Right of Inspection and Termination. As used in this Agreement, the term “Inspection Period” means the period commencing upon the Effective Date and ending at 5:00 p.m., Eastern Standard Time, on the date that is thirty (30) days from the Effective Date (as may be extended in accordance with the express terms of this Section 4.3). In the event Purchaser is not satisfied with the results of its review of the Property for any reason or no reason, Purchaser shall deliver to Seller (with a copy to Escrow Agent), on or prior to the expiration of the Inspection Period, written notice of Purchaser’s election to terminate this Agreement (a “Termination Notice”). In the event that Purchaser is satisfied with the results of its review of the Property, Purchaser shall deliver to Seller (with a copy to Escrow Agent), on or prior to the expiration of the Inspection Period, written notice of Purchaser’s election to proceed with the transaction contemplated by this Agreement (a “Notice to Proceed”) and the Inspection Period shall expire on such delivery. Notwithstanding anything to the contrary contained herein, in the event that Purchaser shall have commenced (or caused to be commenced) during the Inspection Period a Phase II environmental site assessment (a “Phase II”) but such Phase II shall not have been completed prior to the expiration of the Inspection Period, then Purchaser shall have a one-time right to extend the Inspection Period upon written notice to Seller prior to the expiration thereof (a “DD Extension Notice”) for up to thirty (30) additional days as may be reasonably necessary in order to complete and review the Phase II. On or prior to the expiration of such extended Inspection Period, Purchaser shall deliver to Seller (with a copy to Escrow Agent) either (x) a Notice to Proceed or (y) in the event that Purchaser is not satisfied with the results of the Phase II, a Termination Notice. In the event Purchaser fails to deliver to Seller either a Termination Notice, a Notice to Proceed or, to the extent applicable, a DD Extension Notice, on or prior to the expiration of the Inspection Period, then Purchaser shall be deemed to have elected to terminate this Agreement, and, upon request of Seller, Purchaser shall promptly execute and deliver to Seller a written acknowledgement of termination. Upon timely receipt of a Termination Notice by Seller, or upon Purchaser’s being deemed to have elected to terminate the Agreement for failure to timely deliver a Notice to Proceed (or a DD Extension Notic...
Right of Inspection and Termination. As used in this Agreement, the term “Inspection Period” means the period commencing on the date upon which Purchaser is in receipt of all of the Due Diligence Materials, attached hereto and made a part hereof, and ending at 5:00 p.m. Pacific on the thirty-fifth (35th) day following thereafter. In the event Purchaser is not satisfied with the results of its review of the Property for any reason or no reason, in Purchaser’s sole and absolute discretion, Purchaser shall deliver to Seller (with a copy to Escrowee), on or prior to the expiration of the Inspection Period, written notice of Purchaser’s election to terminate this Agreement (a “Inspection Termination Notice”). In the event Purchaser fails to deliver an Inspection Termination Notice on or prior to the expiration of the Inspection Period, Purchaser shall be deemed to have elected to proceed to Closing subject to the terms and conditions of this Agreement. Upon timely receipt of an Inspection Termination Notice by Seller, the Xxxxxxx Money will be promptly refunded in full to Purchaser by the Escrowee without any further notice or request and thereupon this Agreement will be null and void and of no further force and effect whatsoever, except for the provisions that expressly survive termination.
Right of Inspection and Termination. As used in this Agreement, the term “Inspection Period” means the period commencing upon the Effective Date and ending at 5:00 p.m., Atlanta, Georgia local time, on July 20, 2017. Anything in this Agreement to the contrary notwithstanding, at any time prior to the expiration of the Inspection Period, Buyer has the right to elect to terminate this Agreement if Buyer determines in its sole and absolute discretion that the Property is not suitable to Buyer for any reason or no reason. Any such election must be in writing, and upon receipt thereof by Seller, the Deposit will be refunded in full to Buyer by wire transfer pursuant to account information provided by Buyer and thereupon this Agreement will be null and void and of no further force and effect whatsoever, except for the Surviving Contract Provisions. Buyer acknowledges that if Buyer does not elect to terminate this Agreement prior to the expiration of the Inspection Period, then, subject to Seller’s compliance with the terms hereof, Buyer shall have been given the opportunity to make a physical inspection of the Property, including an inspection of the environmental condition thereof, and to examine the Due Diligence Materials and other documents and files concerning the leasing, maintenance, operation and financial performance of the Property, including without limitation, copies of Seller’s environmental reports with respect to the Property, and to conduct such non-invasive physical engineering and other studies and tests on or of the Property as Buyer deemed appropriate in its sole discretion.
