Review of the Property Clause Samples
The 'Review of the Property' clause establishes the right and process for one party, typically the buyer or tenant, to inspect or assess the property before finalizing a transaction or agreement. This clause often outlines the scope of the review, such as physical inspections, document examinations, or environmental assessments, and may set timeframes or conditions under which the review must occur. Its core function is to ensure that the party has an opportunity to identify any issues or concerns with the property, thereby reducing the risk of unforeseen problems and supporting informed decision-making.
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Review of the Property. 3.1 Prior to the Effective Date, Seller has provided Purchaser and its agents or consultants with access to the Property to inspect each and every part thereof to determine its present condition and to conduct such physical and environmental studies (including a mechanical and roof study and Phase I environmental assessment) as it deemed appropriate.
3.2 Prior to the Effective Date, Seller has delivered to Purchaser, or made copies available to Purchaser at the Property, all to the extent in the possession of Seller or its managing agent:
3.2.1 a copy of any existing occupancy and equipment leases, service contracts and maintenance or other contracts pertaining to the operations of the Property that will survive Closing, copies of all real estate tax bills for the years 1996, 1997 and 1998 and through the period ending June 30, 1999, both inclusive, and unaudited operating statements for the Property for the years 1996, 1997 and 1998, and for the first three months of 1999.
3.2.2 a copy of any environmental reports relating to the Property prepared by third party consultants.
3.2.3 a copy of all current franchises, business or other licenses, bonds, permits, certificates, authorizations and other evidences of consent, approval, authorization or permission relating to or affecting the Property of or from any person, including any governmental authority, held by Seller, including any pending applications.
3.2.4 a copy of all material third party warranties and guaranties, if any, which are in effect with respect to the Property.
3.2.5 a copy of those other materials set forth on SCHEDULE 3.2.5.
3.2.6 as-built plans and specifications for the improvements on the Property, including the plans and specifications for and a complete description of all existing renovations to the Property and the leasable space therein, if available.
3.2.7 as-built drawings of underground utilities (including sewer, water, gas, telephone and electrical service cables) located under the Land, if available.
3.3 Purchaser agrees that any information obtained by Purchaser or its authorized agents in the conduct of its due diligence will be treated as confidential pursuant to Paragraph 8.17.
3.4 As and when Seller obtains updated or new information, which, if presently in Seller's possession, would have been delivered to Purchaser pursuant to Paragraph 3.2 (including additional monthly reports on the Property), Seller shall deliver such updated and new information to Purchaser.
Review of the Property. 3.1 From and after the "Effective Date" (as defined in Paragraph 9.23), Seller agrees to provide Purchaser and its agents or consultants with access to the Property to inspect each and every part thereof to determine its present condition and to conduct such physical and environmental studies (including a mechanical and roof study and Phase I environmental assessment) as it deems appropriate.
3.2 Within three (3) business days after the Effective Date Seller will make available to Purchaser for inspection and copying, all to the extent in the possession of Seller or its managing agent, a copy of each existing Lease and equipment lease, service contract and maintenance or other contract pertaining to the operations of the Property that will survive Closing, a copy of each real estate tax bills for 1994-1996, both inclusive, and unaudited financial statements for the Property for the years 1994-1996, both inclusive.
3.3 Within three (3) business days after the Effective Date Seller will make available to Purchaser for inspection and copying at the office of Seller's managing agent, all to the extent in the possession of Seller or its managing agent:
3.3.1 a copy of each environmental reports relating to the Property prepared by third party consultants since January 1, 1995.
3.3.2 a copy of each current franchises, business or other licenses, bonds, permits, certificates, authorizations and other evidences of consent, approval, authorization or permission relating to or affecting the Project of or from any person, including any governmental authority, held by Seller, including any pending applications.
3.3.3 a copy of each material third party warranties and guaranties, if any, which are in effect with respect to the Property.
3.4 Purchaser has until 5:00 p.m. CST on February 2, 1998 (the "Review Period"), to determine in its sole discretion whether all matters relating to the Property (except title and survey, which are governed by Paragraph 4), are acceptable, and to obtain the approval of the transaction contemplated herein by Seller's Board of Directors. If Purchaser concludes that any matter relating to the Property is not acceptable or that its Board has disapproved the transaction, Purchaser will so notify Seller (the "Termination Notice") prior to the expiration of the Review Period (which notice shall contain a copy of Purchaser's roof/structural report and other reports or studies, other than environmental reports, obtained in connection with Purcha...
