Common use of Investigation of Property Clause in Contracts

Investigation of Property. At any time and from time to time during the term of this option or any extension thereof, Optionee may enter the Property for the purposes of inspection, survey, tests, design of improvements, and other actions (“Due Diligence”) reasonably related to the investigation by Optionee of the suitability of the Property for the Optionee’s business purposes. By executing this Option Agreement, Optionor grants to Optionee and Optionee's consultants, employees, and agents a license to enter the Property to conduct such investigation and planning. Such license shall commence upon Optionor's execution of this Agreement and terminate upon the earlier of the Close of Escrow or other termination or expiration of this Agreement. Optionee shall indemnify, defend and hold Optionor harmless from any and all expenses, costs, losses, damages, claims or liability, or for any damage to Property, or injury, illness or death of any person, occurring in, on or about the Property or any part thereof, arising out of or relating to Optionee's Due Diligence and resulting from the negligent acts or willful misconduct of Optionee, its employees, or agents or Consultants, other than to the extent caused by the negligence or willful misconduct of Optionor, its employees or agents. In the event Optionee desires to drill into the Property, take core samples from the Property, cut into enclosed areas of the building, or perform any other tests or inspections of an intrusive nature (collectively "Tests"), Optionee shall first notify Optionor of the nature, extent, and location of such Tests, and shall obtain Optionor's advance approval of such Tests, which approval shall not be unreasonably withheld or delayed by Optionor. Optionee shall, at Optionee's sole expense, promptly repair any damage to the Property caused by Optionee, its agents, employees or Consultants during the course of Optionee's Due Diligence, and restore any area or component of the Property, the building, or other improvements located thereon to the condition in which they were in prior to the performance of any such Tests. All costs of Due Diligence shall be borne by Optionee, except Optionee shall not be responsible or liable for Optionor’s costs of making the Property available for Optionee’s Due Diligence. It is the intent of the Optionor to sell the Property in its “as is” condition. During the Due Diligence, Optionee and its agents shall inspect the Property with respect to its mechanical, electrical, HVAC, roof, walls, structural, foundation, drainage, site improvements, utility services, seismic bracing, termites, hazardous materials, mold, moisture, or leaks which could lead to mold, soils, wetlands and general physical integrity during this Option Term or extension thereof.

Investigation of Property. At any time Seller shall provide or make available to Buyer for inspection and from time copying to time during the term of this option extent available or any extension thereofwithin Seller’s possession or control all documents and information pertaining to the Property, Optionee may enter including, but not limited to, all studies, surveys, architectural renderings, plans and specification with respect to the Property except documents not available for public disclosure. During the purposes period from the date of inspection, survey, tests, design of improvements, and other actions (“Due Diligence”) reasonably related to the investigation by Optionee of the suitability of the Property for the Optionee’s business purposes. By executing this Option Agreement, Optionor grants to Optionee and Optionee's consultants, employees, and agents a license to enter the Property to conduct such investigation and planning. Such license shall commence upon Optionor's execution of this Agreement and terminate upon until the earlier of the Close of Escrow Closing or other termination or expiration cancellation of this Agreement, Seller grants Buyer the non-exclusive right and license for Buyer and Buyer’s representatives, agents, and contractors to enter upon the Property for purposes of investigating and inspecting the Property and performing tests, studies and analyses with respect to the Property. Optionee However, Buyer may not enter the Property without giving Seller advance written notice of what tests, studies and analyses Buyer intends to have performed and when and where such tests, studies or analyses will be performed. Seller shall have the right to have a representative present for all such activities. In addition to the foregoing, prior to entering the Property, Buyer shall have in effect at all times when Buyer is authorized to come on the Property, commercial general liability insurance in a minimum amount of at least Two Million Dollars ($2,000,000.00), combined single limit per occurrence, insuring Buyer against claims for personal injury, death, and property damage or destruction, and naming Seller as a primary, non-contributing additional insured. Buyer agrees to indemnify, defend defend, and hold Optionor harmless Seller, its elected and appointed officials, officers, employees, attorneys, agents, and volunteers, from any and all expensesclaims, costsdemands, losses, damagesliens, claims liabilities, penalties, fines, lawsuits, and other proceedings and all judgments, awards, costs and expenses (including reasonable costs and attorney fees) which result or liabilityarise from Buyer’s performance under this Section of this Agreement, or for any damage to Property, or injury, illness or death of any person, occurring in, on or about the Property or any part thereof, arising and/or out of or relating to Optionee's Due Diligence and resulting from the negligent acts or willful misconduct omissions of OptioneeBuyer, its officials, officers, employees, or agents agents, when entering, inspecting or Consultantsany actions occurring on the Property pursuant to this Section. If this Agreement is cancelled by either Buyer or Seller, other than to the extent caused by the negligence or willful misconduct of Optionor, its employees or agents. In the event Optionee desires to drill into the Property, take core samples from the Property, cut into enclosed areas of the building, or perform any other tests or inspections of an intrusive nature (collectively "Tests"), Optionee shall first notify Optionor of the nature, extent, and location of such Tests, and shall obtain Optionor's advance approval of such Tests, which approval shall not be unreasonably withheld or delayed by Optionor. Optionee shallBuyer agrees, at Optionee's sole is expense, to promptly repair any damage to the Property caused as a result of its activities pursuant to this Section. With respect to any inspection or investigation that will require excavations, borings or drilling, or any other invasive activities on the Property, Buyer shall submit to Seller a written plan describing the proposed activities for Seller’s written approval. Buyer can only proceed with the plan once approved by OptioneeSeller. Seller shall have the right to have a representative of Seller observe any testing activities and to request and receive samples of any of the materials collected for analysis by or for Buyer. Buyer shall restore the Property to substantially its condition immediately before the work and promptly after the work is completed, but not later than five (5) business days after any disturbance or damage occurs. In entering upon the Property, Buyer and its agents, employees or Consultants during the course of Optionee's Due Diligence, and restore any area or component representative will not unreasonable interfere with Seller’s use of the Property, interfere with the buildingoperation or maintenance of the Property, damage any part of the property or any personal property owned or held by any entitle, injure or cause bodily harm to Seller or any other person or entity, or other improvements located thereon permit any liens to attach to the condition in which they were in prior to the performance of any such Tests. All costs of Due Diligence shall be borne Property by Optionee, except Optionee shall not be responsible or liable for Optionor’s costs of making the Property available for Optionee’s Due Diligence. It is the intent reasons of the Optionor to sell the Property in its “as is” condition. During the Due Diligence, Optionee and its agents shall inspect the Property with respect to its mechanical, electrical, HVAC, roof, walls, structural, foundation, drainage, site improvements, utility services, seismic bracing, termites, hazardous materials, mold, moisture, or leaks which could lead to mold, soils, wetlands and general physical integrity during exercise of Buyer’s rights under this Option Term or extension thereofSection.