PURCHASER'S INSPECTION AND WAIVER. Purchaser shall have 40 days after the later of the Effective Date or delivery by Seller to Purchaser of the last of the Due Diligence Materials ("Inspection Period") within which to inspect the Property and review the Due Diligence Materials to determine whether the Property in its current status is suitable, in the exercise of the sole business judgment discretion of Purchaser, for the purposes of Purchaser, which inspection may, at Purchaser's discretion and cost, include environmental assessments. Purchaser shall only use the Due Diligence Materials for the purpose of evaluating the Property, as opposed to any competitive use, and shall restrict access to the Due Diligence Materials to those persons required to evaluate the Property. This Agreement shall terminate, the Earnest Money shall be refunded to Purchasxx, xxx all responsibilities of the parties to one another shall terminate unless, prior to the end of the Inspection Period, Purchaser notifies Seller that Purchaser has determined to its satisfaction the Property can be used for these purposes to Purchaser's satisfaction ("Waiver Notice"). The start date of the Inspection Period shall be established as follows: Seller shall deliver (or make available at the Hotel if so provided in the Due Diligence Request List) all Due Diligence Materials to Purchaser within five business days of the Effective Date, or such earlier date as Seller can accomplish, together with a listing of the materials furnished and a written certification to Purchaser that such delivery constitutes all of the Due Diligence Materials except materials which, to the best of Seller's knowledge, do not exist or cannot be obtained by Seller. Purchaser will notify Seller within 48 hours of receipt of the materials, list and certification described in the preceding sentence if any of the materials listed are not in fact delivered. Within 48 hours of the notice described in the preceding sentence, if any is given, Seller shall deliver a supplemental list and certification and materials (if any) to Purchaser. The Inspection Period will begin on the date of the initial delivery of Due Diligence Materials unless additional materials are in fact delivered at the time of the supplemental certification, if any, in which event the Inspection Period will begin on the delivery of the supplemental materials. In the event Seller discovers additional Due Diligence Materials after the certifications and deliveries described in the preceding senten...
PURCHASER'S INSPECTION AND WAIVER. Purchaser shall have 45 days after the Effective Date ("Inspection Period") within which to inspect the Property and review the Due Diligence Materials to determine whether the Property in its current status is suitable, in the sole discretion of Purchaser, for the purposes of Purchaser, which inspection may, at Purchaser's discretion and cost, include environmental assessments and surveys. Purchaser shall only use the Due Diligence Materials for the purpose of evaluating the Property, as opposed to any competitive use, and shall restrict access to the Due Diligence Materials to those persons required to evaluate the Property. This Agreement shall terminate, the Xxxxxxx Money shall be refunded to Purchaser, and all responsibilities of the parties to one another shall terminate unless, prior to the end of the Inspection Period, Purchaser notifies Seller that Purchaser has determined to its satisfaction the Property can be used for these purposes to Purchaser's satisfaction ("Waiver Notice"). If a survey promptly requested by Purchaser following the Effective Date is not received more than five business days prior to the end of the Inspection Period, then the Inspection Period shall be extended to five business days after the Purchaser receives the survey. During the Inspection Period, Purchaser and Purchaser's representatives, agents and designees will have the right, at reasonable times and upon reasonable advance notice to Seller (which notice must describe the scope of the planned testing and investigations) to enter upon the Property, in connection with its purchase of the Property. However, Purchaser agrees that:
