Common use of Inspection Condition Clause in Contracts

Inspection Condition. It shall be a condition of this Agreement that on or before August 11, 1997 (the "Inspection Periods), Buyer shall have approved in its sole discretion, (i) the matters set forth in Section 4; (ii) all zoning, building code and other governmental laws, ordinances, rules, regulations, rulings and decision applicable to the Property; (iu) an appraisal of the Property; (iv) an engineering and physical inspection of the Property; and (v) an inspection of the financial books and records relating to all income and expenses of the Property. In the conduct of its inspection of the Property, Buyer shall not unreasonably interfere with the operation of the Property or the occupancy of the tenants. To the extent any of the inspections disrupt the condition of the Property, Buyer shall restore the Property to its prior condition thereafter and Buyer shall indemnify Seller against any loss or damage to person or property arising from the conduct of Buyer's inspection of the Property. The foregoing provisions of this Agreement shall survive the Closing or any termination of this Agreement. In the event that Buyer deems any inspection matter unacceptable to Buyer, in Buyer's sole discretion, Buyer shall be entitled to terminate this Agreement by written notice given to Seller on or before the expiration of the Inspection Period, at which time, the Deposit shall be promptly returned to Buyer, and, thereafter this Agreement shall be void and without recourse to either party except for provisions which are expressly stated to survive termination of this Agreement. In the event Buyer does not so timely deliver written notice of termination prior to the expiration of the Inspection Period, then the foregoing conditions set forth in this Section 16.01 shall automatically be deemed waived by Buyer and satisfied in full. In the event Buyer timely elects to terminate this Agreement during the Inspection Period as permitted above, and as additional consideration for Seller granting Buyer the foregoing condition precedent, Buyer shall deliver to Seller with Buyer's notice of termination copies of all studies, surveys, plans, investigations and reports obtained by or prepared by Buyer in connection with Buyer's inspection of the Property. Buyer makes no warranty or representation as to the accuracy of any information contained in such documents.

Inspection Condition. It 6.01 During the Inspection Period, Buyer, its agents and representatives shall be a condition of this Agreement that on or before August 11, 1997 entitled to enter upon the Property (the "Inspection Periodsas coordinated through Seller’s property manager), Buyer shall have approved in its sole discretionincluding all leased areas and apartment units, (i) the matters set forth in Section 4; (ii) all zoningupon reasonable prior notice to Seller, building code to perform inspections and other governmental laws, ordinances, rules, regulations, rulings and decision applicable to the Property; (iu) an appraisal of the Property; (iv) an engineering and physical inspection of the Property; and (v) an inspection of the financial books and records relating to all income and expenses of the Property. In the conduct of its inspection tests of the Property, including surveys, environmental studies, examinations and tests of all structural and mechanical systems within the Improvements, and to examine the books and records of Seller and Seller’s property manager relating to the Property (including, without limitation, the Leases and other documents required to be delivered under this Agreement). Seller hereby agreeing to make an on-site representative available to assist in all on-site inspections. Notwithstanding the foregoing, Buyer shall not be permitted to materially and unreasonably interfere with the operation of Seller’s operations at the Property or the interfere with any tenant’s occupancy of the tenants. To the extent any of the inspections disrupt the condition of at the Property, and the scheduling of any inspections shall take into account the timing and availability of access to tenants’ premises, pursuant to tenants’ rights under the Leases or otherwise. Buyer shall restore repair any damage to the Property to its prior condition thereafter caused by any such tests or investigations, and Buyer shall indemnify and hold Seller against harmless from any loss or damage to person or property arising from the conduct of Buyer's inspection of the Propertyand all liabilities, claims, costs and expenses resulting therefrom, including, without limitation, attorneys fees and costs. The foregoing provisions of this Agreement indemnification shall survive the Closing or any the termination of this Agreement. In Notwithstanding the event foregoing, Buyer, as a condition of ingress and egress to the Property, must provide to Seller, at Buyer’s expense, a true copy of a certificate of insurance showing that Buyer deems any inspection matter unacceptable and its agents are within the coverage afforded relative to Buyer, the insurance evidenced by such certificate in Buyer's sole discretionan amount of liability coverage of no less than one million dollars ($1,000,000). Seller shall be shown as an additional insured on such certificate of insurance. Prior to the Closing, Buyer shall be entitled to terminate not discuss the reasons for their inspections, the potential sale, the closing or other information that is associated with the transaction contemplated by this Agreement by written notice given to Seller with any person located on or before the expiration Property during such inspections, with the exception of the Inspection Period, at which time, the Deposit shall be promptly returned to Buyer, and, thereafter this Agreement shall be void and without recourse to either party except for provisions which are expressly stated to survive termination of this Agreement. In the event Buyer does not so timely deliver written notice of termination prior to the expiration of the Inspection Period, then the foregoing conditions set forth in this Section 16.01 shall automatically be deemed waived by Buyer and satisfied in full. In the event Buyer timely elects to terminate this Agreement during the Inspection Period as permitted above, and as additional consideration for Seller granting Buyer the foregoing condition precedent, Buyer shall deliver to Seller with Buyer's notice of termination copies of all studies, surveys, plans, investigations and reports obtained by or prepared by Buyer in connection with Buyer's inspection of the Property. Buyer makes no warranty or representation as to the accuracy of any information contained in such documentsSeller’s on-site property manager.

