsfeasibility studies of the Property. Such tests, studies and investigations may include, without limitation, soil, subsurface, structure, roof, plumbing, mechanical items and any other items which are a part of the Property. Purchaser has the right, for any or tests disclose the existence of any Hazardous Materials inno reason, on or under the Land, then Buyer may either: 1. Terminate this Contract) by written notice delivered to Seller prior to on or before the expiration of the Feasibility Period, to terminate this Contract, in which event this Contract shall terminate, and neither party shall have any further rights, duties or obligations hereunder (except as set forth in the next to last sentence of this Section 10), and the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2Purchaser. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer Purchaser shall promptly restore the Property, at its sole cost and expense, Property to its original condition prior condition, if damaged or changed due to the any physical inspections or tests and inspections performed by Buyer, free of any mechanicPurchaser or at its request. All inspections and studies shall be at Purchaser’s sole expense. Whether or materialman’s liens or other encumbrances arising out of any of not the inspections or tests. In the event that Buyer terminates sale described in this Contract pursuant shall close, Purchaser shall indemnify, defend and hold Seller harmless from and against all claims, actions, damages, liability, loss, costs, attorney’s fees and expenses related to or arising from such inspections and studies. The provisions of this Section 4, 10 shall survive the Closing or any termination or cancellation of this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of notwithstanding any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTcontrary provision hereof. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Healthtronics, Inc.)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after After the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”)Date, which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, Buyer is granted the right right, on behalf of itself, its employees, agents and contractors, to conduct engineering, market and economic feasibility studies of the Property, and/or a physical inspection and study of the Property, including studies or inspections Property during normal business hours. Buyer shall have a period of time (such period is herein referred to determine as the existence of any environmental hazards or conditions (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m.pm, DallasHouston, Texas local time, on that date that is Thirsty the thirtieth (3030th) days thereafter. Parties may agree day thereafter to extend the Feasibility Period perform such inspection and in writing. this regard, Buyer or its designated agents may agents, employees or contractors may, upon not less than one (1) business day prior notice to Seller, enter upon the Property during normal business hours (so long as Buyer permits Seller to accompany Buyer during such inspections) for purposes of analysis or other tests and inspections such inspection which may be deemed necessary by Buyer, subject to the provisions of the immediately following paragraph hereof. If Buyer determines that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspectionsintended use or purpose, investigationsor is not in satisfactory condition, studies or tests disclose the existence of any Hazardous Materials inthen Buyer may, by written notice to Seller, on or under before the Landexpiration of the Feasibility Period, then Buyer may either: 1. Terminate terminate this Contract) by , in which event neither party shall have any further rights, duties or obligations hereunder, and the ▇▇▇▇▇▇▇ Money shall be returned to Buyer. If the written notice described in the preceding sentence is not given to Seller prior to the expiration of the Feasibility Period, in which event then the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence conditions of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study 6 shall be deemed to have been satisfied and/or waived by Buyer for all purposesfully satisfied, and it Buyer may not thereafter terminate this Contract pursuant to this Section 6. In the event the transaction described in this Contract shall be conclusively presumed that not close, Buyer (i) has approved shall restore the Diligence Documents, any surveys obtained, Property as near as reasonably possible to its prior condition. All inspections and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study studies shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the PropertyWHETHER OR NOT THE TRANSACTION DESCRIBED IN THIS CONTRACT SHALL CLOSE, at its sole cost and expenseBUYER SHALL INDEMNIFY, to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS DEFEND AND HOLDS HOLD SELLER HARMLESS FROM AND AGAINST ALL CLAIMS, LIABILITIESACTIONS, DAMAGES, LOSSESLIABILITY, LOSS, COSTS, ATTORNEY’S FEES AND EXPENSES (INCLUDINGRELATED TO OR ARISING FROM SUCH INSPECTIONS AND STUDIES, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION INCLUDING THOSE ARISING OUT OF OR IN ANY WAY RELATING FROM SELLER’S NEGLIGENCE TO THE FEASIBILITY STUDY PERFORMED BY EXTENT (BUT NO FURTHER) SELLER IS ALLEGED OR FOUND TO HAVE BEEN NEGLIGENT IN FAILING TO SUPERVISE THE CONDUCT OF BUYER, ITS AGENTS, CONTRACTORSCONTRACTORS AND EMPLOYEES IN, SERVANTS AND/ON, OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF ABOUT THE PROPERTY. The provisions of this Section 6 shall survive the Closing or any termination or cancellation of this Contract. Notwithstanding any contrary provision hereof, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLERBuyer’s indemnification and restoration obligations (and Seller’s right to enforce the same) shall, ITS AGENTSin no way be limited by the limitations on Seller’s remedies set forth in Section 13 hereof, EMPLOYEES AND/OR CONTRACTORSand Seller to have all rights and remedies in the enforcement of Buyer’s indemnification and restoration obligations. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARYNotwithstanding any other provision of this Contract, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (ea) at least three (3) business days prior to performing any such inspection or study of the Property which will involve the intrusive or destructive sampling or analysis of any portion of the Property or its improvements (“Intrusive Investigation”), Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice provide to Seller and deposit into escrow with the Title Company prior to expiration a detailed description of the Feasibility Periodwork to be performed during the Intrusive Investigation. During the three (3) business day period after receipt of Buyer’s description, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment Seller shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.have the