Review of the Property. Upon its execution of this Agreement, Seller shall:
3.1 Subject to the provisions of Section 8.15 hereof, provide Purchaser and its agents or consultants with access to the Property to inspect each and every part thereof to determine its present condition and to conduct such physical and environmental studies (including a mechanical and roof study) as Purchaser deems appropriate.
3.2 Deliver to Purchaser copies of those documents and items listed in Exhibit B. By executing this Agreement, Purchaser acknowledges receipt of all of such items.
3.3 Purchaser shall have the period of thirty (30) days (the "Review Period") commencing on the date that a fully executed copy of this Agreement is delivered to Purchaser ("Effective Date") to determine in its sole discretion whether all matters relating to the Property (other than title and survey, which are governed by Paragraph 4) are acceptable and whether it can obtain financing in connection with the purchase of the Property. If Purchaser shall conclude that any matter relating to the Property is not acceptable or Purchaser fails to obtain an unconditional financing commitment for a loan in relation to the Property in the amount of eighty percent (80%) of the Purchase Price, Purchaser shall so notify Seller in writing prior to the expiration of the aforementioned period (which notice shall contain a copy of Purchaser's environmental report (if requested by Seller), roof/structural report and other reports or studies obtained in connection with Purchaser's due diligence, and a specific statement as to the conditions found to be unacceptable; however, the following shall not be construed to limit or qualify Purchaser's absolute right to terminate this Agreement if it does not determine that all matters relating to the Property are acceptable), and this Agreement shall terminate without liability on the part of Seller or Purchaser, other than Purchaser's indemnity contained in Paragraph 8.15 hereof, and the Deposit plus interest shall be returned to Purchaser. In the event that Purchaser does not timely so notify Seller, Purchaser shall be deemed to have concluded that the condition of the Property is acceptable, to have obtained financing for the Property and to have elected to proceed with the transaction upon the terms and conditions contained herein. Notwithstanding anything in the foregoing to the contrary, Purchaser acknowledges that it is aware that the roof requires replacement, and that Purchaser shall have...
Review of the Property. 5.1 Access for Review . From the date of this Agreement to the Closing Date, Seller shall provide Buyer and Buyer’s representatives with reasonable access to the Property, and, to the extent in Seller’s possession or control, all drawings, plans and specifications for the Property, all engineering and other reports and studies relating to the Property, all files and correspondence relating to the Property, at all reasonable times to make such studies, inspections, tests, copies and verifications as Buyer, in Buyer’s discretion, considers reasonably necessary or desirable in the circumstances. In addition, Seller shall use reasonable efforts to respond to Buyer’s requests for information regarding the Property, to the extent such information is readily available to Seller. In connection with any entry by Buyer, or its agents, employees or contractors onto the Property, Buyer shall give Seller reasonable advance notice of such entry and shall conduct such entry and any inspections in connection therewith in a manner reasonably acceptable to Seller. Without limiting the foregoing, prior to any entry to perform any on-site testing, Buyer shall give Seller written notice thereof, including the identity of the company or persons who will perform such testing and the proposed scope of the testing. Seller shall approve or disapprove, in Seller’s reasonable discretion, the proposed testing within three (3) business days after receipt of such notice. If Seller fails to respond within such three (3) business day period, Buyer may provide the City Manager with written notice that Seller’s failure to approve or disapprove the proposed testing within give (5) days after such written notice. is received by the City Manager shall be deemed to be approval of the proposed testing by Seller. If Seller fails to approve or disapprove the proposed testing within five (5) days after the receipt of such notice, Seller shall be deemed to have approved the proposed testing. Seller or its representative may be present to observe any testing or other inspection performed on the Property. Buyer shall meet with Seller periodically to update Seller as to the results of its investigations and testing and, shall upon the request of Seller, deliver to Seller, at least ten (10) days prior to Closing or upon any termination of this Agreement, copies of any reports relating to any testing or other inspections of the Property performed by Buyer or its agents, employees or contractors. Buyer sh...
Review of the Property. 4 6.1 Physical State............................................5
Review of the Property. Commencing upon execution of this Agreement, DELBARBA shall have the opportunity to conduct investigations of the CITY parcel to determine if it is in any way inappropriate for development or for consideration to purchase. If DELBARBA exercise this Option, such action shall be prima facie evidence of DELBARBA’s conclusion that there is no impediment, restriction or limitation pertaining to the CITY parcelremnant parcels. The CITY will pay for and a provide to DELBARBA a copy of a Phase 1 environmental report.
Review of the Property