Common use of Purchasers Inspection and Review Rights Clause in Contracts

Purchasers Inspection and Review Rights. Subject to the rights of the Tenants, Purchaser and its agents, engineers, or representatives, with Seller’s reasonable, good faith cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to time. Seller shall have the right to be present at any meetings with any Tenant. Purchaser hereby agrees to hold Seller harmless from any liens, claims, liabilities, and damages incurred through the exercise of such privilege, and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege. Prior to entry on the Property for the purpose of performing any testing, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf, and, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance certificates evidencing such coverage. At all reasonable times prior to the Closing (as hereinafter defined), Seller shall make available to Purchaser, or Purchaser’s agents and representatives, for review and copying, to the extent available, all books, records, and files in Seller’s possession relating to the ownership and operation of the Property, including, without limitation, title matters, surveys, tenant files, service and maintenance agreements, and other contracts, books, records, operating statements, and other information relating to the Property. Seller further agrees to in good faith assist and cooperate with Purchaser in coming to a thorough understanding of the books, records, and files relating to the Property, but not including records relating to the cost of construction or financing. Seller further agrees to provide to Purchaser (to the extent the same have not previously been provided to Purchaser) prior to the date which is five (5) days after the effective date of this Agreement the most current boundary and “as-built” surveys of the Land and Improvements and any title insurance policies, occupancy permits, building inspection reports and environmental reports relating thereto and in the possession or under the control of Seller. Seller acknowledges that Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one to three years with regard to the Property. At no cost or liability to Seller, Seller shall (i) cooperate with Purchaser, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same, (ii) execute a form of “rep” letter in form and substance reasonably satisfactory to Seller, and (iii) furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereof.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Fund Xiv Lp)

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Purchasers Inspection and Review Rights. Subject Commencing on the Effective ---------------------------------------- Date of this Agreement and continuing through the Inspection Period, upon at least one (1) full day prior verbal notice to the rights of the TenantsSeller in each case, Purchaser and its agents, engineers, or representatives, with Seller’s reasonable, good faith 's cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to time. Seller Such privilege shall include the right to make borings and other tests to obtain information necessary to determine surface and subsurface conditions, provided that such activities do not materially interfere with the business operations of the Tenant on the Property. Purchaser shall also have the right following the Inspection Period to be present at any meetings with any Tenantconduct a pre-closing inspection of the Property. Purchaser hereby agrees to hold Seller harmless from any liens, claims, liabilities, and damages incurred through the exercise of such privilegeprivilege granted in this Paragraph 5 (but excluding any liability arising out of the existing environmental condition of the Property and excluding any claims arising out of a release of existing or in-place Hazardous Substances on or under the Property unless caused by the negligence of Purchaser or its agents, engineers or representatives), and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilegeprivilege (excluding any damage arising out of a release of existing or in-place Hazardous Substances on or under the Property unless caused by the negligence of Purchaser or its agents, engineers or representatives). Prior Purchaser's obligations under the preceding sentence shall survive the Closing and any termination of this Agreement. Within three (3) days after the Effective Date of this Agreement, to entry on the extent not already provided to Purchaser, Seller shall provide to Purchaser complete copies of all Service Contracts, if any, copies of all existing environmental reports (including the Environmental Report), wetlands reports, soil reports and other reports from any tests and studies obtained by Seller or any affiliate of Seller, evidence of the existing zoning of the Land (including a zoning letter from the appropriate jurisdiction and a copy of the zoning ordinance), evidence of satisfaction of subdivision requirements, if any, copies of property tax assessments and property tax bills for the Property for the purpose period of performing any testingSeller's ownership, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against evidence of availability of all liability of Purchaser and its consultants and contractorsrequired utilities, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing a copy of the written approval of the Plans and Specifications by the Committee under the Declaration, copies of all permits obtained with respect to the Improvements, a written inventory and listing of the Personal Property or any part thereof made on Purchaser’s behalf, andand Seller's operating budget with respect to the Property for the 1999 calendar year. In addition, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance certificates evidencing such coverage. At all reasonable times prior to during the Closing (as hereinafter defined)Inspection Period, Seller shall make available to Purchaser, or Purchaser’s 's agents and representatives, at Seller's office in Chicago, Illinois, and for review and copying, to the extent availablecopying at Purchaser's expense, all books, records, records and files in Seller’s possession relating to the ownership acquisition, operation and operation leasing of the Property, including, without limitation, title matters, surveys, tenant files, service including correspondence to and maintenance from the Tenant, commission agreements, tax bills, warranties and other contractsguaranties in effect with respect to the Improvements and Personal Property, booksplans and specifications, records, operating statementsengineering reports and reports of insurance carriers insuring the Property, and other information relating to the Property (but excluding any construction contracts or development budgets relating to the Property). Seller further agrees to in good faith assist and cooperate with Purchaser in coming to a thorough understanding of the books, records, such records and files relating to the Property, but not including records relating Property as to the cost of construction or financing. Seller further agrees to provide to Purchaser (to the extent the same have not previously been which access shall be provided to Purchaser) prior to the date which is five (5) days after the effective date of this Agreement the most current boundary and “as-built” surveys of the Land and Improvements and any title insurance policies, occupancy permits, building inspection reports and environmental reports relating thereto and in the possession or under the control of Seller. Seller acknowledges that Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one to three years with regard to the Property. At no cost or liability to Seller, Seller shall (i) cooperate with Purchaser, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same, (ii) execute a form of “rep” letter in form and substance reasonably satisfactory to Seller, and (iii) furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereofherein required.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Investment Trust Inc)

Purchasers Inspection and Review Rights. Subject Commencing on the Effective Date and ending on the Closing Date, and subject to the rights of the TenantsTenant (as hereinafter defined), Purchaser and its agents, engineers, or representatives, with Seller’s 's reasonable, good faith cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to time. Such privilege shall include the right to make tests, borings, and other tests to obtain information necessary to determine surface and subsurface conditions, provided, however, that no borings shall be made without the advance written consent of Seller. Seller in its sole and absolute discretion, shall have the right to be present at approve all consultants conducting any meetings with tests as well as the scope of any Tenantinvasive testing on the Property prior to the Purchaser conducting such testing. Such privilege shall also include the right to make any other tests deemed reasonably necessary by Purchaser. Purchaser hereby agrees to indemnify and hold Seller harmless from any liens, claims, liabilities, expenses and damages damages, including, without limitation, reasonable attorney's fees, incurred through the exercise of such privilege, and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege. Prior to entry on the Property for the purpose of performing any testing, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf, and, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance certificates evidencing such coverage. At all reasonable times prior to the Closing (as hereinafter defined), Seller shall make available to Purchaser, or Purchaser’s 's agents and representatives, and for review and copying, to the extent availablecopying at Purchaser's expense, all books, records, and files in Seller’s 's possession relating to the ownership and operation of the Property, including, without limitation, title matters, surveys, tenant files, service and maintenance agreements, and other contracts, books, records, operating statements, and other information relating to the Property. Seller further agrees to in good faith assist and cooperate with Purchaser Purchaser, at no cost to Seller, in coming to a thorough understanding of the books, records, and files relating to the Property. Seller further agrees to provide copies of any of such books, but not including records relating records, and files as may be reasonably requested by Purchaser, with the copying costs to the cost of construction or financingbe borne by Purchaser. Seller further agrees to provide to Purchaser (prior to the extent date which is five (5) business days after the same Effective Date the most current surveys, appraisals, environmental and engineering reports of the Land and Improvements which are in the possession of Seller or which Seller can obtain with a reasonable effort and which have not been previously been provided delivered to Purchaser) . Seller further agrees to provide to Purchaser prior to the date which is five (5) days after the effective date Effective Date, a statement setting forth all revenues from the Property and setting forth all costs and expenses of operating, maintaining, and repairing the Property (and the costs of replacing component parts thereof) incurred by Seller, in each case during the period of its ownership. The provisions of this Agreement paragraph 4 shall survive the most current boundary and “as-built” surveys Closing or any termination of the Land and Improvements and any title insurance policies, occupancy permits, building inspection reports and environmental reports relating thereto and in the possession or under the control of Seller. Seller acknowledges that Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one to three years with regard to the Property. At no cost or liability to Seller, Seller shall (i) cooperate with Purchaser, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same, (ii) execute a form of “rep” letter in form and substance reasonably satisfactory to Seller, and (iii) furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereofAgreement.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Investment Trust Inc)

Purchasers Inspection and Review Rights. Subject to the rights of the Tenants, Purchaser and its agents, engineers, or and representatives, with Seller’s reasonable, good faith cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to time. Seller shall have the right to be present at any meetings with any Tenant. Purchaser hereby agrees to hold Seller harmless from any liens, claims, liabilities, and damages incurred through the exercise of such privilege, and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege. Prior to entry on the Property for the purpose of performing any testing, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf, and, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance certificates evidencing such coverage. At all reasonable times prior to the Closing (as hereinafter defined)Closing, Seller shall make available to Purchaser, or Purchaser’s agents and representatives, for review and copying, to the extent available, all books, records, and files in Seller’s possession relating to the ownership and operation of the Property, including, without limitation, title matters, surveys, tenant files, service and maintenance agreements, and other contracts, books, records, operating statements, and other information relating to the Property. Seller further agrees to in good faith assist and cooperate with Purchaser in coming to a thorough understanding of the books, records, and files relating to the Property, but not including records relating to the cost of construction or financing. Seller further agrees to provide to Purchaser (to the extent the same have not previously been provided to Purchaser) prior to the date which is five (5) days after the effective date Effective Date of this Agreement Agreement, to the extent the same are in the possession of or under the control of Seller, the most current boundary and “as-built” surveys of the Land and Improvements and any title insurance policies, occupancy permitsappraisals, building inspection reports, environmental reports, certificates of occupancy, building permits, zoning letters and instruments reflecting the approval of any association governing the Property relating thereto. At no cost or liability to Seller, Seller shall cooperate with Purchaser, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same. At no cost to Purchaser, Seller shall use commercially reasonable efforts to cause the authors of appraisal, environmental and building inspection reports to issue reliance letters addressed to Purchaser in form and environmental reports relating thereto and in substance reasonably acceptable to Purchaser, at least fifteen (15) days prior to the possession or under expiration of the control of SellerInspection Period. Seller acknowledges that Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one (1) to three (3) years with regard to the Property. At no cost or liability to Seller, Seller shall (i) cooperate with Purchaser, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same, (ii) execute a form of accounting letter (the rep” letter Accounting Letter”) in the form and substance reasonably satisfactory to Sellerof Exhibit “E”, and (iii) furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereof.

Appears in 1 contract

Samples: Agreement for the Purchase and Sale of Property (Wells Real Estate Fund Xiii L P)

Purchasers Inspection and Review Rights. Subject Commencing on the Effective ---------------------------------------- Date and ending on the Closing Date, and subject to the rights of the TenantsTenant (as hereinafter defined), Purchaser and its agents, engineers, or representatives, with Seller’s 's reasonable, good faith cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to time. Such privilege shall include the right to make tests, borings, and other tests to obtain information necessary to determine surface and subsurface conditions, provided, however, that no borings shall be made without the advance written consent of Seller, which consent shall not be unreasonably withheld. Seller in its sole and absolute but reasonable discretion, shall have the right to be present at approve all consultants conducting any meetings with tests as well as the scope of any Tenantinvasive testing on the Property prior to the Purchaser conducting such testing. Such privilege shall also include the right to make any other tests deemed reasonably necessary by Purchaser. Purchaser hereby agrees to indemnify and hold Seller harmless from any liens, claims, liabilities, expenses and damages damages, including, without limitation, reasonable attorney's fees, incurred through the exercise of such privilege, and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege. Prior to entry on the Property for the purpose of performing any testing, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf, and, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance certificates evidencing such coverage. At all reasonable times prior to the Closing (as hereinafter defined), Seller shall make available to Purchaser, or Purchaser’s 's agents and representatives, and for review and copying, to the extent availablecopying at Purchaser's expense, all books, records, and files in Seller’s 's possession relating to the ownership and operation of the Property, including, without limitation, title matters, surveys, tenant files, service and maintenance agreements, and other contracts, books, records, operating statements, and other information relating to the Property. Seller further agrees to in good faith assist and cooperate with Purchaser Purchaser, at no cost to Seller, in coming to a thorough understanding of the books, records, and files relating to the Property. Seller further agrees to provide copies of any of such books, but not including records relating records, and files as may be reasonably requested by Purchaser, with the copying costs to the cost of construction or financingbe borne by Purchaser. Seller further agrees to provide to Purchaser (to the extent the same have not previously been provided to Purchaser) prior to the date which is five (5) business days after the effective date of this Agreement the most current boundary and “as-built” surveys of the Land and Improvements and any title insurance policies, occupancy permits, building inspection reports and environmental reports relating thereto and Effective Date those items listed on Exhibit "B" hereto which are in the possession of Seller or under the control of Sellerwhich Seller can obtain with a reasonable effort and which have not been previously delivered to Purchaser. Seller Purchaser acknowledges that Seller has provided to Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one to three years with regard prior to the Property. At no cost or liability to Effective Date, a statement setting forth all revenues from the Property and setting forth all costs and expenses of operating, maintaining, and repairing the Property (and the costs of replacing component parts thereof) incurred by Seller, in each case during the period of its ownership. The provisions of this paragraph 4 shall survive the Closing or any termination of this Agreement. Purchaser represents and covenants that Seller shall (i) cooperate with Purchasernot have any liability, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records obligation or responsibility of any kind with respect to the ownershipfollowing, managementunless Seller actually knew that any document was inaccurate, maintenancemisleading or failed to provide material information: (a) The content or accuracy of any report, and operation study, opinion or conclusion of any soils, toxic, environmental or other engineer or other person or entity who has examined the Property or any aspect thereof. (b) The content or accuracy of any information released to Purchaser by an engineer or planner in connection with the development of the Property Property. (c) The availability of building or other permits or approvals for the applicable periodProperty by any state or local governmental bodies with jurisdiction over the Property. (d) The availability or capacity of sewer, and permit them water or other utility connections to copy the sameProperty. (e) Any of the items delivered to Purchaser pursuant to Purchaser's review of the condition of the Property. (f) The content or accuracy of any other development or construction cost, (ii) execute a form of “rep” letter in form and substance reasonably satisfactory projection, financial or marketing analysis or other information given to Seller, and (iii) furnish Purchaser by Seller or reviewed by Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior respect to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereofProperty.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Fund Viii Lp)

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Purchasers Inspection and Review Rights. Subject Commencing on the Effective ---------------------------------------- Date and ending on the date of Closing, and subject to the rights of the TenantsTenant (as hereinafter defined), Purchaser and its agents, engineers, or representatives, with Seller’s 's reasonable, good faith cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to timetime upon 24 hours advance notice, which notice may be given to Broker. Seller Purchaser agrees not to interfere with the operation of Tenant's business. Such privilege shall have include the right to make tests, borings, and other tests to obtain information necessary to determine surface and subsurface conditions, provided, however, that no borings shall be present at made without the advance consent of Seller, which consent shall not be unreasonably withheld. Such privilege shall also include the right to make any meetings with any Tenantother tests deemed reasonably necessary by Purchaser. Purchaser hereby agrees to indemnify and hold Seller harmless from any liens, claims, liabilities, expenses and damages damages, including, without limitation, reasonable attorney's fees, incurred through the exercise of such privilege, and ; Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege. Prior to entry on the Property for the purpose ; and said indemnities shall survive any termination of performing any testing, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf, and, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance certificates evidencing such coveragethis Agreement. At all reasonable times prior to the Closing (as hereinafter defined), Seller shall make available to Purchaser, or Purchaser’s 's agents and representatives, at the offices of Broker and for review and copying, to the extent availablecopying at Purchaser's expense, all books, records, and files in Seller’s 's possession relating to the ownership and operation of the Property, including, without limitation, title matters, surveys, tenant files, service and maintenance agreements, and other contracts, books, records, operating statements, and other information relating to the Property. Seller further agrees to in good faith assist and cooperate with Purchaser in coming to a thorough understanding of the books, records, and files relating to the Property. Seller further agrees to provide copies of any of such books, but not including records relating records, and files as may be reasonably requested by Purchaser, with the copying costs to the cost of construction or financingbe borne by Purchaser. Seller further agrees to provide to Purchaser (prior to the extent date which is five (5) business days after the same have not previously been provided Effective Date the most current surveys of the Land and Improvements in the possession of Seller. Seller further agrees to Purchaser) provide to Purchaser prior to the date which is five (5) days after the effective Effective Date, a statement setting forth all revenues from the Property and setting forth all costs and expenses of operating, maintaining, and repairing the Property (and the costs of replacing component parts thereof) incurred by Seller, in each case during the entire period from the date of this Agreement the most current boundary and “as-built” surveys Seller's acquisition of the Land and Improvements and any title insurance policiesProperty, occupancy permitsthrough September 30, building inspection reports and environmental reports relating thereto and in 1997, which statement shall be certified by Seller to the possession or under the control best of Seller's knowledge after diligent inquiry and review of records, to be complete and accurate in all material respects. Seller acknowledges that Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one to three years with regard to the Property. At no cost or liability to Sellershall update said statement through December 31, Seller shall (i) cooperate with Purchaser1997, its counselas soon as possible after December 31, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same, (ii) execute a form of “rep” letter in form and substance reasonably satisfactory to Seller, and (iii) furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereof1997.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Investment Trust Inc)

Purchasers Inspection and Review Rights. Subject to the rights of the TenantsTenant, Purchaser and its agents, engineers, or representatives, with Seller’s reasonable, good faith cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the Property at all reasonable times and from time to time. Seller shall have the right to be present at any meetings with any Tenant. Purchaser hereby agrees to hold Seller harmless from any liens, claims, liabilities, and damages incurred through the exercise of such privilege, and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege. Prior to entry on the Property for the purpose of performing any testing, Purchaser shall maintain and/or insure that Purchaser’s consultants and contractors maintain public liability insurance and property damage insurance in an amount not less than Two Million Dollars ($2,000,000) and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf, and, at Seller’s request, Purchaser shall furnish Sellers with copies of its insurance appropriate certificates evidencing and endorsements reflecting Seller as an additional insured under any such coverageinsurance. At all reasonable times prior to the Closing (as hereinafter defined), Seller shall make available to Purchaser, or Purchaser’s agents and representatives, for review and copying, to the extent available, all books, records, and files in Seller’s possession relating to the ownership and operation of the Property, including, without limitation, title matters, surveys, tenant files, service and maintenance agreements, and other contracts, books, records, operating statements, and other information relating to the Property. Seller further agrees to in good faith assist and cooperate with Purchaser in coming to a thorough understanding of the books, records, and files relating to the Property, but not including records relating to the cost of construction or financing. Seller further agrees to provide to Purchaser (to the extent the same have not previously been provided to Purchaser) prior to the date which is five (5) days after the effective date of this Agreement the most current boundary and “as-built” surveys of the Land and Improvements and any title insurance policies, occupancy permits, building inspection reports and environmental reports relating thereto and in the possession or under the control of Seller. Seller acknowledges that Purchaser may be required by the Securities and Exchange Commission to file audited financial statements for one to three years with regard to the Property. At no cost or liability to Seller, Seller shall (i) cooperate with Purchaser, its counsel, accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same, (ii) execute a form of “rep” letter in form and substance reasonably satisfactory to Seller, and (iii) furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request. Purchaser will pay the costs associated with any such audit. In addition, at least five (5) business days prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser the documentation listed on Exhibit “G” attached hereto and by this reference made a part hereof and will deliver written answers to the questionnaire listed on Exhibit “H” attached hereto and by this reference made a part hereof.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Wells Real Estate Investment Trust Inc)

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