Appears in 1 contract

Sources: Purchase and Sale Agreement (Sterling Bancshares Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies study of the Property, and/or an examination of a copy of the Lease and a copy of the Tenant Estoppel Certificate executed by Tenant and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”) during "Inspections"). Buyer shall have through 5 p.m. on that date which is the period (“Feasibility Period”) commencing on 30th day following the Effective Date of this Contract ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of such analysis or other tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $50 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. Subject to the provisions of Paragraph 12 hereof with respect to title and survey matters, if Buyer does not give the Disapproval Notice prior to the expiration of the Feasibility Inspection Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies of the Property, and/or and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on December 12, 1996 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller prior to ("Disapproval Notice") on or before the expiration end of the Feasibility Inspection Period, in terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (I) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which event consideration is deemed earned as of the ▇▇date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If ▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability does not give the Disapproval Notice prior to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment expiration of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4Inspection Period, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after After the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”)this Contract, which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, Buyer is granted the right to conduct engineering, engineering and/or market and economic feasibility studies of the Property, and/or Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date effective date of this Contract and ending at 5:00 p.m., DallasMassillon, Texas time, Ohio time on that the date that is Thirsty sixty (3060) days thereafterafter the Effective Date. Parties may agree With Seller's permission, after ▇▇▇▇▇▇ has received advance notice sufficient to extend permit it to schedule in an orderly manner Buyer's examination of the Feasibility Period in writing. Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided however, (b) . Buyer shall not materially alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise commercially reasonable efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant's use and occupancy of the Property. If Buyer’s inspectionsBuyer determines, investigationsin its sole judgment, studies that the Property is not suitable for any reason for ▇▇▇▇▇'s intended use or tests disclose the existence of any Hazardous Materials inpurpose, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate terminate this Contract) Contract by written notice to Seller prior to the expiration of the Feasibility Period, in which event case the ▇▇▇▇▇▇▇ Money together with any accrued interest shall will be paid or returned Buyer and thereafter this Contract shall terminate to Buyer, and neither party shall have any further right or obligation or liability to the hereunder other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections than as set forth herein with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, rights or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) obligations which survive termination. The Feasibility Study shall be at Buyer’s sole cost and 's expense. . (b) Buyer shall promptly restore the Property, at its sole cost and expense, Property to substantially its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s 's or materialman’s 's liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4WHETHER OR NOT THE TRANSACTION DESCRIBED IN THIS CONTRACT SHALL CLOSE, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AGREES TO INDEMNIFY AND HOLDS HOLD SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS DAMAGES AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, INDEPENDENT CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) provided that Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice not be liable to Seller and deposit into escrow with for the Title Company prior to expiration mere discovery of any pre-existing condition at the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at ClosingProperty.

