Common use of Right to Inspect Property Clause in Contracts

Right to Inspect Property. Prior to undertaking any inspections and testing, Buyer shall provide notice to Seller and coordinate with Seller’s designee. Buyer shall not intentionally nor unreasonably interfere with Seller’s activities on the Property. The inspection period shall terminate within fifteen (15) days of the date of the bid closing. Prior to closing, buyer and its agents and consultants may enter upon the Property and undertake at Buyer’s expense and physical inspections and other investigations of the Property, including surveys, soil bores, percolation tests, engineering studies, tests for radon gas and other tests or studies that Buyer considers necessary or desirable to review and evaluate the physical characteristics of the Property. Results of any investigation or testing conducted on the Property must promptly be disclosed to Seller. Buyer shall notify Seller in writing of any defects disclosed by its inspections and testing within five (5) days of completion of the inspection or test. For purposes of this paragraph, “defect” means a condition on or under the Property that violates applicable state or federal environmental laws, rules or regulations, or may present an imminent and substantial danger to the public health or welfare. Upon receipt, Seller shall notify Buyer that 1) it will terminate this Agreement, whereupon all rights and obligations of the parties shall cease; or 2) it will remedy the environmental defect within six months of the date of the notice, or as otherwise agreed by the parties, in which case the closing date will automatically be extended. Buyer, as a condition precedent to its entry rights, will defend, indemnify, save and hold Seller harmless from any loss, damage, liability, suite, claim, cost or expense, including reasonable attorneys’ fees, arising from the exercise by Buyer of its entry rights.