Common use of Inspection and Examination Clause in Contracts

Inspection and Examination. 6.1 Purchaser shall have until 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 Xxxxxxx Money Deposit 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 Xxxxxxx Money Deposit. 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 the expiration of the sixtieth (60th) day after the Effective Date 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 Xxxxxxx Earnest Money Deposit shall 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 Xxxxxxx Earnest Money Deposit. Purchaser 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 the expiration of the sixtieth (60th) day after the Effective Date 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 Xxxxxxx Earnest Money Deposit shall 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 Xxxxxxx Earnest Money Deposit. Purchaser 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 the expiration of the sixtieth forty- fifth (60th45th) 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 Xxxxxxx Earnest Money Deposit shall 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 Xxxxxxx Earnest Money Deposit. Purchaser 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 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 Xxxxxxx Earnest Money Deposit shall 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 Xxxxxxx Earnest Money Deposit. Purchaser 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.