Suitability of the Property Sample Clauses

The "Suitability of the Property" clause defines whether the property being leased, sold, or otherwise transferred meets the intended use or requirements of the party receiving it. Typically, this clause clarifies that the recipient is responsible for determining if the property is fit for their specific purposes, such as confirming zoning compliance, structural integrity, or access to necessary utilities. Its core function is to allocate the risk of suitability to the recipient, ensuring that the party acquiring the property cannot later claim it was unsuitable for their needs unless otherwise specified in the agreement.
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Suitability of the Property. Prior to Closing, Developer shall have the right to engage, at its sole cost and expense, its own environmental consultant (“Developer’s Environmental Consultant”), to make such investigations as Developer deems necessary, including without limitation any “Phase 1” and “Phase 2” (if applicable) investigations of the Property or any portion thereof, in accordance with the Right of Entry, and the County shall promptly be provided a copy of all reports and test results provided by Developer’s Environmental Consultant (the “Environmental Reports”). Developer shall execute the Due Diligence Certificate upon Developer’s completion of such investigations, signifying its completion of due diligence with respect to the environmental condition of the Property.
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Suitability of the Property. Prior to Closing, Developer shall have the right to engage, at its sole cost and expense, its own environmental consultant (“Developer’s Environmental Consultant”), to make such investigations as Developer deems necessary, including without limitation any “Phase 1” and/or “Phase 2” investigations of the Property or any portion thereof, and the Agency shall promptly be provided a copy of all reports and test results provided b y Developer’s Environmental Consultant (the “Environmental Reports”).
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Suitability of the Property. Purchaser at its cost and expense and prior to the expiration of the Due Diligence Period, shall have determined, in its sole and absolute discretion, that the Property is suitable to Purchaser for its intended use and development in all respects.
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Suitability of the Property a. Within ten (10) days after the Execution Date (defined below), Seller, at Seller's sole cost, shall deliver to Purchaser: i. A Phase I Environmental Study of the Property prepared by Mostardi-Platt dated ▇▇▇▇▇▇▇ ▇▇, 2000 (the "Environmental Study"). ii. To the extent in Seller's possession or control and not already delivered to Purchaser, (i) copies of any and all existing title policies, surveys, soil tests and other reports or documents relating to the Property (including, without limitation, any hazardous waste, underground storage tank removal, soil disposition or other environmental reports or documents), (ii) copies of the latest available real estate tax bills and assessment notices covering the Property, and (iii) copies of any and all contracts, leases (including, without limitation, the Leases [defined below]), agreements or other written instruments with governmental authorities, utility companies or private parties creating easements, rights or obligations that burden the Property or the Property owner (all of the foregoing being referred to herein as the "Existing Information"). From and after the Execution Date and continuing until close of business on February 15, 2001 (the "Due Diligence Period"), Purchaser may review the Existing Information and investigate all other aspects of the Property, including, without limitation, conducting engineering studies, soil boring tests, environmental analyses, title, land use, zoning and planning feasibility studies, studies concerning the availability of utilities, traffic studies and such other investigations as Purchaser may elect in its sole and absolute discretion. In connection with such investigations, Purchaser and its agents, employees, contractors and consultants shall have the right at all times during the Due Diligence Period to enter the Property to make the inspections and investigations that Purchaser deems advisable, provided such entry shall not unreasonably interfere with the use of the Property. Prior to entering the Property, Purchaser shall provide a certificate of its or its contractors' and consultants' liability insurance in commercially reasonable amounts from insurance companies licensed in Illinois. Purchaser agrees to indemnify, defend and hold Seller harmless from any damage, injury or claim, including reasonable attorney's fees and costs, arising from such entry onto the Property to make such inspections and investigations. If, as a result of Purchaser's exercise of its ...
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Related to Suitability of the Property

  • IDENTITY OF THE PROPERTY 11.1 The Purchaser shall admit the identity of the Property with that described in the Proclamation of Sale and such other documents offered by the Assignee/Bank as the title to the Property by a comparison of the description in the Proclamation of Sale and the aforesaid documents. 11.2 Any error, misstatement, omission or misdescription of the Property in the Proclamation of Sale and the documents referred to in paragraph 11.1 above shall not annul the sale, nor shall any compensation be allowed therefor.

  • Condition of the Property All bidders shall be deemed to have carried out all investigations and examinations of the Property and the title particulars at their own costs and expenses and upon being successful, accept the property in the state and condition in which the Property is at the date of the auction sale.

  • DESCRIPTION OF THE PROPERTY 13.1 The Property as referred to in the Proclamation of Sale shall be deemed to have been correctly and sufficiently described. 13.2 All intended bidders including the Purchaser shall be deemed to have sought independent legal advice, made necessary enquiries, searches and inspection of the Property and is satisfied with the identity, description, state and condition of the Property. 13.3 In the event of any error, misstatement, omission and/or misdescription of any kind relating to the Property in the Proclamation of Sale or any other documents, such error, misstatement, omission and/or misdescription shall not in any manner annul the sale, nor shall there be any adjustment of the Purchase Price nor shall compensation be allowed nor shall the Bank be open to any liability of any form. 13.4 If the land or floor area of the property is found to exceed that as described and additional payment is imposed for the excess area by the Developer and/or relevant authorities, then such additional payment shall be solely and absolutely borne and paid by the Purchaser 13.5 If the land or floor area of the property is found to be less that as described, any claim for the reduced area shall be undertaken solely by the Purchaser against the Developer and/or such party and neither the Assignee/ Bank , the Assignee/ Bank’s solicitors nor the Auctioneer shall in any way responsible or liable for such claim. The auction sale herein shall not be annulled and there shall not be any adjustment of the Purchase Price as a result of such shortfall in the area of the Property.

  • Maintenance of the Property Neither Broker nor Brokerage Firm is responsible for maintenance of the 324 Property nor are they liable for damage of any kind occurring to the Property, unless such damage is caused by their negligence or 325 intentional misconduct.

  • Property of Others Unless otherwise specifically stated in the contract, the Insurer is not liable for loss or damage to property owned by any person other than the Insured, unless the interest of the Insured therein is stated in the contract.