Common use of Buyer’s Inspections and Due Diligence Clause in Contracts

Buyer’s Inspections and Due Diligence. Buyer acknowledges that for a period which commences on the Effective Date and expiring at 5:00 p.m. Pacific Time on June 16, 2003, subject to extension as hereinafter provided (as extended, if applicable, the "Due Diligence Period"), Buyer shall conduct such examinations, inspections, tests, studies and investigations (hereinafter, "Due Diligence") of the Property, information regarding the Property and such documents applicable to the Property as Seller is to deliver or make available as set forth in Section 3.2 below, as Buyer deems necessary or desirable, in its sole discretion, in order to determine the feasibility of the Property for Buyer's purchase. Seller acknowledges that prior to the Effective Date, Seller has delivered to Buyer copies of all documents referenced on Exhibit "L" attached hereto (the "Diligence List") (but excluding Excluded Items).From and after the Effective Date, promptly following Buyer's requests made from time to time, Seller shall deliver to Buyer such additional information and documents with respect to the Property as Buyer may request so long as such documents are in Seller's possession or control; provided, however, that such deliveries of additional information shall not affect the Due Diligence Period. Except for any limitations pursuant to Section 3.3 below, Buyer may conduct Due Diligence of the Property as it deems necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances and matters relating to the Property (including the physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws, environmental conditions, engineering and structural matters), title, survey matters, and any other matters it deems necessary or appropriate for purposes of consummating this transaction. Any Due Diligence shall be at Buyer's sole cost and expense (except as specifically provided in this Agreement).

Buyer’s Inspections and Due Diligence. Buyer acknowledges that for a period which commences commencing on the Effective Date and expiring continuing for a period which will expire at 5:00 11:59 p.m. Pacific Eastern Standard Time on June 16, 2003, subject to extension as hereinafter provided the Closing Date (as extended, if applicable, the "“Due Diligence Period"”), Buyer shall conduct such its examinations, inspections, teststesting, studies and investigations (hereinafter, "Due Diligence") of the PropertyProperty and Cowboys Ownership Interests, information regarding the Property and the Cowboys Ownership Interests and such documents applicable to the Property as and the Cowboys Ownership Interests, including, without limitation, the documents that Seller is to deliver delivers or make available makes available, as set forth in Section 3.2 below4.2 below (collectively, the “Due Diligence”). In addition, the Buyer shall have the right, but not the obligation, to contact (i) any Governmental Entity as Buyer deems necessary it may elect in connection with this transaction including, without limitation, City of Lewisville, City of Mansfield and the Army Corps of Engineers, (ii) owner’s associations, club members or desirableclub membership board, in its sole discretion, in order to determine the feasibility of the Property for Buyer's purchase. Seller acknowledges that prior to the Effective Date, Seller has delivered to Buyer copies of all documents referenced on Exhibit "L" attached hereto (the "Diligence List") (but excluding Excluded Items).From if applicable and after the Effective Date, promptly following Buyer's requests made from time to time, Seller shall deliver to Buyer such additional information and documents with respect to the Property as Buyer may request so long as such documents are in Seller's possession or controlappropriate; provided, however, that for contact under clauses (i) and (ii) above, Buyer shall have first given Seller forty-eight (48) hours advance notice, and Seller shall have the opportunity to have a representative present during any such deliveries of additional information shall not affect the Due Diligence Periodcommunication. Except for any limitations pursuant to as may be imposed by Section 3.3 4.5 below, Buyer may conduct Due Diligence such due diligence activities, inspections, and studies of the Property and the Cowboys Ownership Interests as it deems necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances circumstances, and matters relating to the Property and the Cowboys Ownership Interests (including the physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws, environmental conditions, engineering and structural matters), title, title and survey matters, and any other matters it deems necessary or appropriate for purposes of consummating this transaction. Any The Due Diligence shall be at Buyer's ’s sole cost and expense (except as specifically provided expense. Seller shall reasonably assist Buyer in obtaining third party consents or approvals related to this Agreement)transaction.

