Common use of INSPECTIONS AND CONDITION OF PROPERTY Clause in Contracts

INSPECTIONS AND CONDITION OF PROPERTY. A. Buyer shall have until 6:00 p.m., October 6, 1997, to complete its due diligence inspection of the Real Property (the "Inspection Period"). Buyer shall have until 6:00 p.m., October 20, 1997 to complete its due diligence concerning the status of the tenants. To assist Buyer with this inspection, Seller shall deliver to Buyer copies of all available leases, contracts, agreements, licenses, permits, surveys, environmental reports, roof reports, building inspection reports and other reports in Seller's possession concerning the condition of the Property, as well as utility bills, year to date income and expense statements, sales reports for the anchor tenants for the current year and past three years; any other sales reports from any tenant required to report for the current year and past three years, etc. concerning the Real and Personal Property. During the Inspection Period, Buyer may conduct such inspections, at Buyer's sole expense, as Buyer may deem necessary to ascertain the physical condition of the Real Property. In the event the Real or Personal Property is not acceptable to Buyer for any reason, Buyer shall provide written notice of same to Seller, at Seller's address, prior to the expiration of the Inspection Period. In such event, this Agreement shall be terminated and of no further force and effect and Buyer and Seller shall be released of all obligations hereunder and Buyer shall be refunded all deposits without further notice. Failure of Buyer to deliver notice to Seller as required herein shall constitute waiver of Buyer's right to give such notice and shall be deemed acceptance of the Real and Personal Property by Buyer. Buyer shall (i) complete its inspection Period; (ii) not disturb or interfere with the operation, management or use of the Project by Seller, Seller's agents, any tenant of the Project or by any such tenant's customers, invitee or guests; and (iii) not damage or affect the physical structure of the Property. Buyer shall be responsible for any and all losses, damages, charges and other costs associated with such inspections and studies, and Buyer covenants and agrees to return the Property to the same condition as existed prior to such inspections and studies. Buyer agrees not to allow any liens to arise against the Property as a result of such inspections and studies and agrees to indemnify and hold Seller harmless from and against any and all claims, charges, actions, costs, suits, damages, injuries, or other liabilities which arise, either directly or indirectly, from Buyer's or its agent's or employee's entry onto the Property prior to Closing. B. Buyer acknowledges that Buyer is purchasing the Property in "AS IS, WHERE IS" Condition and Buyer further acknowledges that Seller has made no warranties or representations, express or implied, in respect to the real and personal property except as set forth herein and further, Buyer has been given the opportunity and has made an independent investigation of the Property.

INSPECTIONS AND CONDITION OF PROPERTY. A. Buyer shall have until 6:00 p.m.twenty four (24) days from the later of (i) the Effective Date of the Agreement or (ii) the date on which the Buyer has received copies of each Tenant Lease, October 6, 1997an updated Rent Roll and year to date Income and Expense Statements, to complete its due diligence inspection of the Real Property (the "Inspection Period"). Buyer shall have until 6:00 p.m., October 20, 1997 to complete its due diligence concerning the status of the tenants. To assist Buyer with this inspection, Seller shall deliver to Buyer copies of all available leases, contracts, agreements, licenses, permits, surveys, environmental reports, roof reports, building inspection reports and other reports in Seller's possession concerning the condition of the Property, as well as utility bills, year to date income and expense statements, sales reports for the anchor tenants for the current year and past three years; any other sales reports from any tenant required to report for the current year and past three years, etc. concerning the Real and Personal Property. During the Inspection Period, Buyer may conduct such inspections, at Buyer's sole expense, as Buyer may deem necessary to ascertain the physical condition of the Real Property. In the event the Real or Personal Property is not acceptable to Buyer for any reason, Buyer shall provide written notice of same to Seller, at Seller's address, prior to the expiration of the Inspection Period. In such event, this Agreement shall be terminated and of no further force and effect and Buyer and Seller shall be released of all obligations hereunder and Buyer shall be refunded all deposits without further notice. Failure of Buyer to deliver notice to Seller as required herein shall constitute waiver of Buyer's right to give such notice and shall be deemed acceptance of the Real and Personal Property by Buyer. Buyer shall (i) complete its inspection Periodinspection; (ii) not disturb or interfere with the operation, management or use of the Project by Seller, Seller's agents, any tenant of the Project or by any such tenant's customers, invitee or guests; and (iii) not damage or affect the physical structure of the Property. Buyer shall be responsible for any and all losses, damages, charges and other costs associated with such inspections and studies, and Buyer covenants and agrees to return the Property to the same condition as existed prior to such inspections and studies. Buyer agrees not to allow any liens to arise against the Property as a result of such inspections and studies and agrees to indemnify and hold Seller harmless from and against any and all claims, charges, actions, costs, suits, damages, injuries, or other liabilities which arise, either directly or indirectly, from Buyer's or its agent's or employee's entry onto the Property prior to Closing. Buyer agrees to pay up to $2,000.00 toward the costs of copying all leases delivered to Buyer. B. Buyer acknowledges that Buyer is purchasing the Property in "AS IS, WHERE IS" Condition and Buyer further acknowledges that Seller has made no warranties or representations, express or implied, in respect to the real and personal property except as set forth herein and further, Buyer has been given the opportunity and has made an independent investigation of the Property.

