Inspection and Right to Terminate. On the Effective Date, Purchaser shall have the right promptly to commence and actively pursue its due diligence inspections of the Property, including its review of the condition of title to the Real Property as described in Section 5 below. From and after the Effective Date, Seller shall allow Purchaser and its agents and consultants reasonable continuing access to Seller’s files located at the Property during business hours to review and copy, at Purchaser’s expense: (i) financial reports and records of Seller relating to the Property; (ii) tenant files and correspondence relating to the Property or the Leases; and (iii) other data in Seller’s possession or control directly related to the Property (exclusive of any appraisals, internal financial projections or valuation reports). Purchaser agrees that neither it nor its agents will communicate with any tenants of the Property without Seller’s prior consent, which consent shall not be unreasonably withheld, conditioned or delayed. In the event that Purchaser’s due diligence shall reveal any matters which are not acceptable to Purchaser in Purchaser’s sole and absolute discretion for any reason or for no reason, Purchaser may elect not to proceed with this purchase, in which event this Agreement shall terminate, the Initial Deposit shall be returned to Purchaser and this Agreement shall be null and void without recourse to either party hereto (except to the extent such recourse arises in connection with a provision of this Agreement which expressly survives termination). In the event Purchaser in its sole discretion is satisfied with and/or waives any objections to its due diligence inspection of the Property and desires to proceed with the purchase of the Property pursuant to this Agreement, Purchaser shall do all of the following prior to the expiration of the Inspection Period (collectively, “Purchaser’s Approval”): (i) send written notice of approval to Seller by facsimile transmission, with a copy thereof to Title Company, which notice shall also identify which of the Contracts Purchaser agrees to assume at Closing; and (ii) deposit the Additional Deposit with the Title Company in immediately available funds not later than one (1) business day after Purchaser’s Approval. If Purchaser timely provides Purchaser’s Approval in accordance with the foregoing, the entire Deposit shall become nonrefundable for any reason (except as expressly otherwise provided in this Agreement) and shall thereafter constitu...
Inspection and Right to Terminate. Purchaser shall have the right of entry to promptly commence and actively pursue its due diligence on the Property as provided for in Sections 4.1 and 4.2 above. If Purchaser is satisfied with its due diligence investigations and determines to proceed with the purchase of the Property in accordance with this Agreement, then Purchaser shall, before the end of the Inspection Period, notify Seller in writing (an “Approval Notice”), which determination shall be made by Purchaser in its sole and absolute discretion. In the event that Purchaser timely delivers an Approval Notice to Seller, Purchaser shall increase the Deposit as provided in Section 2.2.2 above and, except as expressly provided otherwise in this Agreement, the Deposit shall become nonrefundable and shall serve as liquidated damages in accordance with Section 3 above. In the event that Purchaser does not timely deliver an Approval Notice to Seller or timely increase the Deposit as provided in Section 2.2.2 after delivering an Approval Notice to Seller, this Agreement shall automatically terminate, and the Deposit shall be promptly refunded by the Title Company to Purchaser.
Inspection and Right to Terminate. Purchaser shall have the right to promptly commence and actively pursue its due diligence on the Property as provided for in Sections 4.1 and 4.2 above. If Purchaser determines to proceed with the purchase of the Property in accordance with this Agreement, then Purchaser shall, before the end of the Inspection Period, notify Seller in writing (an “Approval Notice”) that Purchaser has approved the matters described in Sections 4.1 and 4.2 above, which determination shall be made by Purchaser in its sole and absolute discretion. In such event, Purchaser shall increase the Deposit as provided in Section 2.2.2 above and, except as expressly provided otherwise in this Agreement, the Deposit shall become nonrefundable and shall serve as liquidated damages in accordance with Section 3 above. In the event that Purchaser fails to deliver an Approval Notice to Seller before the end of the Inspection Period, then Purchaser shall be deemed to have elected to terminate this Agreement, and the Deposit shall be returned to Purchaser and this Agreement shall be null and void without recourse to either party hereto (except to the extent such recourse arises in connection with a provision of this Agreement which expressly survives termination).