Inspection Condition. It shall be a Purchaser's obligations under this Agreement are subject to its reasonable determination, made in good faith on or prior to the expiration of the Due Diligence Period, that the physical condition of this Agreement the Property, including its environmental condition are consistent with that on or before August 11, 1997 required for the use of the Property intended by Purchaser (the "Inspection PeriodsCondition"), Buyer shall have approved in its sole discretion, (i) the matters set forth in Section 4; (ii) all zoning, building code and other governmental laws, ordinances, rules, regulations, rulings and decision applicable to the Property; (iu) an appraisal of the Property; (iv) an engineering and physical inspection of the Property; and (v) an inspection of the financial books and records relating to all income and expenses of the Property. In the conduct event that Purchaser has not provided Vendor with timely notice of its inspection termination of this Agreement, then the Property, Buyer Inspection Condition shall not unreasonably interfere with be deemed to have been waived. In the operation of the Property or the occupancy of the tenants. To the extent any of the inspections disrupt event that Purchaser timely objections to the condition of the Property, Buyer Vendor shall restore then have a reasonable period, not to exceed thirty (30) days, to remove any such objection, to Purchaser’s reasonable satisfaction, in which case the Property termination by Purchaser shall be void and of no further force and effect. Upon a termination under this Section, the parties shall have no further obligations hereunder except with respect to its prior condition thereafter and Buyer shall indemnify Seller against any loss or damage to person or property arising from the conduct of Buyer's inspection of the Property. The foregoing those provisions of this Agreement which expressly survive the expiration and/or termination of this Agreement, and the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. Through the Due Diligence Period, Purchaser and its designees may enter the Property to inspect the Property’s condition, including mechanical and structural engineering studies and conduct any other investigations and inspections as Purchaser may reasonably require to assess the condition and suitability of the Property; provided, however, that such activities shall not damage the Property nor materially interfere with operations on the Property. Purchaser shall provide Vendor with notice of any on site activities at least twenty-four (24) hours in advance. Purchaser shall not conduct any invasive testing without the prior written approval of Vendor. Purchaser shall indemnify and hold Vendor harmless from and against any and all physical damage or personal injury to the extent resulting from the activities of Purchaser and its designees on the Property related to the inspections, and Purchaser shall return the Property to the same condition which existed prior to such damage, which obligations shall survive the Closing or any termination of this Agreement. In ; provided, however, Purchaser shall not be responsible hereunder for the event that Buyer deems any inspection matter unacceptable to Buyermere discovery, in Buyer's sole discretionwithout exacerbation, Buyer shall be entitled to terminate this Agreement by written notice given to Seller on or before the expiration of the Inspection Period, pre- existing conditions at which time, the Deposit shall be promptly returned to Buyer, and, thereafter this Agreement shall be void and without recourse to either party except for provisions which are expressly stated to survive termination of this Agreement. In the event Buyer does not so timely deliver written notice of termination prior to the expiration of the Inspection Period, then the foregoing conditions set forth in this Section 16.01 shall automatically be deemed waived by Buyer and satisfied in full. In the event Buyer timely elects to terminate this Agreement during the Inspection Period as permitted above, and as additional consideration for Seller granting Buyer the foregoing condition precedent, Buyer shall deliver to Seller with Buyer's notice of termination copies of all studies, surveys, plans, investigations and reports obtained by or prepared by Buyer in connection with Buyer's inspection of the Property. Buyer makes no warranty Vendor may have a representative present during any and all examinations, inspections and/or studies on the Property conducted by Purchaser or representation as to the accuracy of any information contained in such documentsits representatives.