Common use of Inspection by Purchaser Clause in Contracts

Inspection by Purchaser. Purchaser shall have the right, at Purchaser’s expense, through July 12, 2007 (the “Inspection Period”) to inspect the Property and all documents in Seller’s possession relating to the Property and operations thereof, including without limitation books, records, service contracts, real estate tax statements covering the Property for the current year, all environmental reports covering the Property, if any, and other documents maintained by or for the Seller, and to conduct such due diligence review, inspections (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”) as Purchaser may deem necessary or appropriate in order to determine if the Property is in satisfactory condition and is suitable for Purchaser’s purpose. Purchaser hereby acknowledges that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to the Property and operations thereof, and Other Related Documents. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shall: (i) deliver to Seller telephonic, e-mail, or written notice of its intention to the enter the Property, and Seller shall have the right to have one or more of its agents and/or representatives accompany the Purchaser and (ii) provide Seller sufficient evidence to show that Purchaser and its agents and representatives who entered the Property are adequately covered by policies of insurance, issued by a carrier reasonably acceptable to Seller, insuring Purchaser and Seller against any and all liability arising out of Purchaser’s or Purchaser’s agents’ or representatives’ entry upon and investigation respecting the Property. Purchaser shall indemnify, and hold harmless Seller for all reasonable costs and expenses required to repair or restore any property damaged by Purchaser or its agents in conducting such tests. The indemnification of Seller by Purchaser in the preceding sentence shall survive the termination of this Agreement or the Closing. During the Inspection Period, Purchaser may, at Purchaser’s election and at its sole expense, perform any or all of the following, and Seller shall have absolutely no responsibility, obligation for payment of or reimbursement for, or liability in connection with such items: (a) Obtain a written commitment from the appropriate Governmental Authority that following the Closing, the Property will be appropriately zoned for Purchaser’s intended use thereof. (b) Obtain from the appropriate Governmental Authorities all permits, approvals and consents (or written commitments that such will be forthcoming) required by such Governmental Authorities, or alternatively satisfy itself that all such required permits, approvals and consents are readily obtainable, including without limitation any and all access and building permits, environmental and ecological approvals, subdivision plat approvals, site plan approvals, utility hook-up permits, and lot split approvals. (c) Conduct a Phase I environmental assessment of the Property, and conduct such additional environmental studies or assessments as Purchaser may deem appropriate. In that connection, Purchaser will rely solely on such assessments and reports which Purchaser shall conduct, and no representations, warranties, reports or environmental assessments provided by Seller will be relied upon by Purchaser in respect to the Property condition or Purchaser’s decision to purchase same. In the event that Purchaser shall fail to close on the purchase of the Property, Purchaser will restore the Land and the Property to its condition immediately prior to Purchaser’s conducting of such inspections and tests.

Inspection by Purchaser. (a) Purchaser shall have the rightuntil January 31, at Purchaser’s expense, through July 12, 2007 (the “Inspection Period”) 2000 in which to inspect the Property and all documents in Seller’s possession relating to the Property and operations thereof, including without limitation books, records, service contracts, real estate tax statements covering the Property for the current year, all environmental reports covering the Property, if any, and other documents maintained by or for the Seller, and to conduct such due diligence review, inspections (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”) as Purchaser may deem necessary or appropriate in order to determine if the Property is in satisfactory condition and is suitable suitability of same for Purchaser’s purpose's intended use (the "Inspection Period"). Purchaser hereby acknowledges that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to Purchaser's inspection shall include, but not be limited to, the Property and operations thereof, and Other Related Documents. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shallfollowing: (i) deliver to Seller telephonic, e-mail, or written notice of its intention title to the enter the Property, and Seller shall have the right to have one or more of its agents and/or representatives accompany the Purchaser and ; (ii) provide Seller sufficient evidence to show that Purchaser and its agents and representatives who entered zoning of the Property are adequately covered by policies including the status of insurancebuilding, issued by development, curb cut permits, site plan approvals and water sanitary sewer tap permits; (iii) soil conditions, (iv) lease documents and income and expense reports for the past three years; (v) the presence of hazardous materials, including a carrier reasonably acceptable to Seller, insuring Purchaser and Seller against any and all liability arising out of Purchaser’s or Purchaser’s agents’ or representatives’ entry upon and investigation respecting the PropertyPhase I environmental site assessment. Purchaser shall indemnify, indemnify and hold Seller harmless Seller from and against any loss, damage, cost, expense or claim for all reasonable costs and expenses required to repair damages arising from inspection of the Property by Purchaser, its employees, agents, independent contractors or restore any property damaged by Purchaser or its agents in conducting such tests. The indemnification of Seller by Purchaser in the preceding sentence representatives, which indemnity shall survive the termination of this Agreement Agreement. Prior to performing any surveys, studies, or inspections relative to the Closing. During the Inspection PeriodProperty, Purchaser may, at Purchaser’s election shall provide Seller with reasonable advance verbal notice. Purchaser shall have the right to conduct geological studies and at its sole expense, perform any or all inspections of the followingProperty; provided, and Seller however, that Purchaser shall have absolutely no responsibility, obligation for payment not conduct a Phase II environmental study without the prior written consent of or reimbursement for, or liability in connection with such items: (a) Obtain a written commitment from the appropriate Governmental Authority that following the Closing, the Property will be appropriately zoned for Purchaser’s intended use thereofSeller. (b) Obtain from If Purchaser determines for any reason that the appropriate Governmental Authorities Property is not suitable for the uses intended by Purchaser, Purchaser shall have the right to terminate this Agreement by delivering written notice of such termination to Seller on or before the expiration of the Inspection Period. In the event of termination as provided herein, Purchaser shall provide to Seller at no cost, copies of all permitsPurchaser's surveys, approvals studies, reports and consents investigations ("Purchaser Studies") relative to the Property and in Purchaser's possession, the Xxxxxxx Money shall be returned to Purchaser, whereupon this Agreement shall be null and void and of no further force or written commitments that such will be forthcoming) required by such Governmental Authorities, or alternatively satisfy itself that all such required permits, approvals and consents are readily obtainable, including without limitation any and all access and building permits, environmental and ecological approvals, subdivision plat approvals, site plan approvals, utility hook-up permitseffect, and lot split approvalsthe parties shall have no further rights, duties, liabilities or obligations hereunder, except as expressly set forth herein. (c) Conduct a Phase I environmental assessment of If Purchaser does not elect to terminate the PropertyAgreement within the Inspection Period, all Xxxxxxx Money shall be nonrefundable and conduct such additional environmental studies shall be Seller's liquidated damages if Purchaser subsequently elects to terminate or assessments as Purchaser may deem appropriate. In that connection, Purchaser will rely solely on such assessments and reports which Purchaser shall conduct, and no representations, warranties, reports or environmental assessments provided by Seller will be relied upon by Purchaser in respect fails to the Property condition or Purchaser’s decision to purchase same. In the event that Purchaser shall fail to close on the purchase of the Property, Purchaser will restore the Land and the Property to its condition immediately prior to Purchaser’s conducting of such inspections and testsclose.