Appears in 1 contract

Sources: Contract of Sale (Bitdeer Technologies Group)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, engineering and/or market and economic feasibility studies of the Property, and/or Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., DallasAustin, Texas time, time on that the date that is Thirsty thirty (30) days thereafterafter the Effective Date. Parties may agree With Seller’s permission, after Seller has received advance notice sufficient to extend permit it to schedule in an orderly manner Buyer’s examination of the Feasibility Period in writing. Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided provided, however, , Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (bi) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s inspectionsintended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate terminate this Contract) Contract by written notice to Seller prior to the expiration of the Feasibility Period, in which event case the ▇▇▇▇▇▇▇ Money together with any accrued interest shall Initial Deposit will be paid or returned Buyer and thereafter this Contract shall terminate to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or liability to obligations that survive termination. If the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 45, the condition provided in this Section 4 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it Buyer shall deliver the additional amount of TWO-HUNDRED FIFTY-THOUSAND DOLLARS AND NO/100 ($250,000.00) (the “Additional Deposit”) to the Title Company within two (2) Business Days after the expiration of the Feasibility Period, which Additional Deposit shall be conclusively presumed that Buyer held by the Title Company as escrow agent and distributed (or refunded to Buyer, as applicable) according to the terms of this Contract and at such time the Initial Deposit and the Additional Deposit shall (i) has approved the Diligence Documentsbecome non-refundable to Purchaser except as provided in this Contract (including, any surveys obtainedwithout limitation, as a result of a default by Seller or failure of a condition to Closing under this Contract); and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access be applicable to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) Purchase Price at Closing. The Feasibility Study shall be at Buyer’s sole cost and expense. . (b) Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIESBuyer shall keep confidential the results of any tests and inspections made by Buyer, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMSand shall not disclose said results to any third parties; other than Buyer’s officers, LIABILITIESdirectors, DAMAGESemployees, LOSSESaffiliates, COSTScounsel, EXPENSES investment advisors, potential lenders, partners, investors and participants and their advisors and other representatives (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEEScollectively “Buyer Group”), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYERand the Buyer Group shall be informed to treat such information confidentially and in accordance with the terms and conditions of this Contract. Buyer hereby indemnifies and holds Seller harmless from all claims, ITS AGENTSliabilities, CONTRACTORSdamages, SERVANTS AND/OR EMPLOYEESlosses, costs, expenses (including, without limitation, reasonable attorneys’ fees), actions and causes of action arising out of or in any way relating to the Feasibility Study performed by Buyer, its agents, independent contractors, servants and/or employees, including those caused by or in any way contributed to by the negligence of Seller, its agents, independent contractors, servants and/or employees; provided such indemnity shall not extend to the gross negligence or willful misconduct of the Seller, its agents, independent contractors, servants and/or employees. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMSBuyer further waives and releases any claims, DEMANDSdemands, DAMAGESdamages, ACTIONSactions, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYERcauses of action or other remedies of any kind whatsoever against Seller for property damages or bodily and/or personal injuries to Buyer, ITS AGENTSits agents, CONTRACTORSindependent contractors, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTYservants and/or employees arising out of the Feasibility Study or use in any manner of the Property. Buyer shall procure and continue in force from and after the date Buyer first enters the Property, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLERand continuing throughout the term of this Contract, ITS AGENTSComprehensive General Liability Insurance with a combined single limit of not less than One Million Dollars ($1,000,000) per occurrence, EMPLOYEES AND/OR CONTRACTORSor Commercial General Liability Insurance, with limits of not less than One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) per event. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARYSeller shall be included as an additional insured(s) under such comprehensive general liability or commercial general liability coverage. Such insurance shall include: (i) personal injury liability with employee and contractual exclusions removed; and (ii) a waiver of subrogation in favor of Seller without exception for the negligence of any additional insured. Buyer will not be permitted to come onto the Property unless and until Buyer has provided to Seller a certificate of insurance evidencing such coverage, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTthe additional insured status of Seller, and such waiver of subrogation. The provisions of this Section 5(b) shall survive the Closing or any termination of this Contract and are not subject to any liquidated damage limitation on remedies, notwithstanding anything to the contrary in this Contract. (ec) During the Feasibility Period, Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to review all Service Contracts provided by Seller. Buyer shall notify Seller and deposit into escrow with the Title Company prior to the expiration of the Feasibility PeriodPeriod of those Service Contracts that it disapproves, and Seller shall, at Seller’s expense, terminate such disapproved Service Contracts effective not later than the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”)Closing Date. The Extension Payment All Service Contracts not disapproved by Buyer during the Feasibility Period shall be deposited with deemed to have been approved by Buyer, and Buyer shall assume and be liable for any and all obligations under the Title Company and become part of respective Service Contracts extending past the ▇▇▇▇▇▇▇ MoneyClosing Date. The Extension Payment Notwithstanding the foregoing, Buyer shall be applicable deemed to have approved and shall have no right to reject those Service Contracts that, by their terms, cannot be terminated by Seller without the Sales Price at Closingpayment of a penalty, termination fee, or other charge.

