Common use of Permits and Inspections Clause in Contracts

Permits and Inspections. Buyer, at Buyer’s sole cost and expense, shall obtain all certificates of occupancy and other permits or certificates required by law for the conveyance of the Property to Buyer and shall deliver copies of same to Seller on or before the Closing Date. Buyer shall make any and all repairs and any and all alterations required to obtain any of the foregoing; provided, however, that Buyer shall not be obligated to expend more than $25,000 of Buyer’s own money to make such repairs. In the event that the cost of making such repairs exceeds $25,000, Buyer may terminate this Agreement; provided, however, that Seller may, at its option, elect to pay for the cost of the repairs in excess of $25,000, without diminution of, or credit against, the Purchase Price.