Common use of INSPECTION OF THE PROPERTY AND APPROVAL PERIOD Clause in Contracts

INSPECTION OF THE PROPERTY AND APPROVAL PERIOD. 1Buyer’s Due Diligence . Buyer shall have sixty(60) business days, commencing on the later of the date of, as the case may be, the delivery to Buyer, its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees (collectively, the “Buyer Inspectors”) or the making available to such to Buyer Inspectors for their examination, investigation, inspection and review, of all Due Diligence Items (as defined in Section 4.1.2) such sixty (60) business day period being hereinafter referred to as the “Approval Period”) for such Buyer Inspectors to, from time to time, during such Approval Period and thereafter, enter into the Property to make such inspections, examinations and investigations as Buyer deems necessary and to review the Due Diligence Items and approve all aspects of the Property. If Buyer is not satisfied in its sole and absolute discretion with such inspections, examinations, investigations, and review, Buyer may terminate this Agreement by giving written notice (the “Termination Notice”) thereof to Seller on or before the expiration of the Approval Period (subject, however, to the provisions of Section 4.1.1(a)), in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. If Buyer is satisfied with such inspections, examinations, investigations, and review, it shall notify Seller, within ten (10) business days after the expiration of the Approval Period, of the list of the Contracts (defined below) that Buyer is willing to assume at Closing (the “Assumed Contracts”). Failure by Buyer to give notice of such list of Assumed Contracts will result in Buyer’s waiver of its right to assume such Contracts at Closing. In the event the Closing does not occur or this Agreement is terminated, Buyer shall promptly return to Seller all copies of material Buyer has received pursuant to Section 4.1.2 below.

INSPECTION OF THE PROPERTY AND APPROVAL PERIOD. 1BuyerBuyer’s Due Diligence . Buyer shall have sixty(60) business days, commencing on the later of the date of, as the case may be, the delivery to Buyer, its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees (collectively, the “Buyer Inspectors”) or the making available to such to Buyer Inspectors for their examination, investigation, inspection and review, of all Due Diligence Items (as defined in Section 4.1.2) such sixty (60) business day period being hereinafter referred to as the “Approval Period”) for such Buyer Inspectors to, from time to time, during such Approval Period and thereafter, enter into the Property to make such inspections, examinations and investigations as Buyer deems necessary and to review the Due Diligence Items and approve all aspects of the Property. If Buyer is not satisfied in its sole and absolute discretion with such inspections, examinations, investigations, and review, Buyer may terminate this Agreement by giving written notice (the “Termination Notice”) thereof to Seller on or before the expiration of the Approval Period (subject, however, to the provisions of Section 4.1.1(a)), in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. If Buyer is satisfied with such inspections, examinations, investigations, and review, it shall notify Seller, within ten (10) business days after the expiration of the Approval Period, of the list of the Contracts (defined below) that Buyer is willing to assume at Closing (the “Assumed Contracts”). Failure by Buyer to give notice of such list of Assumed Contracts will result in Buyer’s waiver of its right to assume such Contracts at Closing. In the event the Closing does not occur or this Agreement is terminated, Buyer shall promptly return to Seller all copies of material Buyer has received pursuant to Section 4.1.2 below.

INSPECTION OF THE PROPERTY AND APPROVAL PERIOD. 1Buyer’s Due Diligence . Buyer shall have sixty(60thirty (30) business daysdays (a “business day” as used in this Agreement shall mean days other than Saturdays, Sundays and legal holidays under the laws of the United States or the State of New York), commencing on the later of the date of, as the case may be, the delivery to Buyer, its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees (collectively, the “Buyer Inspectors”) or the making available to such to Buyer Inspectors for their examination, investigation, inspection and review, of all Due Diligence Items (as defined in Section 4.1.2) such sixty thirty (6030) business day period being hereinafter referred to as the “Approval Period”) for such Buyer Inspectors to, from time to time, during such Approval Period and thereafter, enter into the Property to make such inspections, examinations and investigations as Buyer deems necessary and to review the Due Diligence Items and approve all aspects of the Property. If Buyer is not satisfied in its sole and absolute discretion with such inspections, examinations, investigations, and review, or for any other reason, in Buyer’s sole and absolute discretion, Buyer may terminate this Agreement by giving written notice (the “Termination Notice”) thereof to Seller on or before the expiration of the Approval Period (subject, however, to the provisions of Section 4.1.1(a)), in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. If Buyer is satisfied with such inspections, examinations, investigations, and review, it shall notify Seller, within ten (10) business days after the expiration of the Approval Period, of the list of the Contracts (defined below) that Buyer is willing to assume at Closing (the “Assumed Contracts”). Failure by Buyer to give notice of such list of Assumed Contracts will result in Buyer’s waiver of its right to assume such Contracts at Closing. In the event the Closing does not occur occur, or this Agreement is terminated, Buyer shall promptly return to Seller all copies of material Due Diligence Items Buyer has received pursuant to Section 4.1.2 below.

