Common use of Condition of Real Estate Clause in Contracts

Condition of Real Estate. Buyer may, at its sole expense, conduct environmental studies, title examinations, and land surveys (the "Studies") of the Real Estate provided all information received as a result of, or in the course of, any of the Studies will be deemed confidential (subject to Section 7.2). Seller and the Companies agree to cooperate with any reasonable request of Buyer for a site assessment or site review concerning any environmental, title or survey matter, including the making available of such personnel of the Companies as Buyer may reasonably request, so long as such activities do not unreasonably interfere with the conduct of the Companies' businesses. At the discretion of Buyer, Buyer may arrange, at its sole expense, for one or more independent contractors to conduct tests of the Real Estate, including tests of air, soil (including surface and subsurface materials), surface water and ground water, or any equipment or facilities located thereon, in order to identify any present or past release or threatened release of any hazardous substances. Such tests may be done at any time, or from time to time, upon reasonable notice and under reasonable conditions, which do not impede the performance of such tests. If Buyer notifies Seller within 45 days of the date of this Agreement that the Studies disclose potential Environmental Costs and Liabilities in excess of $100,000, or the presence of Hazardous Materials at concentrations exceeding those allowed by Environmental Laws, evidence encroachments that materially and adversely affect the use (for the purpose currently used) of the Real Estate, or any other matters that materially affect the title, value or use of the Real Estate, Seller shall promptly commence remedial action at its expense to cure the condition giving rise to such matter and attempt to cure such condition prior to the Closing; provided that Seller shall not be obligated to spend (but may choose to spend) more than $100,000 in the aggregate in its attempts to cure all such conditions. Seller shall notify Buyer within 30 days after its receipt of Buyer's Studies if it determines that it is unable to cure such conditions for $100,000 or less and chooses not to attempt to cure such conditions, in which case Buyer may elect, within 30 days after Buyer's receipt of Seller's notice that it chooses not to attempt to cure such conditions (a) to terminate this Agreement or (b) to waive such obligations and receive a $100,000 credit at the Closing. If this Agreement is terminated in accordance with the immediately preceding sentence, no party shall have any liability to the other with respect to such termination. Either party may extend the Closing by not more than 30 days if either reasonably determines that any necessary remedial action can be completed during such period.

Condition of Real Estate. Buyer may, at its sole expense, conduct environmental studies, title examinations, and land surveys (the "Studies") of the Real Estate provided all information received as a result of, or in the course of, any of the Studies will be deemed confidential (subject to Section 7.2). Seller and the Companies agree to cooperate with any reasonable request of Buyer for a site assessment or site review concerning any environmental, title or survey matter, including the making available of such personnel of the Companies as Buyer may reasonably request, so long as such activities do not unreasonably interfere with the conduct of the Companies' businesses. At the discretion of Buyer, Buyer may arrange, at its sole expense, for one or more independent contractors to conduct tests of the Real Estate, including tests of air, soil (including surface and subsurface materials), surface water and ground water, or any equipment or facilities located thereon, in order to identify any present or past release or threatened release of any hazardous substances. Such tests may be done at any time, or from time to time, upon reasonable notice and under reasonable conditions, which do not impede the performance of such tests. If Buyer notifies Seller within 45 days of the date of this Agreement that the Studies disclose potential Environmental Costs and Liabilities in excess of $100,000, or the presence of Hazardous Materials at concentrations exceeding those allowed by Environmental Laws, evidence encroachments that materially and adversely affect the use (for the purpose currently used) of the Real Estate, or any other matters that materially affect the title, value or use of the Real Estate, Seller shall promptly commence remedial action at its expense to cure the condition giving rise to such matter and attempt to cure such condition prior to the Closing; provided that Seller shall not be obligated to spend (but may choose to spend) more than $100,000 in the aggregate in its attempts to cure all such conditions. Seller shall notify Buyer within 30 days after its receipt of Buyer's Studies if it determines that it is unable to cure such conditions for $100,000 or less and chooses not to attempt to cure such conditions, in which case Buyer may elect, within 30 days after Buyer's receipt of Seller's notice that it chooses not to attempt to cure such conditions (a) to terminate this Agreement or (b) to waive such obligations and receive a $100,000 credit at the Closing. If this Agreement is terminated in accordance with the immediately preceding sentence, no party shall have any liability to the other with respect to such termination. Either party may extend the Closing by not more than 30 days if either reasonably determines that any necessary remedial action can be completed during such period.the

Condition of Real Estate. Buyer may, at its sole expense, conduct environmental studies, title examinations, and land surveys (the "Studies") of the Real Estate provided all information received as a result of, or in the course of, any of the Studies will be deemed confidential (subject to Section 7.210.2). Seller and the Companies agree agrees to cooperate with any reasonable request of Buyer for a site assessment or site review concerning any environmental, title or survey matter, including the making available of such personnel of the Companies Seller as Buyer may reasonably request, so long as such activities do not unreasonably interfere with the conduct of the Companies' businessesSeller's business. At the discretion of Buyer, Buyer may arrange, at its sole expense, for one or more independent contractors to conduct tests of the Real Estate, including tests of air, soil (including surface and subsurface materials), surface water and ground water, or any equipment or facilities located thereon, in order to identify any present or past release or threatened release of any hazardous substances. Such tests may be done at any time, or from time to time, upon reasonable notice and under reasonable conditions, which do not impede the performance of such tests. If Buyer notifies Seller within 45 days of the date of this Agreement that the Studies disclose potential Environmental Costs and Liabilities in excess of $100,000, 100,000 or the presence of Hazardous Materials at concentrations exceeding those allowed by Environmental Laws, evidence encroachments that materially and adversely affect the use (for the purpose currently used) of the Real Estate, or any other matters that materially affect the title, value or use of the Real Estate, Seller shall promptly commence remedial action at its expense to cure the condition giving rise to such matter and attempt to cure such condition prior to the Closing; provided that Seller shall not be obligated to spend (but may choose to spend) more than $100,000 in the aggregate in its attempts to cure all such conditions. Seller shall notify Buyer within 30 days after its receipt of Buyer's Studies if it determines that it is unable to cure such conditions for $100,000 or less and chooses not to attempt to cure such conditions, in which case Buyer may elect, elect within 30 days after Buyer's receipt of Seller's notice that it chooses not to attempt to cure such conditions (a) to terminate this Agreement or (b) to waive such obligations and receive a $100,000 credit at the Closing. If this Agreement is terminated in accordance with the immediately preceding sentence, no party shall have any liability to the other with respect to such termination. Either party may extend the Closing by not more than 30 days if either reasonably determines that any necessary remedial action can be completed during such period.cure