Appears in 1 contract

Sources: Contract of Sale (Grubb & Ellis Apartment REIT, Inc.)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies study of the Property, and/or and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on March 14, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of such analysis or other tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller prior to ("Disapproval Notice") on or before the expiration end of the Feasibility Inspection Period, in which event terminate this Contract for all purposes (except as provided herein) and the ▇▇Deposit shall be returned to Buyer, less any escrow or title cancellation fees or charges of Title Company. If ▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability does not give the Disapproval Notice prior to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment expiration of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4Inspection Period, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller /s/ BH JH harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after After the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”)Date, which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, Buyer is granted the right to conduct engineering, market and economic feasibility studies of the Property, and/or a physical inspection and study of the PropertyProperty during normal business hours. Buyer shall have until 5:00 p.m., including studies or inspections on the first day following the thirtieth (30th) day following the Effective Date (said 30-day period is herein referred to determine as the existence of any environmental hazards or conditions (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on the Effective Date to perform such inspection and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may may, upon not less than 24 hours prior notice to Seller, enter upon the Property (so long as Buyer permits Seller to accompany Buyer during such inspections) for purposes of analysis or other tests and inspections such inspection which may be deemed necessary by Buyer, subject to the provisions of the immediately following paragraph hereof. If Buyer determines that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspectionsintended use or purpose, investigationsor for any or no reason Buyer elects not to proceed with the purchase of the Property, studies or tests disclose the existence of any Hazardous Materials inthen Buyer may, by written notice to Seller, on or under before the Landexpiration of the Feasibility Period, then Buyer may either: 1. Terminate terminate this Contract) by , in which event this Contract shall terminate, and neither party shall have any further rights, duties or obligations hereunder, and the ▇▇▇▇▇▇▇ Money shall immediately be returned to Buyer. If the written notice described in the preceding sentence is not given to Seller prior to the expiration of the Feasibility Period, in which event then the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence conditions of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study 7 shall be deemed to have been satisfied and/or waived by Buyer for all purposesfully satisfied, and it Buyer may not thereafter terminate this Contract pursuant to this Section 7. In the event the transaction described in this Contract shall be conclusively presumed that not close, Buyer (i) has approved shall restore the Diligence Documents, any surveys obtained, Property to its prior condition. All inspections and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study studies shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the PropertyWHETHER OR NOT THE TRANSACTION DESCRIBED IN THIS CONTRACT SHALL CLOSE, at its sole cost and expenseBUYER SHALL INDEMNIFY, to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS DEFEND AND HOLDS HOLD SELLER HARMLESS FROM AND AGAINST ALL CLAIMS, LIABILITIESACTIONS, DAMAGES, LOSSESLIABILITY, LOSS, COSTS, ATTORNEY’S FEES AND EXPENSES (INCLUDINGRELATED TO OR ARISING FROM SUCH INSPECTIONS AND STUDIES, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION INCLUDING THOSE ARISING OUT OF OR IN ANY WAY RELATING FROM SELLER’S NEGLIGENCE TO THE FEASIBILITY STUDY PERFORMED BY EXTENT (BUT NO FURTHER) SELLER IS ALLEGED OR FOUND TO HAVE BEEN NEGLIGENT IN ENTERING INTO THIS CONTRACT, NEGLIGENT FOR GRANTING ACCESS TO THE PROPERTY TO BUYER OR NEGLIGENT IN FAILING TO SUPERVISE THE CONDUCT OF BUYER, ITS AGENTS, CONTRACTORSCONTRACTORS AND EMPLOYEES IN, SERVANTS AND/ON, OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF ABOUT THE PROPERTY. The provisions of this Section 7 shall survive the Closing or any termination or cancellation of this Contract notwithstanding any contrary provision hereof and Buyer’s indemnification obligations (and Seller’s right to enforce the same) shall, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLERnotwithstanding any contrary provision hereof, ITS AGENTSin no way be limited by the limitations on Seller’s remedies set forth in Section 14 hereof, EMPLOYEES AND/OR CONTRACTORSSeller to have all rights and remedies in the enforcement of Buyer’s indemnification and other obligations under this Section 7 with regard to restoration of the Property. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARYNotwithstanding any other provision of this Contract, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. at least three (e3) business days prior to performing any such inspection or study of the Property which will involve the intrusive or destructive sampling or analysis of any portion of the Property or its improvements, including without limitation any soil, water or ground water on or under the Property (“Intrusive Investigation”), Buyer shall provide to Seller a detailed description of the work to be performed during the Intrusive Investigation. During the three (3) business day period after receipt of Buyer’s description, Seller shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice object to Seller and deposit into escrow with the Title Company prior to expiration any portion of the Feasibility Periodproposed Intrusive Investigation, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment Buyer shall be deposited with the Title Company and become part refrain from performing any such portion of the ▇▇▇▇▇▇▇ Moneyproposed Intrusive Investigation. The Extension Payment Seller or its representative shall be applicable have the right, but not the obligation, to observe any and all activities of Buyer or its representative during the Sales Price at Closingperformance of Intrusive Investigation activities.

