Common use of Formal Inspection Period Clause in Contracts

Formal Inspection Period. Buyer’s obligation to close under this Agreement is subject to and conditioned upon Buyer’s investigation and study of and satisfaction with the Property as set forth in this Section 6. Buyer shall have until 6:00 p.m. E.S.T. on the Inspection Date in which to make such investigations and studies with respect to the Property as Buyer deems appropriate and to terminate this Agreement, by written notice delivered to Seller and Escrow Agent if Buyer is not, for any reason, satisfied with the Property in which case the Xxxxxxx Money shall be returned by Escrow Agent to Buyer without any further action (including, but not limited to, any consent of, or direction from, Seller), and neither party shall have any further obligations hereunder except for those obligations of Buyer set forth in Sections 6.3 and 6.5. If Buyer fails to deliver written notice to Seller of its election to terminate this Agreement on or before 6:00 p.m. E.S.T. on the Inspection Date, then Buyer’s termination rights under this Section 6 shall be deemed to have been waived by Buyer, the Xxxxxxx Money shall be non-refundable (unless Seller defaults as provided herein or unless any conditions precedent to Buyer’s obligation to close, as such conditions precedent are specifically provided under this Agreement, are not satisfied or waived by Buyer), and the parties shall proceed with the transaction pursuant to the remaining terms and conditions of this Agreement.

Formal Inspection Period. Notwithstanding Buyer’s right of inspection contained in Section 6.5 above, with respect to the condition of the Property, Buyer’s obligation to close under this Agreement is subject to and conditioned upon Buyer’s investigation and study of and satisfaction with the Property (including without limitation as set forth in this Section 6to physical and environmental condition, financing, financial feasibility, entitlements, permits, approvals, cost budgets, architectural and engineering design, and approval of the Board of Directors of Buyer). Buyer shall have until 6:00 p.m. E.S.T. on January 3, 2005 (the “Inspection Date in which Date”), to make any such investigations and studies with respect to the Property as Buyer deems appropriate appropriate, and to terminate this Agreement, by written notice delivered to Seller and Escrow Agent Seller, to be given on or before the Inspection Date, if Buyer is not, for any reasonreason whatsoever or no reason at all, satisfied with the Property in which case the Xxxxxxx Money shall be returned by Escrow Agent to Buyer without any further action (including, but not limited to, any consent of, or direction from, Seller), and neither party shall have any further obligations hereunder except for those obligations of Buyer set forth in Sections 6.3 and 6.5Property. If Buyer fails timely to deliver written give notice to Seller of its election to terminate this Agreement on or before 6:00 p.m. E.S.T. on the Inspection Datesuch termination, then Buyer’s termination rights under this Section 6 6.6 shall be deemed to have been waived by BuyerBuyer and this Agreement shall remain in full force and effect without any longer being subject to this Section 6.6; provided, however, that the Inspection Date and the rights of Buyer under this Section 6.6 may be extended by Buyer in accordance with Section 6.6.1 If Buyer does give notice of termination, the Xxxxxxx Money shall be non-refundable (unless Seller defaults as provided herein or unless any conditions precedent refunded to Buyer’s obligation to close, as such conditions precedent are specifically provided under this Agreement, are not satisfied or waived Buyer by Buyer)Escrow Agent, and the parties shall proceed have no further rights or obligations hereunder, except for those which expressly survive any such termination, and thereafter, Buyer shall promptly provide to Seller, without charge and without warranty, copies of any reports, surveys, drawings, tests or other written documents obtained by Buyer from third parties with the transaction pursuant respect to the remaining terms and conditions of this AgreementProperty.

Formal Inspection Period. Notwithstanding Buyer’s right of inspection contained in Section 6.5 above, with respect to the condition of the Property, Buyer’s obligation to close under this Agreement is subject to and conditioned upon Buyer’s investigation and study of and satisfaction with the Property as set forth in this Section 6Property. Buyer shall have until 6:00 5:00 p.m. E.S.T. Eastern Standard time on the sixtieth (60th) day following full execution of this Agreement (the “Inspection Date in which Date”), to make any such investigations and studies with respect to the Property as Buyer deems appropriate appropriate, and to terminate this Agreement, by written notice delivered to Seller and Escrow Agent Seller, to be given on or before the Inspection Date, if Buyer is not, for any reason, satisfied with the Property in which case the Xxxxxxx Money shall be returned by Escrow Agent to Buyer without any further action (including, but not limited to, any consent of, or direction from, Seller), and neither party shall have any further obligations hereunder except for those obligations of Buyer set forth in Sections 6.3 and 6.5Property. If Buyer fails timely to deliver written give notice to Seller of its election to terminate this Agreement on or before 6:00 p.m. E.S.T. on the Inspection Datesuch termination, then Buyer’s termination rights under this Section 6 6.6 shall be deemed to have been waived by BuyerBuyer and this Agreement shall remain in full force and effect without any longer being subject to this Section 6.6. If Buyer does give notice of termination on or before the Inspection Date, the Xxxxxxx Money shall be non-refundable (unless Seller defaults as provided herein or unless any conditions precedent refunded to Buyer’s obligation to close, as such conditions precedent are specifically provided under this Agreement, are not satisfied or waived Buyer by Buyer)Escrow Agent, and the parties shall proceed have no further rights or obligations hereunder, except for those which expressly survive any such termination, and, thereafter, Buyer shall promptly provide to Seller, without charge and without warranty, copies of any reports, surveys, drawings, tests or other written documents obtained by Buyer from third parties with the transaction pursuant respect to the remaining terms and conditions of this AgreementProperty.