Buyer’s Inspections and Due Diligence. Buyer acknowledges that for a period which commences commencing on the Effective Date and expiring at 5:00 p.m. Pacific Time on June 16, 2003, subject to extension as hereinafter provided the date that is forty-five (as extended, if applicable, 45) days following the "Effective Date (the “Due Diligence Period"”), Buyer shall may conduct such its examinations, inspections, teststesting, studies and investigations (hereinafter, "herein collectively called the “Due Diligence"”) of the Property, information regarding the Property and such documents applicable to the Property as Seller is to deliver or make available as set forth in Section 3.2 below, as Buyer deems necessary or desirable, in its sole discretion, in order to determine the feasibility of the Property for Buyer's purchase. Seller acknowledges that prior to the Effective Date, Seller has delivered to Buyer copies of all documents referenced on Exhibit "L" attached hereto (the "Diligence List") (but excluding Excluded Items).From and after the Effective Date, promptly following Buyer's requests made from time to time, Seller shall deliver to Buyer such additional information and documents with respect to the Property as Buyer may request so long as such documents are in Seller's possession or control; provided, however, that such deliveries if the PIP is not attached to this Agreement on the date of additional information shall execution, and Seller does not affect thereafter deliver the PIP to Buyer within ten (10) days thereafter, or if Seller does not cause the Title Commitment to be delivered within five (5) business days after the Effective Date, then the Due Diligence PeriodPeriod shall be extended, on a day-for-day basis, for each day thereafter until Seller delivers the PIP or the Title Commitment, as applicable, to Buyer; provided, further, that if any other Schedules or Exhibits to this Agreement are not attached to this Agreement on the date of execution, and Seller does not thereafter deliver such Schedules and Agreements to Buyer within five (5) business days after the Effective Date, then the Due Diligence Period shall be extended, on a day-for-day basis, for each day thereafter until Seller delivers the applicable Schedules and Exhibits to Buyer. Except for any limitations pursuant to as may be imposed by Section 3.3 below, Buyer may conduct Due Diligence such due diligence activities, inspections, and studies of the Property as it deems necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances circumstances, and matters relating to the Property (including the physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws, environmental conditions, engineering and structural matters), title, survey matters, and any other matters it deems necessary or appropriate for purposes of consummating this transaction. Any The Due Diligence shall be at Buyer's ’s sole cost and expense. Buyer shall have the right to disapprove of any Contracts (the “Disapproved Contracts”) by delivering written notice thereof to Seller prior to the expiration of the Due Diligence Period. Seller shall, at its sole cost and expense (except as specifically provided in this Agreement)and prior to the Closing, terminate all Disapproved Contracts.

Buyer’s Inspections and Due Diligence. Buyer acknowledges that for a period which commences commencing on the Effective Date and expiring continuing for a period which will expire at 5:00 11:59 p.m. Pacific Eastern Standard Time on June 16, 2003, subject to extension as hereinafter provided the Closing Date (as extended, if applicable, the "“Due Diligence Period"”), Buyer shall conduct such its examinations, inspections, teststesting, studies and investigations (hereinafter, "Due Diligence") of the Property, information regarding the Property and such documents applicable to the Property as Property, including, without limitation, the documents that Seller is to deliver delivers or make available makes available, as set forth in Section 3.2 below4.2 below (collectively, the “Due Diligence”). In addition, the Buyer shall have the right, but not the obligation, to contact (i) any Governmental Entity as Buyer deems necessary it may elect in connection with this transaction including, without limitation, Xxxxxx County, (ii) owner’s associations, club members or desirableclub membership board, in its sole discretion, in order to determine the feasibility of the Property for Buyer's purchase. Seller acknowledges that prior to the Effective Date, Seller has delivered to Buyer copies of all documents referenced on Exhibit "L" attached hereto (the "Diligence List") (but excluding Excluded Items).From if applicable and after the Effective Date, promptly following Buyer's requests made from time to time, Seller shall deliver to Buyer such additional information and documents with respect to the Property as Buyer may request so long as such documents are in Seller's possession or controlappropriate; provided, however, that for contact under clauses (i) and (ii) above, Buyer shall have first given Seller forty-eight (48) hours advance notice, and Seller shall have the opportunity to have a representative present during any such deliveries of additional information shall not affect the Due Diligence Periodcommunication. Except for any limitations pursuant to as may be imposed by Section 3.3 4.5 below, Buyer may conduct Due Diligence such due diligence activities, inspections, and studies of the Property as it deems necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances circumstances, and matters relating to the Property (including the physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws, environmental conditions, engineering and structural matters), title, title and survey matters, and any other matters it deems necessary or appropriate for purposes of consummating this transaction. Any The Due Diligence shall be at Buyer's ’s sole cost and expense expense. Seller shall reasonably assist Buyer in obtaining third party consents or approvals related to this transaction. Buyer shall have the right, in its sole discretion, to elect in writing to (except i) pay to Seller TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) (the “First Extension Payment”) and extend the Due Diligence Period to 11:59 p.m. Eastern Standard Time on the Closing Date (the “First Extended Due Diligence Period”) provided that Buyer’s written notification to extend is delivered to Seller and the payment is delivered to Seller via wire transfer on or before the expiration of the original Due Diligence Period and (ii) to pay to Seller an additional TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) (the “Second Extension Payment”) to further extend the Due Diligence Period to 11:59 p.m. Eastern Standard Time on the Closing Date (the “Second Extended Due Diligence Period”) (the Due Diligence Period, the First Extended Due Diligence Period and the Second Extended Due Diligence Period are collectively referred to as specifically the “Due Diligence Period”), provided that Buyer’s written notification to extend is delivered to Seller and the payment is delivered to the Seller via wire transfer on or before the expiration of the First Extended Due Diligence Period in this Agreement)accordance with the wire transfer instructions provided by Seller and more particularly set forth on Schedule 4.1 attached hereto. The Escrow Agent shall forward the First Extension Payment and the Second Extension Payment to Seller via wire transfer within one (1) business day of receipt of each. If Buyer has paid the Second Extension Payment, Buyer shall receive a credit against the Purchase Price at Closing equal to the Second Extension Payment. There shall be no credit to the Purchase Price for the First Extension Payment.