Appears in 1 contract

Sources: Amendment to Agreement (Inland American Real Estate Trust, Inc.)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies of the Property, and/or and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on February 6, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If Buyer does not give the Disapproval Notice prior to the expiration of the Feasibility Inspection Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, engineering and/or market and economic feasibility studies of the Property, and/or Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas timetime on May 5, on that date that is Thirsty 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (3024) days thereafter. Parties may agree hours advance written notice to extend the Feasibility Period in writing. any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided provided, however, , Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (bi) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s inspectionsintended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate terminate this Contract) Contract by written notice to Seller prior to the expiration of the Feasibility Period, in which event case the E▇▇▇▇▇▇ Money together with any accrued interest shall will be paid or returned Buyer and thereafter this Contract shall terminate to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or liability to obligations that survive termination. If the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 45, the condition provided in this Section 4 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) . The Feasibility Study shall be at Buyer’s sole cost and expense. . (b) Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Contract of Sale (NNN Apartment REIT, Inc.)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies of the Property, and/or and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on February 28, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If Buyer does not give the Disapproval Notice prior to the expiration of the Feasibility Inspection Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after Commencing on the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”)Date, which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified but subject to Buyer, and nothing in ’s compliance with the terms of this Section shall constitute a representation or warranty as 4 and to the deliveryBuyer’s not being in default under this Contract, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, Buyer is granted the right right, at Buyer’s sole expense, to enter onto the Property in order to conduct engineering, any engineering and/or market and economic feasibility studies of the Property, and/or a physical inspection inspections of the Property, including studies a Phase I environmental study (but not a Phase II without Seller’s prior written consent, which will not be unreasonably withheld), and any other non-invasive test, study, review or inspections inspection of the Property and, to determine the existence extent copies are not provided to Buyer by Seller pursuant to Section 6, to review and copy Seller’s books and records relating to the Property and any of any environmental hazards or conditions the documents described in Section 6, and other matters necessary in the sole discretion of Buyer to evaluate and analyze the feasibility of the Property for Buyer’s intended use thereof (collectively, the “Feasibility Study”) during the period (“Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing). Buyer or its designated agents agents, independent contractors, prospective lender(s) or investor(s), and/or employees (collectively, “Buyer’s Agents”) may enter upon the Property for purposes of analysis or other tests any tests, reviews and inspections which may be deemed that Buyer deems necessary by Buyer for the Feasibility Study; provided however, (b) , all such tests, reviews and inspections will be conducted in a manner so as not to cause permanent damage to the Property and that minimize inconveniences to and interruption of the tenants of the Property. If Buyer’s inspectionsBuyer determines, investigationsin its sole judgment, studies or tests disclose that Buyer wishes to proceed with the existence purchase of any Hazardous Materials inthe Property, on or under the Land, then Buyer may either: 1. Terminate waive its termination rights under this Contract) Section by delivering written notice to Seller prior (the “Waiver Notice”) not later than 4:00 p.m., pacific standard time on May 27, 2015 (the “Feasibility Period Expiration Date”), and within one (1) business day following the Feasibility Period Expiration Date, delivering the Additional ▇▇▇▇▇▇▇ Money to the expiration of Title Company. If Buyer does not deliver the Feasibility PeriodWaiver Notice and deposit the Additional ▇▇▇▇▇▇▇ Money as required in the prior sentence, in which event this Contract will automatically terminate without any further action by either party, the ▇▇▇▇▇▇▇ Money, less the Non-refundable ▇▇▇▇▇▇▇ Money, will be returned to Buyer, the Non-refundable ▇▇▇▇▇▇▇ Money together with any accrued interest shall will be paid or returned Buyer and thereafter this Contract shall terminate and delivered to Seller, and, thereafter, neither party shall will have any further obligation rights or liability obligations hereunder, except those rights and obligations which are expressly stated to the other under survive termination of this Contract; or 2. Waive, in writing, its objections to If Buyer delivers the existence of Hazardous Materials Waiver Notice and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated Additional ▇▇▇▇▇▇▇ Money in the manner and within the time provided in this Section 4Section, the condition right of Buyer to terminate this Contract provided in this Section 4 and any and all objections with respect to the Feasibility Study shall 4.