Common use of Feasibility Study Period Clause in Contracts

Feasibility Study Period. Purchaser shall have the right from the date hereof through 5:00 p.m. Eastern Time on November 22, 2003 (the "Feasibility Study Period") to make such investigations, studies and tests with respect to the Property as Purchaser deems necessary or appropriate to determine the feasibility of purchasing the Property. If, during the Feasibility Study Period, Purchaser determines, in its sole discretion, that the Property is not acceptable to Purchaser or the purchase thereof is not feasible then Purchaser may, at any time on the final day of the Feasibility Study Period (the "Feasibility Study Period Termination Date"), terminate this Agreement by written notice to Seller. In the event Purchaser obtains an ASTM Phase I prior to the Feasibility Study Period Termination Date which indicates that further testing of or on the Property is advised, then (subject to Seller approving such further testing as set forth in Section 10 hereof) the Feasibility Study Period Termination Date shall be extended (but only for the purpose of performing such additional testing as may be approved by Seller in accordance with Section 10 hereof) to that date which is five (5) business days (but not later than the outside date for Settlement as set forth in Section 5 hereof) after Purchaser receives a written report based on an ASTM Phase II performed by its environmental consultant; provided that in any event (i) Purchaser shall initiate such additional testing promptly once the same has been consented to by Seller, (ii) Purchaser shall cooperate with its engineers to expedite such testing to the extent possible, and (iii) the same shall not extend the outside date for Settlement in accordance with Section 5 of this Agreement. Upon any timely termination of this Agreement pursuant to this Section 15, the Deposit shall be promptly paid to Seller, and neither party shall thereafter have any further rights or obligations hereunder. Without in any way limiting any other express provision of this Agreement pursuant to which the Deposit is to be returned to Purchaser, and notwithstanding the foregoing provisions of this Section 15, if (and only if) the Agreement is terminated in accordance with Sections 12 (iii) - (viii) hereof, then the Deposit shall be returned to Purchaser.

Feasibility Study Period. Seller agrees to provide to Purchaser, within three (3) days of the date of this Agreement, copies of all plans, plats, tests, approvals, current homeowners association documents, proffers, title work, marketing report, environmental studies and soil studies, together with any and all approvals received regarding the Lots within its possession (collectively, the “Due Diligence Items”). Purchaser and its agents, representatives, employees and consultants shall have the right to conduct, at Purchaser’s sole expense, a review of the Due Diligence Items, such physical, environmental, engineering, and feasibility studies (the “Feasibility Studies”) as Purchaser deems appropriate in an effort to determine whether to proceed with the Closing. During the feasibility study period, Purchaser and its agent, representatives, employees and consultants shall have the right, during normal business hours and from time to time after the Effective Date of this Agreement, to enter upon the Property for the purpose of performing soil borings tests, engineering, and topographic surveys and to make feasibility, zoning, marketing and economic tests and studies upon or of the Property in order to determine whether the Property is suitable for Purchaser’s needs. The feasibility study period shall expire at 5 P.M. eastern standard time THIRTY (30) DAYS from the date Effective Date hereof through 5:00 p.m. Eastern Time on November 22, 2003 (the "“Feasibility Study Period") ”). In the event the results of the aforesaid engineering, zoning, feasibility, marketing and other tests and studies performed by or on behalf of Purchaser are not, in Purchaser’s sole exclusive, and nonreviewable discretion, satisfactory to make such investigationsPurchaser, studies and tests with respect Purchaser may at any time prior to the Property as Purchaser deems necessary or appropriate to determine the feasibility expiration of purchasing the Property. If, during the Feasibility Study Period, Purchaser determines, in its sole discretion, that the Property is not acceptable to Purchaser or the purchase thereof is not feasible then Purchaser may, at any time on the final day of the Feasibility Study Period (the "Feasibility Study Period Termination Date"), terminate this Agreement by upon written notice to Seller, terminate this Agreement, after which event Escrow Agent, shall return the Deposit to the Purchaser and neither party shall have any further liability to the other hereunder except as required by this Paragraph. Purchaser agrees to restore the Property to the extent changed by the Purchaser or its agents, at its sole expense, to the extent reasonably possible, to its condition as of the Effective Date of this Agreement if this Agreement does not go to settlement due to Purchaser’s termination or default hereunder. In the event Purchaser obtains an ASTM Phase I prior to the Feasibility Study Period Termination Date which indicates that further testing of Purchaser, its agents, representatives, employees or on consultants, enter upon the Property is advised, then (subject to Seller approving such further testing as set forth in