Inspection by Purchaser. Purchaser Prior to the first closing of any lot in any subdivision phase, the parties shall have the right, at Purchaser’s expense, through July 12, 2007 (the “Inspection Period”) to jointly inspect the Property subdivision improvements required to be completed by Seller and all documents in Seller’s possession relating sign a memorandum of any work to be done as noted at the inspection. Seller shall be responsible for repairing any damage, deficiency, or defective work revealed by such inspection within 30 days, weather permitting,to the Property and operations thereofsatisfaction of the government authority having jurisdiction over said work, including without limitation books, records, service contracts, real estate tax statements covering unless a later date is mutually agreed upon in writing. Within 10 days following the Property earlier to occur of (i) receipt by Purchaser of notice from Seller that it intends to seek release of its bonds or other obligations for subdivision warranty posted for the current yearsubdivision phase, all environmental reports covering or (ii) receipt by Seller of notice from Purchaser that it has completed construction of its final dwelling in the Propertysubdivision phase, if any, and other documents maintained by or for the Seller, and to conduct such due diligence review, inspections (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”) as Purchaser may deem necessary or appropriate in order to determine if parties shall again jointly inspect the Property is in satisfactory condition and is suitable for Purchaser’s purpose. Purchaser hereby acknowledges that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to the Property and operations thereof, and Other Related Documentsimprovements. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shall: (i) deliver to Seller telephonic, e-mail, or written notice of its intention to the enter the Property, and Seller shall have the right to have one or more of its agents and/or representatives accompany the Purchaser and (ii) provide Seller sufficient evidence to show that Purchaser and its agents and representatives who entered the Property are adequately covered by policies of insurance, issued by a carrier reasonably acceptable to Seller, insuring Purchaser and Seller against any and all liability arising out of Purchaser’s or Purchaser’s agents’ or representatives’ entry upon and investigation respecting the Property. Purchaser shall indemnify, and hold harmless Seller for all reasonable costs and expenses be required to repair or restore replace any property damaged by damage to the subdivision infrastructure and improvements, except normal wear and tear on the pavement, that occurred during the time Purchaser owned the lots. Said repair shall take place within 30 days after said inspection, weather permitting. Provided however, should Seller receive notice from any governmental authority requiring repair of damage attributable to Purchaser, Purchaser shall immediately complete said repairs. All repairs shall be completed to the satisfaction of the appropriate governmental authority having jurisdiction. Should either party fail to make repairs an/or its agents in conducting replacements it is obligated to make pursuant to this Paragraph 8 within thirty days or other applicable time period described above, then the other party shall be entitled, with simultaneous notice to the obligated party, to make such testsrepairs and/or replacements. The indemnification repairing party's actual expenses thereof, plus overhead of Seller 15% shall be paid by Purchaser in the preceding sentence shall survive obligated party to the termination repairing party within 30 days after receipt of this Agreement copies of invoices or the Closing. During the Inspection Period, Purchaser may, at Purchaser’s election and at its sole expense, perform any or all other reasonable documentation of the following, and Seller cost of such repairs and/or replacements incurred by the repairing party. Any reimbursement not received within said thirty days shall have absolutely no responsibility, obligation for payment bear interest at the rate of or reimbursement for, or liability in connection with such items: (a) Obtain a written commitment 12% per annum from the appropriate Governmental Authority that following due date until the Closing, date received by the Property will be appropriately zoned for Purchaser’s intended use thereofparty to whom such payments are due. (b) Obtain from the appropriate Governmental Authorities all permits, approvals and consents (or written commitments that such will be forthcoming) required by such Governmental Authorities, or alternatively satisfy itself that all such required permits, approvals and consents are readily obtainable, including without limitation any and all access and building permits, environmental and ecological approvals, subdivision plat approvals, site plan approvals, utility hook-up permits, and lot split approvals. (c) Conduct a Phase I environmental assessment of the Property, and conduct such additional environmental studies or assessments as Purchaser may deem appropriate. In that connection, Purchaser will rely solely on such assessments and reports which Purchaser shall conduct, and no representations, warranties, reports or environmental assessments provided by Seller will be relied upon by Purchaser in respect to the Property condition or Purchaser’s decision to purchase same. In the event that Purchaser shall fail to close on the purchase of the Property, Purchaser will restore the Land and the Property to its condition immediately prior to Purchaser’s conducting of such inspections and tests.