(a) will be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, . At any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access time prior to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right to extend the Feasibility Period Expiration Date, Buyer may terminate this Contract for one (1) period any reason or for no reason whatsoever by delivery of thirty (30) days (“Extension Period”) upon written notice of such termination to Seller and deposit into escrow with Escrow Agent (the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (Extension PaymentTermination Notice”). The Extension Payment shall be deposited with the Title Company and become part of , in which event this Contract will automatically terminate without any further action by either party, the ▇▇▇▇▇▇▇ Money, less the Non-refundable ▇▇▇▇▇▇▇ Money, will be returned to Buyer, the Non-refundable ▇▇▇▇▇▇▇ Money will be delivered to Seller, and, thereafter, neither party will have any further rights or obligations hereunder, except those rights and obligations which are expressly stated to survive termination of this Contract. (b) If Buyer's inspections cause any change, alteration or damage to the Property and this Contract is terminated for any reason, Buyer must restore the Property to the condition that existed immediately prior to such change, alteration or damage, at Buyer's sole expense. The Extension Payment provisions of the previous sentence shall control over any conflicting or inconsistent provisions contained in this Contract and shall survive termination of this Contract for a period of three (3) months; provided however that if Seller has provided written notice to Buyer specifying, with reasonable detail, a repair Buyer is required to make hereunder, then such three-month period shall be applicable extended until the repair is completed by Buyer and approved by Seller. (c) Promptly following receipt of payment from Seller for the actual costs thereof, Buyer agrees to provide Seller with a copy of all third-party studies and reports prepared for it by Buyer’s Agents relating to the Sales Price Property, except for economic feasibility studies (collectively, “Buyer’s Due Diligence Materials”), within seven days of receipt of such payment; provided however that such delivery shall be expressly without any representation or warranty and without right of reliance thereon, and shall be subject to any confidentiality requirements of the provider of such report. Buyer’s obligations under the prior sentence will survive termination of this Contract for a period of three (3) months, provided, however, that if Seller has provided written notice to Buyer requesting any study or report Buyer is required to provide hereunder, then such three-month period shall be extended until the study or report is provided by Buyer. (d) EXCEPT TO THE EXTENT ARISING OUT OF THE NEGLIGENCE OR WILLFUL MISCONDUCT OF SELLER OR SELLER’S CONTRACTORS, EMPLOYEES, REPRESENTATIVES OR AGENTS, WHETHER OR NOT THE TRANSACTION DESCRIBED IN THIS CONTRACT CLOSES, BUYER AGREES TO INDEMNIFY AND HOLD SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES AND CAUSES OF ACTION (EACH AND COLLECTIVELY, A “CLAIM”) ARISING OUT OF BUYER’S ENTRY ON THE PROPERTY AND/OR THE FEASIBILITY STUDY PERFORMED BY BUYER AND BUYER’S AGENTS; PROVIDED, HOWEVER, THAT BUYER SHALL NOT BE RESPONSIBLE FOR ANY LOSSES OR EXPENSES RESULTING FROM THE DISCOVERY OF ADVERSE INFORMATION REGARDING THE PROPERTY OR FOR ANY CONSEQUENTIAL, SPECULATIVE, PUNITIVE OR INCIDENTAL DAMAGES. Any provision to the contrary herein notwithstanding, the provisions of the previous sentence shall survive termination of this Contract for any reason for a period of three (3) months from the date of termination with respect to any Claim of Seller other than related to third-party Claims, and three (3) months after Seller’s receipt of written notice of such Claim with respect to any claim based on a Claim made by a third party (but in no event later than three (3) months after the expiration of such third-party’s applicable statute of limitations to make such Claim) and, if Seller notifies Buyer of any Claim within such applicable period, will survive and continue until the indemnification obligation related to such Claim is satisfied. (e) Prior to any entry upon the Land by Buyer or Buyer's Agents, Buyer must secure, at Buyer's expense, the following policies of insurance, which must include coverage of the activities of Buyer and Buyer's Agents on the Property: (a) comprehensive general and property damage insurance, including direct contractual and contingent liability, with a combined single limit of $1,000,000 for bodily injury to, or death of, any person, or more than one person, on an occurrence basis, and $1,000,000 for property damage in any one or more accidents, with aggregate operations on an occurrence basis; and (b) comprehensive automobile liability insurance with limits of $1,000,000 for personal injury to, or death of, any one or more persons, in any one accident, and $1,000,000 for property damage in any one or more accidents. These policies of insurance must be issued on an occurrence basis, maintained in effect at all times during the term of this Contract, name Seller as an additional insured and provide that the policies may not be terminated without 30 days' prior written notice to Seller. Copies of the certificates of coverage confirming Seller’s designation as an additional insured must be delivered to Seller prior to any entry on the Land by Buyer or Buyer's Agents. This Contract supersedes and replaces the Access Agreement dated April 27, 2015, which is hereby terminated. (f) Buyer must give Seller written notice prior to the Feasibility Period Expiration Date of any Service Contracts Buyer wishes to assume at Closing. Any Service Contracts that Buyer does not elect to assume will be terminated by Seller as of the Closing Date at no cost to Buyer; provided, however, that if Seller is unable to terminate any Service Contracts without payment of a fee or penalty in excess of $10,000.00, then Seller will give written notice to Buyer of such inability and Buyer may, as its sole and exclusive remedy, choose, by giving written notice to Seller within two business days of Seller’s delivery of such notice, to either (i) pay the amount of the fee or penalty that exceeds $10,000.00, in which case Seller will terminate such Service Contracts, (ii) assume such Service Contracts and proceed to Closing, or (iii) terminate this Contract. In the event of such a termination, the ▇▇▇▇▇▇▇ Money, less the Non-refundable ▇▇▇▇▇▇▇ Money, will be returned to Buyer, the Non-refundable ▇▇▇▇▇▇▇ Money will be delivered to Seller, and, thereafter, neither party will have any further right or obligation hereunder except those rights and obligations which are expressly stated to survive termination of this Contract. Seller shall cooperate with Buyer, both before and after Closing, to obtain any approvals or consents required to assign any Service Contracts that Buyer elects to assume, including, without limitation, sending requests for such approvals or consents to the party or parties whose consent or approval is required. If Seller fails to timely send any such request for approval or consent, Buyer may do so in Seller’s name. Seller’s obligations under this Section 4.(f) shall survive Closing for a period of three (3) months.