INSPECTIONS AND CONDITION OF PROPERTY. A. Buyer shall have until 6:00 p.m.p.m. April 11, October 6, 1997, 1998 to complete its due diligence inspection of the Real Property (the "Inspection Period"). Buyer shall have until 6:00 p.m., October 20, 1997 to complete its due diligence concerning the status of the tenants. To assist Buyer with this inspection, Seller shall deliver to Buyer copies of all available leases, contracts, agreements, licenses, permits, surveys, environmental reportsa Phase 1 Environmental Report, roof reports, building inspection reports and other reports in Seller's possession concerning the condition of the Property, as well as utility bills, year to date income and expense statements, rent rolls, sales reports for the anchor tenants tenants, for the current year and past three years; any other sales reports from any tenant required to report for the current year and past three years, etc. concerning the Real and Personal Property. Seller shall certify, to its knowledge, the accuracy of income and expenses reports and all other financial statements including 1996 statements of operation and 1997 year to date statements to Buyer's auditors. In addition, Seller shall supply all information concerning the Mortgage. During the Inspection Period, Buyer may conduct such inspections, at Buyer's sole expense, as Buyer may deem necessary to ascertain the physical condition of the Real Property. In the event the Real or Personal Property is not acceptable to Buyer for any reason, Buyer shall provide written notice of same to Seller, at Seller's address, prior to the expiration of the Inspection Period. In such event, this Agreement shall be terminated and of no further force and effect and Buyer and Seller shall be released of all obligations hereunder and Buyer shall be refunded all deposits without further notice. Failure of Buyer to deliver notice to Seller as required herein shall constitute waiver of Buyer's right to give such notice and shall be deemed acceptance of the Real and Personal Property by Buyer. Buyer shall (i) complete its inspection Period; (ii) not disturb or interfere with the operation, management or use of the Project by Seller, Seller's agents, any tenant of the Project or by any such tenant's customers, invitee or guests; and (iii) not damage or affect the physical structure of the Property. Buyer shall be responsible for any and all losses, damages, charges and other costs associated with such inspections and studies, and Buyer covenants and agrees to return the Property to the same condition as existed prior to such inspections and studies. Buyer agrees not to allow any liens to arise against the Property as a result of such inspections and studies and agrees to indemnify indemnify, defend and hold Seller harmless from and against any and all claims, charges, actions, costs, suits, damages, injuries, or other liabilities which arise, either directly or indirectly, from Buyer's or its agent's or employee's entry onto the Property prior to Closing, which obligation expressly shall survive Closing or earlier termination of this Agreement. B. Buyer acknowledges that Buyer is purchasing the Property in "AS IS, WHERE IS" Condition and Buyer further acknowledges that Seller has made no warranties or representations, express or implied, in respect to the real and personal property except as set forth herein and further, Buyer has been given the opportunity and has made an independent investigation of the Property. Buyer further acknowledges and agrees that Buyer shall be responsible for all due diligence and analysis with respect to all documents and information provided by Seller to Buyer, and that any reliance thereon (unless said document and/or information expressly has been certified to herein by Seller) shall be at sole risk of the Buyer.

INSPECTIONS AND CONDITION OF PROPERTY. A. Buyer shall have until 6:00 p.m., October 6, 1997, thirty (3) days from the Effective Date to complete its due diligence inspection of the Real Property (the "Inspection Period"). Buyer shall have until 6:00 p.m., October 20, 1997 to complete its due diligence concerning the status of the tenants. To assist Buyer with this [LETTERHEAD] inspection, Seller shall deliver make available at Sky Lake Mall office, within two (2) days of the Effective Date, to Buyer copies of all available leases, contracts, agreements, licenses, permits, surveys, environmental reports, roof reports, building inspection reports and other reports in Seller's possession concerning the condition of the Property, as well as utility bills, year to date income and expense statements, sales reports for the anchor tenants for the current year and past three years; any other sales reports from any tenant required to report for the current year and past three years, etc. concerning the Real and Personal Property. During the Inspection Period, Buyer may conduct such inspections, at Buyer's sole expense, as Buyer may deem necessary to ascertain the physical condition of the Real Property. In the event the Real or Personal Property is not acceptable to Buyer for any reason, Buyer shall provide written notice of same to Seller, at Seller's address, prior to the expiration of the Inspection Period. In such event, this Agreement shall be terminated and of no further force and effect and Buyer and Seller shall be released of all obligations hereunder and Buyer shall be refunded all deposits without further notice. Failure of Buyer to deliver notice to Seller as required herein shall constitute waiver of Buyer's right to give such notice and shall be deemed acceptance of the Real and Personal Property by Buyer. Buyer shall confirm the size and dimensions of the real property and improvements thereon, Buyer shall (i) complete its inspection Period; (ii) not disturb or interfere with the operation, management or use of the Project by Seller, Seller's agents, any tenant of the Project or by any such tenant's customers, invitee or guests; and (iii) not damage or affect the physical structure of the Property. Buyer shall be responsible for any and all losses, damages, charges and other costs associated with such inspections and studies, and Buyer covenants and agrees to return the Property to the same condition as existed prior to such inspections and studies. Buyer agrees not to allow any liens to arise against the Property as a result of such inspections and studies and agrees to indemnify and hold Seller harmless from and against any and all claims, charges, actions, costs, suits, damages, injuries, or other liabilities which arise, either directly or indirectly, from Buyer's or its agent's or employee's entry onto the Property prior to Closing. B. Buyer acknowledges that Buyer is purchasing the Property in "AS IS, WHERE IS" Condition and Buyer further acknowledges that Seller has made no warranties or representations, express or implied, in respect to the real and personal property except as set forth herein in Paragraph 8 and further, Buyer has been given the opportunity and has made an independent investigation of the Property.