Material Diligence Matter. If Buyer’s termination of any Property prior to the Inspection Date results from Buyer’s discovery of a Material Diligence Matter (as defined below) with respect to such Property as indicated by Buyer in the termination notice (which termination notice shall provide a copy of the report identifying the Material Diligence Matter), then Seller shall be responsible for the Due Diligence Costs (as defined below) associated with such terminated Property. “Material Diligence Matter” as used in this Agreement shall mean a title, survey, zoning, environmental, property condition, or seismic matter that materially and adversely affects the use, operation, value or financeability of the applicable Property.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Plumas Bancorp), Purchase and Sale Agreement (Plumas Bancorp)