Common use of Removal of Inspection Contingencies Clause in Contracts

Removal of Inspection Contingencies. If, by the end of the Review Period, Purchaser has not notified Seller in writing that Purchaser accepts the Property and all aspects thereof in its then-current condition, this Agreement will automatically terminate, whereupon the Deposit will be refunded to Purchaser within five days thereafter. This Agreement thereafter will be null and void and neither party will have any obligation to the other, except as otherwise provided herein. If Purchaser elects, Purchaser may offer Seller the opportunity to correct any items Purchaser determines to be unacceptable by providing Seller with written notice prior to the end of the Review Period of what must be corrected, by what dates, and in what manner (the “Correction Notice”). Within fifteen (15) days after Seller is given the Correction Notice Seller may notify Purchaser in writing of whether and to the extent Seller will effect and pay for any corrections (the “Notice of Intent to Correct”), all of which will be completed prior to the Closing Date. If Seller fails to give a Notice of Intent to Correct within said fifteen (15) days, Seller will be deemed to have refused to agree to such corrections. Within fifteen (15) days after Seller gives a Notice of Intent to Correct (or after the last day of the period within which the notice is to be given if it is not), Purchaser may elect to (a) cancel this Agreement, whereupon the Deposit must be immediately refunded to Purchaser, or (b) agree to waive its inspection contingencies as provided in this section, whereupon Seller must promptly commence and proceed with diligence to completion prior to the Closing Date with the correction of the items that Seller agreed to undertake in its Notice of Intent to Correct. The failure of Purchaser to give notice of its waiver to Seller within such 15-day period will be deemed an election to cancel.

Removal of Inspection Contingencies. If, by the end of the Review Period, Purchaser has not notified Seller in writing that Purchaser accepts the Property and all aspects thereof in its then-current condition, this Agreement will automatically terminate, whereupon the Deposit will be refunded to Purchaser within five days thereafter. This Agreement thereafter will be null and void and neither party will have any obligation to the other, except as otherwise provided herein. If Purchaser elects, Purchaser may offer Seller the opportunity to correct any items Purchaser determines to be unacceptable by providing Seller with written notice prior to the end of the Review Period of what must be corrected, by what dates, and in what manner (the “Correction Notice”). Within fifteen ten (1510) days after Seller is given the Correction Notice Seller may notify Purchaser in writing of whether and to the extent Seller will effect and pay for any corrections (the “Notice of Intent to Correct”), all of which will be completed prior to the Closing Date. If Seller fails to give a Notice of Intent to Correct within said fifteen ten (1510) days, Seller will be deemed to have refused to agree to such corrections. Within fifteen ten (1510) days after Seller gives a Notice of Intent to Correct (or after the last day of the period within which the notice is to be given if it is not), Purchaser may elect to (a) cancel this Agreement, whereupon the Deposit must be immediately refunded to Purchaser, or (b) agree to waive its inspection contingencies as provided in this section, whereupon Seller must promptly commence and proceed with diligence to completion prior to the Closing Date with the correction of the items that Seller agreed to undertake in its Notice of Intent to Correct. The failure of Purchaser to give notice of its waiver to Seller within such 1510-day period will be deemed an election to cancel.