Section 10 hereof) the Feasibility Study Period Termination Date shall be extended (but only for the purpose of performing such additional testing as may be approved by contained herein, Purchaser agrees to promptly pay for all expenses thereof and further agrees to indemnify Seller in accordance with Section 10 hereof) to that date which is five (5) business days (but not later than from and against any and all loss, damage or claim resulting from the outside date for Settlement as set forth in Section 5 hereof) after Purchaser receives a written report based on an ASTM Phase II performed by its environmental consultant; provided that in any event (i) Purchaser shall initiate such additional testing promptly once the same has been consented to by Seller, (ii) Purchaser shall cooperate with its engineers to expedite such testing to the extent possible, and (iii) the same shall not extend the outside date for Settlement in accordance with Section 5 negligence of this Agreement. Upon any timely termination of this Agreement pursuant to this Section 15, the Deposit shall be promptly paid to Seller, and neither party shall thereafter have any further rights or obligations hereunder. Without in any way limiting any other express provision of this Agreement pursuant to which the Deposit is to be returned to Purchaser, and notwithstanding the foregoing provisions of this Section 15its agents, if (and only if) the Agreement is terminated in accordance with Sections 12 (iii) - (viii) hereofrepresentatives, then the Deposit shall be returned to Purchaseremployees or consultants.

Feasibility Study Period. A. Seller shall, to the extent it has not previously done so, within two (2) business days after mutual execution of this Agreement, deliver to Purchaser the documents listed on EXHIBIT E, to the extent the same are in Seller's or Owner's possession or control. Purchaser shall have the right from the date hereof through until 5:00 p.m. Eastern Time on November 22April 21, 2003 2006 (the "Feasibility Study Period") ), to complete certain inspections of the Property (including, without limitation, any environmental and engineering inspections of the Property). During the Feasibility Study Period, Purchaser, its agents and representatives shall be entitled to make such investigations, studies and tests with respect to inspections of the Property as Purchaser it deems necessary in order for it to make a determination as to whether the Property is suitable for its intended purpose, provided that (i) Purchaser shall only undertake intrusive testing of the Property following notice to and receipt of written consent from Seller, and (ii) Purchaser shall not contact or appropriate disturb any tenants at or about the Property without Seller's prior written consent and all such contact with any tenant shall be coordinated through Seller and Seller shall have the opportunity to determine be present thereat. In the feasibility of purchasing the Property. If, during the Feasibility Study Period, Purchaser determinesevent Purchaser, in its sole and absolute discretion, that the Property is not acceptable provides Seller with written notice, prior to Purchaser or the purchase thereof is not feasible then Purchaser may, at any time 5:00 p.m. Eastern Time on the final day of the Feasibility Study Period (Period, of Purchaser's intention not to proceed to Settlement hereunder, the "Feasibility Study Period Termination Date")Title Insurer shall immediately return the Deposit to Purchaser, terminate this Agreement shall terminate as of such date, and neither party shall have any further right or obligation hereunder other than those which by written notice to Sellertheir express terms survive such termination. In the event Purchaser obtains an ASTM Phase I prior fails to the Feasibility Study Period Termination Date which indicates that further testing provide notice of or on termination as aforesaid, Purchaser shall be deemed to have accepted the Property is advisedand the status of title thereto as of such date, then (subject to Seller approving such further testing as set forth this Agreement shall remain in Section 10 hereof) the Feasibility Study Period Termination Date shall be extended (but only for the purpose of performing such additional testing as may be approved by Seller full force and effect in accordance with Section 10 hereof) to that date which is five (5) business days (but not later than the outside date for Settlement as set forth in Section 5 hereof) after Purchaser receives a written report based on an ASTM Phase II performed by its environmental consultant; provided that in any event (i) Purchaser shall initiate such additional testing promptly once the same has been consented to by Seller, (ii) Purchaser shall cooperate with its engineers to expedite such testing to the extent possible, and (iii) the same shall not extend the outside date for Settlement in accordance with Section 5 of this Agreement. Upon any timely termination of this Agreement pursuant to this Section 15, the Deposit shall be promptly paid to Seller, and neither party shall thereafter have any further rights or obligations hereunder. Without in any way limiting any other express provision of this Agreement pursuant to which the Deposit is to be returned to Purchaser, and notwithstanding the foregoing provisions of this Section 15, if (and only if) the Agreement is terminated in accordance with Sections 12 (iii) - (viii) hereof, then the Deposit shall be returned to Purchaserterms.

