Common use of Inspection and Assertion of Defects Clause in Contracts

Inspection and Assertion of Defects. (a) Buyer may, to the extent it deems appropriate, conduct, at its sole cost, such title examination or investigation as it may choose to conduct with respect to the Properties. Should, as a result of such examination and investigation, or otherwise, matters come to Buyer's attention which would constitute "Defects" (as below defined), and should there be one or more of such Defects which Buyer determines it is unwilling to waive and close the transaction contemplated hereby notwithstanding the fact that such Defects exist, Buyer shall notify Seller in writing of such Defects as soon as they are identified by Buyer, but in no event later than two business days prior to Closing. Such Defects of which Buyer so provides notice are herein called "Asserted Defects." All Defects with respect to which Buyer fails to so give Seller notice will be deemed waived for all purposes. In the event that Buyer notifies Seller of Asserted Defects, Seller shall have the right (but not the obligation) to attempt to cure, prior to Closing, such Asserted Defects to the reasonable satisfaction of Buyer (exclusive of a Defect in subsection (b)(iii) below. (b) The term "Defect" as used in this Section shall mean the following:

Inspection and Assertion of Defects. (a) Buyer may, to the extent it deems appropriate, conduct, at its sole cost, such title examination or investigation as it may choose to conduct with respect to the Properties. Should, as a result of such examination and investigation, investigation or otherwise, matters come to Buyer's attention which would constitute "Defects" (as below defined), and should there be one or more of such Defects which Buyer determines it is unwilling to waive and close the transaction contemplated hereby notwithstanding the fact that such Defects existwaive, Buyer shall notify Seller in writing of such Defects (in this SECTION 7.1, a "DEFECT NOTICE") as soon as they are identified by Buyer, but in no event later than two business days prior to ClosingApril 1, 1998 (the "POST-CLOSING EXAMINATION POINT"). Such Defects of which Buyer so provides notice are herein called "Asserted DefectsASSERTED DEFECTS." All Defects Defects, other than an Indemnified Item, with respect to which Buyer fails to so give Seller notice will be deemed waived for all purposes. In Each Defect Notice shall specify in reasonable detail the event that Buyer notifies Seller of Asserted Defectsmatter which, Seller shall have the right (but not the obligation) to attempt to curein Buyer's opinion, prior to Closing, such Asserted Defects to the reasonable satisfaction of Buyer (exclusive of constitutes a Defect in subsection (b)(iii) belowDefect. (b) The term "Defect" as used in this Section shall mean the following: