Common use of Inspection and Examination Clause in Contracts

Inspection and Examination. 6.1 Purchaser shall have until September 15, 1996 (hereinafter referred to as the "Inspection Period"), during which time, Purchaser, or Purchaser's authorized agent or representative, shall be entitled to enter upon the Property for the purpose of inspecting, examining and making tests upon the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection of the Property, Purchaser may, by written notice delivered to Seller prior to the expiration of the Inspection Period, terminate this Contract in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration of the Inspection Period and receive a full refund of the Earnest Money Deposit. Xxxxhaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of the Property, Seller shall provide to Purchaser, at Seller's sole expense, within five (5) days from the Effective Date, the following: (a) Access to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, for the Property, prepared as of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ) reflecting, with respect to the Property for the twelve (12) month period preceding the month of execution of this Contract (i) all operating expenses and capital expenditures of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreement, (ii) the service rendered or to be rendered under each agreement, (iii) the compensation payable by Seller under each agreement, and (iv) the term and expiration date of each agreement; (f) Copies of all certificates of occupancy, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if any, which may be in Seller's possession; (g) All environmental, engineering, pest control and other professional reports in the possession of Seller; (h) A copy of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility bills; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the Property. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.

Inspection and Examination. 6.1 Purchaser shall have until September 15, 1996 the expiration of the sixtieth (60th) day after the Effective Date (hereinafter referred to as the "Inspection Period"), during which time, Purchaser, or Purchaser's authorized agent or representative, shall be entitled to enter upon the Property for the purpose of inspecting, examining and making tests upon the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection of the Property, Purchaser may, by written notice delivered to Seller prior to the expiration of the Inspection Period, terminate this Contract in which event the Earnest Xxxxxxx Money Deposit xxxxx shall be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration of the Inspection Period and receive a full refund of the Earnest Xxxxxxx Money Deposit. Xxxxhaser Purchaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of the Property, Seller shall provide to Purchaser, at Seller's sole expense, within five (5) days from the Effective Date, the following: (a) Access to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, for the Property, prepared as of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ) reflecting, with respect to the Property for the twelve (12) month period preceding the month of execution of this Contract (i) all operating expenses and capital expenditures of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreement, (ii) the service rendered or to be rendered under each agreement, (iii) the compensation payable by Seller under each agreement, and (iv) the term and expiration date of each agreement; (f) Copies of all certificates of occupancy, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if any, which may be in Seller's possession; (g) All environmental, engineering, pest control and other professional reports in the possession of Seller; (h) A copy of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; ; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility bills; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the Property. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.

Inspection and Examination. 6.1 Purchaser shall have until September 15, 1996 During the period extending to and -------------------------- including the date that is sixty (hereinafter referred to as 60) days after the date hereof (the "Inspection Due Diligence Period"), during which timeBuyer and Buyer's agents will be given the right to perform nondestructive physical tests (except that Buyer may perform minor intrusive testing to determine the presence of asbestos-containing materials), Purchaserprovided that all damage resulting therefrom is promptly repaired by Buyer at its sole expense and (ii) conduct any and all necessary engineering, environmental and other inspections at the Property including test borings to the concrete slab of the Building and examine and evaluate all relevant agreements and documents within the possession of Seller or Purchaser's authorized agent or representativesubject to its control, as Buyer may reasonably request, provided that all damage resulting therefrom is promptly repaired by Buyer at its sole expense. No soil and/or ground water sampling shall be entitled performed unless and until the location, scope and methodology of such sampling and the environmental consultant selected by Buyer to enter upon the Property perform such sampling have all been approved by Seller, which approval shall not be unreasonably withheld or delayed. Prior to conducting such sampling, Buyer shall have a utility mark-out performed for the purpose of inspecting, examining and making tests upon the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection of the Property, Purchaser may, by written notice delivered to Seller prior to the expiration of the Inspection Period, terminate this Contract in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall acknowledges that Buyer sxxxx have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration perform testing of the Inspection Period and receive a full refund of the Earnest Money Deposit. Xxxxhaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of any underground or above ground storage tanks on or beneath the Property, Seller shall provide and, if necessary, perform soil sampling of adjoining areas in connection therewith. With respect to Purchaser, at SellerBuyer's sole expense, within five (5) days from the Effective Date, the following: (a) Access right to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, for inspect the Property, prepared as of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ) reflecting, with respect to the Property for the twelve (12) month period preceding the month of execution of this Contract Buyer agrees that (i) all operating expenses and capital expenditures Seller shall receive not less than forty-eight (48) hours prior notice of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreementinspection, (ii) the service rendered each inspection shall be performed during normal business hours or to be rendered under each agreement, at such other times as Seller and Buyer shall mutually agree and (iii) Buyer and Buyer's agents shall use all reasonable efforts to minimize any disruption to the compensation payable tenants, guests, employees, occupants of the Property and the operation thereof. Buyer or Buyer's agents shall not perform any such inspection or examination unless accompanied by Seller under each agreement, and (iv) the term and expiration date of each agreement; (f) Copies of all certificates of occupancy, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if any, which may be in Selleror its designee. Buyer's possession; (g) All environmental, engineering, pest control and other professional reports repair obligation set forth in the possession first sentence of Seller; (h) A copy this Section shall survive the termination of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility bills; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the Propertythis Agreement. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.

Inspection and Examination. 6.1 Purchaser shall have until September 15, 1996 the expiration of the forty- fifth (45th) day after the Effective Date (hereinafter referred to as the "Inspection Period"), during which time, Purchaser, or Purchaser's authorized agent or representative, shall be entitled to enter upon the Property for the purpose of inspecting, examining and making tests upon the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection of the Property, Purchaser may, by written notice delivered to Seller prior to the expiration of the Inspection Period, terminate this Contract in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration of the Inspection Period and receive a full refund of the Earnest Money Deposit. Xxxxhaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of the Property, Seller shall provide to Purchaser, at Seller's sole expense, within five (5) days from the Effective Date, the following: (a) Access to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, for the Property, prepared as of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ) reflecting, with respect to the Property for the twelve (12) month period preceding the month of execution of this Contract (i) all operating expenses and capital expenditures of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreement, (ii) the service rendered or to be rendered under each agreement, (iii) the compensation payable by Seller under each agreement, and (iv) the term and expiration date of each agreement; (f) Copies of all certificates of occupancy, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if any, which may be in Seller's possession; (g) All environmental, engineering, pest control and other professional reports in the possession of Seller; (h) A copy of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; ; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility bills; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the Property. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.

Inspection and Examination. 6.1 Purchaser shall have until September 15, 1996 the expiration of the sixtieth (60th) day after the Effective Date (hereinafter referred to as the "Inspection Period"), during which time, Purchaser, or Purchaser's authorized agent or representative, shall be entitled to enter upon the Property for the purpose of inspecting, examining and making tests upon the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection of the Property, Purchaser may, by written notice delivered to Seller prior to the expiration of the Inspection Period, terminate this Contract in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration of the Inspection Period and receive a full refund of the Earnest Money Deposit. Xxxxhaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of the Property, Seller shall provide to Purchaser, at Seller's sole expense, within five (5) days from the Effective Date, the following: (a) Access to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, for the Property, prepared as of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ") reflecting, with respect to the Property for the twelve (12) month period preceding the month of execution of this Contract (i) all operating expenses and capital expenditures of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreement, (ii) the service rendered or to be rendered under each agreement, (iii) the compensation payable by Seller under each agreement, and (iv) the term and expiration date of each agreement; (f) Copies of all certificates of occupancy, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if any, which may be in Seller's possession; (g) All environmental, engineering, pest control and other professional reports in the possession of Seller; (h) A copy of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; ; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility billsbins; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the Property. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days 30)days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.

Inspection and Examination. 6.1 Purchaser shall have until September 15, 1996 (hereinafter referred to as the "Inspection Period"), during which time, Purchaser, or Purchaser's authorized agent or representative, shall be entitled to enter upon the Property for the purpose of inspecting, examining and making tests upon the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection of the Property, Purchaser may, by written notice delivered to Seller prior to the expiration of the Inspection Period, terminate this Contract in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration of the Inspection Period and receive a full refund of the Earnest Money Deposit. Xxxxhaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of the Property, Seller shall provide to Purchaser, at Seller's sole expense, within five (5) days from the Effective Date, the following: (a) Access to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, for the Property, prepared as of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ) reflecting, with respect to the Property for the twelve (12) month period preceding the month of execution of this Contract (i) all operating expenses and capital expenditures of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreement, (ii) the service rendered or to be rendered under each agreement, (iii) the compensation payable by Seller under each agreement, and (iv) the term and expiration date of each agreement; (f) Copies of all certificates of occupancy, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if any, which may be in Seller's possession; (g) All environmental, engineering, pest control and other professional reports in the possession of Seller; (h) A copy of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; ; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility bills; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the Property. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.

Inspection and Examination. 6.1 Purchaser shall have until September 15During the term of this Agreement, 1996 Buyer and Buyer’s Agents will be given the right to (hereinafter referred i) perform nondestructive and noninvasive physical tests (except that Buyer may perform minor intrusive testing to as determine the "Inspection Period"presence of asbestos-containing materials, termites and other wood destroying insects, provided that all damage resulting therefrom is promptly repaired by Buyer at its sole expense (the “Repair Obligation”)), during which time(ii) conduct any engineering, Purchaser, or Purchaser's authorized agent or representative, shall be entitled to enter upon environmental and other inspections at the Property for (which may not be destructive or invasive), and (iii) examine and evaluate the purpose Review Materials and all other relevant agreements and documents within the possession of inspecting, examining and making tests upon Seller or subject to its control relating to the Property. If Purchaser, in Purchaser's sole discretion, is dissatisfied with the results of Purchaser's inspection operation of the Property, Purchaser mayas Buyer may reasonably request; provided in no event may any inspections or testing be invasive or destructive unless such inspections or testing have been approved in advance in writing by Seller, which approval may be granted or withheld in Seller’s sole and absolute discretion. No soil and/or ground water sampling shall be performed unless and until the location, scope and methodology of such sampling and the environmental consultant selected by written notice delivered Buyer to Seller prior perform such sampling have all been approved by Seller, which approval may be granted or withheld in Seller’s sole and absolute discretion. Prior to the expiration of the Inspection Periodconducting any such sampling, terminate this Contract in which event the Earnest Money Deposit xxxxx be returned to Purchaser on demand, and neither Seller nor Purchaser Buyer shall have any further obligations hereunder. If Purchaser does not terminate this Contract by delivery of such written notice prior to the expiration of the Inspection Period, Purchaser shall be conclusively deemed to have accepted the Property in its present condition. 6.2 Purchaser shall have the right to obtain an updated Environmental Report. In the event such Environmental Report is not acceptable to Purchaser, in Purchaser's reasonable discretion, Purchaser shall have the right to terminate the Contract prior to the expiration of the Inspection Period and receive a full refund of the Earnest Money Deposit. Xxxxhaser agrees to commission this study within fifteen (15) days from the Effective Date. 6.3 To facilitate Purchaser's inspection of the Property, Seller shall provide to Purchaser, at Seller's sole expense, within five (5) days from the Effective Date, the following: (a) Access to obtain copies of all tenant leases, at Purchaser's expense, and a Rent Roll, herein so called, utility xxxx-out performed for the Property, . Copies of all environmental and engineering reports prepared as by or on behalf of the first day of the month in which this Contract is executed. Additionally, Seller will provide Purchaser access to Seller's records regarding expense and income in order to enable Purchaser to complete an audit of such records; (b) True copies of the most recent tax statements (both real estate and personal property taxes) on the Property; (c) An accurate schedule (the "Operating Schedule" ) reflecting, Buyer with respect to the Property for shall be provided promptly to Seller upon request (the twelve (12) month period preceding “Report Obligation”). With respect to Buyer’s right to inspect the month of execution of this Contract Property, Buyer agrees that (i) all operating expenses and capital expenditures Seller shall receive at least forty-eight (48) hours’ prior written notice of the Property (ii) the aggregate rent collected from tenants of the Property during such period; (d) A true and complete inventory of all furnishings, fixtures, equipment and other personal property located upon and/or comprising the tangible items used in connection with the Property; (e) A true and complete list of all service and other agreements (the "Third Party Agreements") pertaining to the Property on which Seller is obligated showing: (i) the names of the parties to each agreementinspection, (ii) each inspection shall be performed during normal business hours or at such other times as Seller and Buyer shall mutually agree and shall be subject to any special limitations on access to certain areas of the service rendered or to be rendered Property arising under each agreement, the Existing Leases and (iii) Buyer and Buyer’s Agents shall use all reasonable efforts to minimize any disruption to the compensation payable tenants, guests, employees, occupants of the Property and the operation thereof. Buyer or Buyer’s Agents shall not perform any such inspection or examination unless accompanied by Seller under each agreementa representative of Seller. The Repair Obligation and the Report Obligation shall survive the termination of this Agreement. Prior to any entry by Buyer or Buyer’s Agents on the Property to conduct the inspections and tests described above, Buyer shall obtain and maintain, at Buyer’s sole cost and expense, and shall deliver to Seller evidence thereof, commercial general liability insurance, from an insurer reasonably acceptable to Seller, in the amount of TWO MILLION and 00/100 Dollars (iv$2,000,000.00) the term combined single limit for personal injury and expiration date of each agreement; (f) Copies of all certificates of occupancyproperty damage per occurrence, licenses and permits required by law and issued by all governmental authorities having jurisdiction, if anysuch policy to name Seller as an additional insured party, which may be in Seller's possession; (g) All environmental, engineering, pest control insurance shall provide coverage against any claim for personal liability or property damage resulting from such inspections and other professional reports in the possession of Seller; (h) A copy of a tenant rent roll for the Property, showing actual occupancies, rentals, security deposits, assigned parking spaces (if any), free rent, rent concessions, tenant incentives, lease terms, unit numbers, tests by Buyer and unit types. A current schedule of rental rates for each type of unit within the Property, and such other pertinent information regarding the tenant leases and rental units as is reasonably available to Seller; (i) A copy of the standard form of tenant lease; (j) A copy of all utility bills for the Property for the previous twelve (12) months, excluding individually metered tenant utility bills; and a letter from each of the utility providers stating that the utilities are available to the Property; and (k) Copies of any pertinent litigation of safety related issues with respect to the PropertyBuyer’s Agents. 6.4 Purchaser agrees that if for any reason the Closing is not consummated, Purchaser will promptly return to Seller all materials furnished to Purchaser pursuant to Paragraph 6.2. 6.5 Purchaser shall have the right to approve or disapprove during the Inspection Period any of the Third Party Agreements described in Paragraph 6.2(e) above existing on the Effective Date. Seller will not enter into any Third Party Agreements after the Effective Date that do not contain a clause that grants to Seller the right to terminate such agreement upon thirty (30) days notice. Any Third Party Agreement not acceptable to Purchaser must have a thirty (30) day cancellation clause and Seller will notify such third party of Purchaser's desire to terminate such agreement. If such Third Party Agreement cannot be terminated within thirty (30) days, Purchaser must purchase the Property subject to the terms of such Third Party Agreement or terminate the Contract.