Appears in 1 contract

Sources: Contract of Sale (Steadfast Apartment REIT, Inc.)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, engineering and/or market and economic feasibility studies of the Property, and/or Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the "Feasibility Study") during the period (the "Feasibility Period") commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on that date that is Thirsty time thirty (30) days thereafter. Parties may agree With Seller's permission, after Seller has received advance notice sufficient to extend permit it to schedule in an orderly manner Buyer's examination of the Feasibility Period in writing. Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior written consent of Seller which may be withheld in Seller's sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Seller understands that Buyer intends to arrange an interview with the FDIC during the Feasibility Period. Seller agrees to provide reasonable assistance in attempting to arrange the interview with the FDIC; provided however, Buyer agrees that Buyer shall not conduct or cause to be conducted any tenant interview unless a representative of Seller is present throughout such interview. Provided Buyer provides at least two (b2) business days prior written notice to Seller, Seller shall cause a representative to be reasonably available for the interview with the FDIC. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant's use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate terminate this Contract) Contract by written notice to Seller prior to the expiration of the Feasibility Period, in which event case the ▇▇▇▇▇▇▇ Money together with any accrued interest shall will be paid or returned Buyer and thereafter this Contract shall terminate to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or liability to obligations that survive termination. If the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 45, the condition provided in this Section 4 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) . The Feasibility Study shall be at Buyer’s 's sole cost and expense. . (b) Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s 's or materialman’s 's liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. Buyer shall keep confidential the results of any tests and inspections made by Buyer, and shall not disclose said results to any third parties; other than Buyer's advisors and other representatives who need to know such information for the purpose of evaluating the acquisition of the Property (collectively "Buyer Group"), and the Buyer Group shall be informed to treat the such information confidentially and in accordance with the terms and conditions of this Contract. BUYER HEREBY INDEMNIFIES, DEFENDS INDEMNIFIES AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, INDEPENDENT CONTRACTORS, SERVANTS AND/OR EMPLOYEES, INCLUDING THOSE CAUSED BY OR IN ANY WAY CONTRIBUTED TO BY THE NEGLIGENCE OF SELLER, ITS AGENTS, INDEPENDENT CONTRACTORS, SERVANTS AND/OR EMPLOYEES; PROVIDED SUCH INDEMNITY SHALL NOT EXTEND TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE SELLER, ITS AGENTS, INDEPENDENT CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMSBuyer further waives and releases any claims, DEMANDSdemands, DAMAGESdamages, ACTIONSactions, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYERcauses of action or other remedies of any kind whatsoever against Seller for property damages or bodily and/or personal injuries to Buyer, ITS AGENTSits agents, CONTRACTORSindependent contractors, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration servants and/or employees arising out of the Feasibility PeriodStudy or use in any manner of the Property. Buyer shall procure and continue in force from and after the date Buyer first enters the Property, and continuing throughout the sum term of Ten Thousand and 00/100 this Contract, Comprehensive General Liability Insurance with a combined single limit of not less than One Million Dollars ($10,000.001,000,000) per occurrence, or Commercial General Liability Insurance, with limits of not less than One Million Dollars (“Extension Payment”)$1,000,000) per occurrence and Two Million Dollars ($2,000,000) per event. Seller and West World Management, Inc. shall be included as an additional insured(s) under such comprehensive general liability or commercial general liability coverage. Such insurance shall include: (i) personal injury liability with employee and contractual exclusions removed; and (ii) a waiver of subrogation in favor of Seller without exception for the negligence of any additional insured. Buyer will not be permitted to come onto the Property unless and until Buyer has provided to Seller a certificate of insurance evidencing such coverage, the additional insured status of Seller, and such waiver of subrogation. The Extension Payment provisions of this Section 5(b) shall be deposited with survive the Title Company Closing or any termination of this Contract and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable are not subject to any liquidated damage limitation on remedies, notwithstanding anything to the Sales Price at ClosingContrary in this Contract.

Appears in 1 contract

Sources: Contract of Sale (G Reit Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies study of the Property, and/or and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”"Inspections"). Buyer shall have through 5 P.M. on that date which is the twentieth (20th) during the period (“Feasibility Period”) commencing on business day following the Effective Date of this Contract ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller prior to ("Disapproval Notice") on or before the expiration end of the Feasibility Inspection Period, in terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which event consideration is deemed earned as of the ▇▇date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If ▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability does not give the Disapproval Notice prior to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment expiration of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4Inspection Period, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct engineering, market and economic feasibility studies of the Property, and/or a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided however, (b) If Buyer’s inspections, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Land, then Buyer may either: 1. Terminate this Contract) by written notice to Seller prior to the expiration of the Feasibility Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; oror‌ 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study shall be deemed to have been satisfied and/or waived by Buyer for all purposes, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, to its original condition if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer shall provide Seller, at no cost to Seller, with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS AND CAUSES OF ACTION ARISING OUT OF OR IN ANY WAY RELATING TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACT. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Contract of Sale

FEASIBILITY STUDY AND INSPECTION. (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”), which Diligence Documents are provided for informational purposes only and shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyer, at its sole cost, liability, and expense, is granted the right to conduct an engineering, and/or market and economic feasibility studies study of the Property, and/or and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, “Feasibility Study”) during the period (“Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on February 21, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract. If Buyer does not give the Disapproval Notice prior to the expiration of the Feasibility Inspection Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter this Contract shall terminate and neither party shall have any further obligation or liability to the other under this Contract; or 2. Waive, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer's expense and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)

FEASIBILITY STUDY AND INSPECTION. Prior to expiration of the Inspection Period (a) Seller shall deliver to Buyer within thirty (30) days after the Effective Date any environmental reports pertaining to the Property currently in the possession of Seller (“Diligence Documents”as defined below), which Diligence Documents are provided for informational purposes only and Buyer shall not be relied upon by or certified to Buyer, and nothing in this Section shall constitute a representation or warranty as to have the delivery, accuracy or completeness of any Diligence Documents described herein or otherwise in Seller’s possession. Buyerright, at its sole cost, liability, cost and expense, is granted to review and copy all of Seller's non-privileged and non-confidential documents and information relating to the right operation or condition of the Property and to conduct engineeringwhatever inspections, market studies, tests and investigations Buyer desires to conduct relating to the Property including, without limitation, the physical, environmental, economic feasibility studies and legal condition of the Property, and/or a physical inspection of Property (the Property, including studies or inspections to determine "Inspections"). Buyer shall have through 5 P.M. on that date which is the existence of any environmental hazards or conditions thirtieth (collectively, “Feasibility Study”30th) during the period (“Feasibility Period”) commencing on day following the Effective Date of this Contract ("Inspection Period") to perform such Inspections and ending at 5:00 p.m.in this regard, Dallas, Texas time, on that date that is Thirsty (30) days thereafter. Parties may agree to extend the Feasibility Period in writing. Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer. If Buyer determines, in his sole judgment, that the Property is not suitable for the Feasibility Study; provided however, (b) If any reason for Buyer’s inspections's intended use or purpose, investigations, studies or tests disclose the existence of any Hazardous Materials in, on or under the Landis not in satisfactory condition, then Buyer may either: 1. Terminate this Contract) may, by written notice to Seller prior to ("Disapproval Notice") on or before the end of the first business day following the expiration of the Feasibility Inspection Period, in which event the ▇▇▇▇▇▇▇ Money together with any accrued interest shall be paid or returned Buyer and thereafter terminate this Contract shall terminate and neither party shall have any further obligation or liability to for all purposes (except as otherwise specifically provided herein). If Buyer does not timely give the other under this Contract; or 2. WaiveDisapproval Notice, in writing, its objections to the existence of Hazardous Materials and proceed to closing without adjustment of the Purchase Price. (c) If this Contract is not terminated in the manner and within the time provided in this Section 4, the condition provided in this Section 4 and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been satisfied and/or waived by Buyer for all purposes. In the event the transaction contemplated in this Contract shall not close, and it shall be conclusively presumed that Buyer (i) has approved the Diligence Documents, any surveys obtained, and the condition through no fault of title and condition of the Property, (ii) has acknowledged and agreed that Buyer has been given adequate access to inspect the Property, (iii) has acknowledged that it has the full and complete knowledge necessary to purchase the Property, or has chosen not to obtain the full and complete knowledge, although provided with the opportunity by Seller, and (iv) has conducted, or had the opportunity to conduct, sufficient examination of the building, building envelope, building systems, building grounds, building components and surrounding conditions including but not limited to soils and the environmental condition of the Property. (d) The Feasibility Study shall be at Buyer’s sole cost and expense. Buyer shall promptly restore the Property, at its sole cost and expense, Property to its original condition condition, if damaged or changed due to the tests and inspections performed by Buyer, free of any mechanic’s or materialman’s liens or other encumbrances arising out of any of the inspections or tests. In the event that Buyer terminates this Contract pursuant to this Section 4, or this Contract is terminated due to a default of Buyer, Buyer and shall provide Seller, at no cost to Seller, Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising from Buyer's Inspections (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER HEREBY INDEMNIFIES, DEFENDS AND HOLDS SELLER HARMLESS FROM ALL CLAIMS, LIABILITIES, DAMAGES, LOSSES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), ACTIONS ACKNOWLEDGE AND CAUSES AGREE THAT THE ATTACHED ADDENDUM IS A PART OF ACTION ARISING OUT OF OR IN ANY WAY RELATING THIS CONTRACT AND SHALL BE APPLICABLE TO THE FEASIBILITY STUDY PERFORMED BY BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES. BUYER FURTHER WAIVES AND RELEASES ANY CLAIMS, DEMANDS, DAMAGES, ACTIONS, CAUSES OF ACTION OR OTHER REMEDIES OF ANY KIND WHATSOEVER AGAINST SELLER FOR PROPERTY DAMAGES OR BODILY AND/OR PERSONAL INJURIES TO BUYER, ITS AGENTS, CONTRACTORS, SERVANTS AND/OR EMPLOYEES ARISING OUT OF THE FEASIBILITY STUDY OR USE IN ANY MANNER OF THE PROPERTY, UNLESS DUE TO THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF SELLER, ITS AGENTS, EMPLOYEES AND/OR CONTRACTORS. NOTWITHSTANDING ANYTHING IN THIS CONTRACT TO THE CONTRARY, THE PROVISIONS OF THIS SECTION 4 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS CONTRACTTRANSACTION CONTEMPLATED HEREIN. (e) Buyer shall have the right to extend the Feasibility Period for one (1) period of thirty (30) days (“Extension Period”) upon written notice to Seller and deposit into escrow with the Title Company prior to expiration of the Feasibility Period, the sum of Ten Thousand and 00/100 Dollars ($10,000.00) (“Extension Payment”). The Extension Payment shall be deposited with the Title Company and become part of the ▇▇▇▇▇▇▇ Money. The Extension Payment shall be applicable to the Sales Price at Closing.

Appears in 1 contract

Sources: Earnest Money Contract (Metric Income Trust Series Inc)