Inspection by Purchaser. Purchaser shall have For the rightperiod of time from the Effective Date through 5:00 p.m. Chicago time on September 26th, at Purchaser’s expense, through July 12, 2007 2016 (the “Inspection Period”), Purchaser and its agents shall have the right to (i) to inspect enter the Property to examine the physical (both above and all documents in Seller’s possession relating to below ground), environmental and other conditions of the same and conduct physical surveys, environmental studies, engineering and geophysical feasibility tests of the Property and operations thereof, including without limitation books, records, service contracts, real estate tax statements covering the Property for the current year, all environmental reports covering the Property, if any, and other documents maintained by or for the Seller, and to conduct such due diligence review, inspections (including environmental inspection), tests and studies (including economic feasibility studies) (“Other Related Documents”sampling) as Purchaser may deem shall determine are reasonably necessary or appropriate in order to determine if the Property is in satisfactory condition and is suitable for Purchaser’s purpose. Purchaser hereby acknowledges appropriate, provided that Seller delivered and that Purchaser is in receipt of all documents that were in Seller’s possession relating to the Property and operations thereof, and Other Related Documents. Purchaser shall provide Seller with a copy of any and all reports, inspections, tests and studies, or any other documents created in connection with a due diligence review pursuant to this provision, including without limitation Phase I and Phase II Environmental Report. At least twenty-four (24) hours prior to any entry of the Property to conduct any supervised physical testing or inspection, Purchaser shall: (i) deliver to Seller telephonic, e-mail, or written notice of its intention to the enter the Property, and Seller shall have the right to have one an agent or more representative of its agents and/or representatives accompany the Purchaser and Seller present during any such inspections, (ii) provide Seller sufficient evidence to show that review title and survey matters relating to the Property, and (iii) to perform other reasonable due diligence to decide, in Purchaser’s sole discretion whether the Property is satisfactory to both Purchaser and its agents and representatives who entered Lender, if any. Seller hereby agrees to cooperate in connection with Purchaser’s inspection of the Property are adequately covered by policies permitted hereunder, including, without limitation, making an on-site representative of insurance, issued by a carrier reasonably acceptable Seller available to Seller, insuring Purchaser and Seller against any and assist with all liability arising out of Purchaser’s or Lender’s on-site inspections. Seller further agrees that Purchaser, its agents, employees, representatives, or contractors shall be provided promptly, upon written request, such information as shall be reasonably necessary to examine the Property and the condition thereof and as shall be in the possession or control of or readily available to Seller or Seller’s agents’ agents (including Seller’s property management company, if any). Purchaser shall cause of all its inspections of the Property in a manner that does not unreasonably disrupt Seller’s or, if applicable, any tenant’s use or representatives’ entry upon and investigation respecting operation of the Property. Purchaser shall indemnifyUpon concluding any such surveys, and hold harmless Seller for all reasonable costs and expenses required to repair tests or restore any property damaged by Purchaser or its agents in conducting such tests. The indemnification of Seller by Purchaser in the preceding sentence shall survive the termination of this Agreement or the Closing. During the Inspection Period, Purchaser mayinvestigations, at Purchaser’s election and at its sole expense, perform any or all of the following, and Seller shall have absolutely no responsibility, obligation for payment of or reimbursement for, or liability in connection with such items: (a) Obtain a written commitment from the appropriate Governmental Authority that following the Closing, the Property will be appropriately zoned for Purchaser’s intended use thereof. (b) Obtain from the appropriate Governmental Authorities all permits, approvals and consents (or written commitments that such will be forthcoming) required by such Governmental Authorities, or alternatively satisfy itself that all such required permits, approvals and consents are readily obtainable, including without limitation any and all access and building permits, environmental and ecological approvals, subdivision plat approvals, site plan approvals, utility hook-up permits, and lot split approvals. (c) Conduct a Phase I environmental assessment of the Property, and conduct such additional environmental studies or assessments as Purchaser may deem appropriate. In that connectioncost, Purchaser will rely solely on such assessments and reports which Purchaser shall conduct, and no representations, warranties, reports or environmental assessments provided by Seller will be relied upon by Purchaser in respect to the Property condition or Purchaser’s decision to purchase same. In the event that Purchaser shall fail to close on the purchase of the Property, Purchaser will restore the Land and return the Property to its the condition in which it existed immediately prior to Purchaser’s conducting of such inspections and testssurveys, tests or investigations having been conducted.