Feasibility Study Period. Purchaser shall have thirty (30) days after the later of: (i) the Effective Date hereof, or (ii) the date Seller provides Purchaser with copies of the documents described in Section 6 of this Agreement (the "Feasibility Period") to, at its option, cause engineering and/or feasibility studies to be conducted on said Property, in order to determine in Purchaser's sole discretion whether the Property is suitable for its intended purpose; provided, however, Seller and Purchaser agree that the Feasibility Period will end no later than 5:00pm on December 13, 1999. Purchaser shall have the right from the date hereof through 5:00 p.m. Eastern Time on November 22, 2003 (the "Feasibility Study Period") to make such investigations, studies and tests with respect to the Property as Purchaser deems necessary or appropriate to determine the feasibility of purchasing the Property. If, during the Feasibility Study Period, Purchaser determines, in at its sole discretion, that the Property is not acceptable discretion within said Feasibility Period to Purchaser or the purchase thereof is not feasible then Purchaser may, at any time on the final day of the Feasibility Study Period (the "Feasibility Study Period Termination Date"), terminate this Agreement by written notice to SellerSellers, and to forthwith receive a refund of its Deposit to Sellers with accrued interest thereon and all parties shall be relieved of further liability hereunder except for the indemnity obligations set forth below. During said Feasibility Period, consistent with security considerations, Purchaser and/or its agents shall have the right of access to the Property to conduct site, structural and environmental tests and/or mechanical inspections of the Property. Purchaser or its agents shall be entitled during normal business hours and with at least twenty-four (24) hours of advance notification to access the Property to insure proper inspection and completion of the feasibility studies hereunder. Purchaser shall give Sellers at least twenty-four (24) hours of advance notice of Purchaser's intended entry, including the name of Purchaser's consultants, if applicable, and a description of any tests and inspections to be performed on the Property. Sellers shall have the right to disapprove of Purchaser's consultants and/or the methods of the proposed tests and inspections, in which case Purchaser may propose alternative consultants and/or testing methods or terminate this Agreement; provided, however, Seller acknowledges that Purchaser may perform Phase II environmental testing on the Property. Purchaser shall provide Sellers with copies of any assessments, reports or test results obtained by Purchaser in connection with such tests and inspections. Until Escrow closes, Purchaser shall keep confidential any information regarding the Property contained in such reports and shall not disclose such information to any third party (other than consultants, attorneys, creditors, lenders, partners, members, officers, employees agents, accounts or exchange facilities engaged to review such reports) or agreed to by the parties hereto, except as required by law or court order. In the event Purchaser obtains an ASTM Phase I prior to the Feasibility Study Period Termination Date which indicates that further testing of or on the Property this Agreement is advisedterminated, then (subject to Seller approving such further testing as set forth in Section 10 hereof) the Feasibility Study Period Termination Date shall be extended (but only for the purpose of performing such additional testing as may be approved by Seller in accordance with Section 10 hereof) to that date which is five (5) business days (but not later than the outside date for Settlement as set forth in Section 5 hereof) after Purchaser receives a written report based on an ASTM Phase II performed by its environmental consultant; provided that in any event (i) Purchaser shall initiate repair any damage resulting from such additional testing promptly once the same has been consented inspection. Purchaser agrees to indemnify and hold Sellers harmless from any loss, damage, cost or expense, including reasonable attorneys fees, occasioned by Seller, (ii) any acts of Purchaser shall cooperate with or its engineers to expedite such testing to the extent possible, and (iii) the same shall not extend the outside date for Settlement in accordance with Section 5 of this Agreement. Upon any timely termination of this Agreement pursuant to this Section 15, the Deposit shall be promptly paid to Seller, and neither party shall thereafter have any further rights or obligations hereunder. Without in any way limiting any other express provision of this Agreement pursuant to which the Deposit is to be returned to Purchaser, and notwithstanding the foregoing provisions of this Section 15, if (and only if) the Agreement is terminated in accordance with Sections 12 (iii) - (viii) hereof, then the Deposit shall be returned to Purchaser.agents