INSPECTION OF THE PROPERTY AND APPROVAL PERIOD. 4. 1Buyer’s Due Diligence . Buyer shall have sixty(60) business days, commencing on the later of the date of, as the case may be, the delivery to Buyer, its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees (collectively, the “Buyer Inspectors”) or the making available to such to Buyer Inspectors for their examination, investigation, inspection and review, of all Due Diligence Items (as defined in Section 4.1.2) such sixty (60) business day period being hereinafter referred to as the “Approval Period”) for such Buyer Inspectors to, from time to time, during such Approval Period and thereafter, enter into the Property to make such inspections, examinations and investigations as Buyer deems necessary and to review the Due Diligence Items and approve all aspects of the Property. If Buyer is not satisfied in its sole and absolute discretion with such inspections, examinations, investigations, and review, Buyer may terminate this Agreement by giving written notice (the “Termination Notice”) thereof to Seller on or before the expiration of the Approval Period (subject, however, to the provisions of Section 4.1.1(a)), in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. If Buyer is satisfied with such inspections, examinations, investigations, and review, it shall notify Seller, within ten (10) business days after the expiration of the Approval Period, of the list of the Contracts (defined below) that Buyer is willing to assume at Closing (the “Assumed Contracts”). Failure by Buyer to give notice of such list of Assumed Contracts will result in Buyer’s waiver of its right to assume such Contracts at Closing. In the event the Closing does not occur or this Agreement is terminated, Buyer shall promptly return to Seller all copies of material Buyer has received pursuant to Section 4.1.2 below. 4.1. 1Inspection . Buyer shall have the right to commence Buyer’s physical inspection of the Property immediately after the Effective Date and such right shall continue until Closing, upon twenty-four (24) hours prior notice to Seller. Buyer’s physical inspection of the Property shall be conducted during normal business hours at times mutually acceptable to Buyer and Seller. Inspection of any occupied interior units shall require two (2) days written notice to Seller. No invasive testing or boring shall be done without the prior notification of Seller and Seller’s consent, which shall not be unreasonably withheld, delayed or conditioned. (a) Seller shall provide Buyer with adequate opportunity to make such surveys, test, studies and inspections of the Property as Buyer has, in Buyer’s discretion, deemed necessary or advisable as a condition precedent to Buyer’s purchase of the Property and to determine the physical, environmental and land use characteristics of the Property and its suitability for Buyer’s intended use. In addition to any surveys, tests, studies and inspections of the Property as Buyer shall require, Buyer’s inspection shall include, without limitation, a complete and satisfactory physical review of the Property and its structural, plumbing and electrical systems, and other physical components by Buyer Inspectors. In such regard, notwithstanding anything elsewhere in this Agreement (and, in particular, Section 4.1) to the contrary, if Buyer is not satisfied, in its sole and absolute discretion, with any inspections, examinations, investigations, or review of or relating to the environmental condition of the Property, Buyer may terminate this Agreement by giving written notice thereof to Seller on or before the Closing Date, in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. (b) Buyer shall indemnify, defend and hold Seller harmless from and against any and all claims, costs, expenses, liabilities, including, without limitation, reasonable attorney’s fees (collectively, “Liabilities”), for damages or injuries arising out of or resulting from the activities of Buyer Inspectors on the Property, except to the extent caused by a pre-existing condition, or the negligence or willful misconduct of Seller or its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees. Buyer’s indemnification obligations set forth herein shall survive the Closing and shall not be merged with the deed, and shall survive the termination of this Agreement prior to the Closing. (c) Buyer shall, at its sole cost and expense, promptly repair and/or restore any damage or alteration of the physical condition of the Property which results from any inspections conducted by the Buyer Inspectors.

INSPECTION OF THE PROPERTY AND APPROVAL PERIOD. 4. 1Buyer’s Due Diligence . Buyer shall have sixty(60thirty (30) business daysdays (a “business day” as used in this Agreement shall mean days other than Saturdays, Sundays and legal holidays under the laws of the United States or the State of New York), commencing on the later of the date of, as the case may be, the delivery to Buyer, its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees (collectively, the “Buyer Inspectors”) or the making available to such to Buyer Inspectors for their examination, investigation, inspection and review, of all Due Diligence Items (as defined in Section 4.1.2) such sixty thirty (6030) business day period being hereinafter referred to as the “Approval Period”) for such Buyer Inspectors to, from time to time, during such Approval Period and thereafter, enter into the Property to make such inspections, examinations and investigations as Buyer deems necessary and to review the Due Diligence Items and approve all aspects of the Property. If Buyer is not satisfied in its sole and absolute discretion with such inspections, examinations, investigations, and review, or for any other reason, in Buyer’s sole and absolute discretion, Buyer may terminate this Agreement by giving written notice (the “Termination Notice”) thereof to Seller on or before the expiration of the Approval Period (subject, however, to the provisions of Section 4.1.1(a)), in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. If Buyer is satisfied with such inspections, examinations, investigations, and review, it shall notify Seller, within ten (10) business days after the expiration of the Approval Period, of the list of the Contracts (defined below) that Buyer is willing to assume at Closing (the “Assumed Contracts”). Failure by Buyer to give notice of such list of Assumed Contracts will result in Buyer’s waiver of its right to assume such Contracts at Closing. In the event the Closing does not occur occur, or this Agreement is terminated, Buyer shall promptly return to Seller all copies of material Due Diligence Items Buyer has received pursuant to Section 4.1.2 below.

INSPECTION OF THE PROPERTY AND APPROVAL PERIOD. 1BuyerBuyer’s Due Diligence . Buyer shall have sixty(60forty five (45) business daysdays (a “business day” as used in this Agreement meaning days other than Saturdays, Sundays and legal holidays under the laws of the United States or the State of Texas), commencing on the later of the date of, as the case may be, the delivery to Buyer, its agents, contractors, architects, engineers, consultants, surveyors, attorneys, agents, designees and employees (collectively, the “Buyer Inspectors”) or the making available to such to Buyer Inspectors for their examination, investigation, inspection and review, of all Due Diligence Items (as defined in Section 4.1.2) ), such sixty forty five (6045) business day period being hereinafter referred to as the “Approval Period”) for such ). The Buyer Inspectors toInspectors, from time to time, during such Approval Period and thereafter, may enter into the Property to make such inspections, examinations and investigations as Buyer deems necessary and to review the Due Diligence Items and approve all aspects of the Property. If Buyer is not satisfied in its sole and absolute discretion with such inspections, examinations, investigations, and review, Buyer may terminate this Agreement by giving written notice (the “Termination Notice”) thereof to Seller on or before the expiration of the Approval Period (subject, however, to the provisions of Section 4.1.1(a)), in which event the Deposit shall be returned to Buyer, this Agreement shall become null and void and the Parties hereto shall have no further obligations to each other hereunder, except for those, which, by the express terms of this Agreement, survive such termination. If Buyer is satisfied with such inspections, examinations, investigations, and review, it shall notify Seller, within ten (10) business days after the expiration of the Approval Period, of the list of the Contracts (defined below) that Buyer is willing to assume at Closing (the “Assumed Contracts”). Failure by Buyer to give notice of such list of Assumed Contracts will result in Buyer’s waiver of its right to assume such Contracts at Closing. In the event the Closing does not occur or this Agreement is terminated, Buyer shall promptly return to Seller all copies of material Due Diligence Items Buyer has received pursuant to Section 4.1.2 below.