Removal of Inspection Contingencies. The following procedure shall be ----------------------------------- employed in connection with Purchaser's removal of its inspection contingencies: (a) Purchaser shall have until the Closing Date (the "REVIEW PERIOD") within which to accept the Property. If, by the end of the Review Period, Purchaser has not notified Seller in writing that Purchaser accepts the Property and all aspects thereof in its then-then current condition, this Agreement will shall automatically terminate, whereupon the Deposit will be refunded to Purchaser within five days thereafter. This Agreement thereafter will shall be null and void and neither party will shall have any obligation to the other, other except as otherwise provided stated herein. . (b) If Purchaser elects, Purchaser may offer Seller the opportunity to correct any items Purchaser determines to be unacceptable at Seller's expense by providing Seller with written notice prior to the end of the Review Period of what must be corrected, by what dates, dates and in what manner manner. The foregoing includes any requirement to adjust the purchase price if the appraisal obtained by Purchaser indicates that the current fair market value of the Property is less that the purchase price stated herein. (the “Correction Notice”). c) Within fifteen five (155) days after Seller is given the Correction Notice such notice Seller may shall notify Purchaser in writing of whether and to the extent Seller will effect and pay for such corrections or agree to such purchase price adjustment. Unless otherwise stated in Purchaser's notice, any such items which are in the nature of repairs, alterations, corrections (the “Notice of Intent to Correct”), all of which will or remediations shall be completed prior to the Closing Date. If Seller fails to give a Notice of Intent to Correct such notice within said fifteen five (155) days, Seller will be deemed to have refused to agree to such corrections. corrections and purchase price adjustment. (d) Within fifteen five (155) days after Seller gives a Notice of Intent to Correct such notice (or after the last day of the period within which the such notice is to be given if it is not), Purchaser may elect to (ai) cancel this Agreement, whereupon the Deposit must be immediately refunded to Purchaser, or (bii) agree to waive its inspection contingencies as provided in this section, whereupon Section. The failure of Purchaser to give such notice within such five (5) day period shall be deemed an election to cancel this Agreement. If this Agreement is not so canceled Seller must shall promptly commence and proceed with diligence to completion prior to the Closing Date with the correction of the items that which Seller agreed to undertake in its Notice of Intent notice to Correct. The failure of Purchaser to give notice of its waiver to Seller within such 15-day period will be deemed an election to cancelPurchaser.

Removal of Inspection Contingencies. The following procedure shall be employed in connection with Purchaser's removal of its inspection contingencies: (a) Purchaser shall have until the Closing Date (the "Review Period") within which to accept the Property. If, by the end of the Review Period, Purchaser has not notified Seller in writing that Purchaser accepts the Property and all aspects thereof in its then-then current condition, this Agreement will shall automatically terminate, whereupon the Deposit will be refunded to Purchaser within five days thereafter. This Agreement thereafter will shall be null and void and neither party will shall have any obligation to the other, other except as otherwise provided stated herein. . (b) If Purchaser elects, Purchaser may offer Seller the opportunity to correct any items Purchaser determines to be unacceptable at Seller's expense by providing Seller with written notice prior to the end of the Review Period of what must be corrected, by what dates, dates and in what manner manner. The foregoing includes any requirement to adjust the purchase price if the appraisal obtained by Purchaser indicates that the current fair market value of the Property is less than the purchase price stated herein. (the “Correction Notice”). c) Within fifteen five (155) days after Seller is given the Correction Notice such notice Seller may shall notify Purchaser in writing of whether and to the extent Seller will effect and pay for such corrections or agree to such purchase price adjustment. Unless otherwise stated in Purchaser's notice, any such items which are in the nature of repairs, alterations, corrections (the “Notice of Intent to Correct”), all of which will or remediations shall be completed prior to the Closing Date. If Seller fails to give a Notice of Intent to Correct such notice within said fifteen five (155) days, Seller will be deemed to have refused to agree to such corrections. corrections and purchase price adjustment. (d) Within fifteen five (155) days after Seller gives a Notice of Intent to Correct such notice (or after the last day of the period within which the such notice is to be given if it is not), Purchaser may elect to (ai) cancel this Agreement, whereupon the Deposit must be immediately refunded to Purchaser, or (bii) agree to waive its inspection contingencies as provided in this section, whereupon Seller must promptly commence and proceed with diligence to completion prior to the Closing Date with the correction of the items that Seller agreed to undertake in its Notice of Intent to CorrectSection. The failure of Purchaser to give such notice of its waiver to Seller within such 15-five (5) day period will shall be deemed an election to cancel.cancel this Agreement. If this Agreement is not so canceled Seller shall