Due Diligence Inspection definition
Examples of Due Diligence Inspection in a sentence
Buyer acknowledges that it has conducted and completed its Due Diligence Inspection of the Subject Property and all factors relevant to its use, including, without limitation, the physical condition of the Subject Property, all matters relating to title, and all municipal and other legal requirements such as taxes, assessments, zoning, use permits, building codes, abandonment of easements, and disposition of ▇▇▇▇▇.
In the event that, as a result of Buyer’s Due Diligence Inspection, any damage occurs to the Property, then Buyer shall promptly repair such damage at Buyer’s sole cost and expense.
Buyer shall keep the Property free and clear of any liens arising out of any Due Diligence Inspection, test or other entry onto the Property pursuant to this Contract.
At the Delivery Time, the Aircraft shall be (a) in substantially the same or better condition that it was on the Due Diligence Inspection Date, ordinary wear and tear excepted, and (b) in compliance with the requirements of the Lease.
Neither Buyer nor Buyer’s representatives shall report the results of the Due Diligence Inspection to any governmental or quasi-governmental authority under any circumstances (except as may be required by law) without obtaining Seller’s express written consent, which consent may be withheld in Seller’s sole discretion.
In the event that, as a result of Buyer’s Due Diligence Inspection, any damage occurs to the Real Property, then Buyer shall promptly repair such damage at Buyer’s sole cost and expense; provided that Buyer shall not be obligated to repair any adverse condition discovered by Buyer at the Property as long as Buyer takes reasonable steps to not exacerbate such condition.
If this Agreement is terminated for reasons other than Seller’s default, Buyer shall provide Seller with copies of any and all final, third party reports prepared on behalf of Buyer as part of the Due Diligence Inspection promptly after Buyer’s receipt of such reports; it being agreed that such reports shall be delivered to Seller AS-IS, without any representation or warranty by Buyer.
Buyer and any of its agents and consultants performing the Due Diligence Inspection shall, upon the request of Seller, provide Seller with written evidence of insurance in an amount and containing coverage reasonably acceptable to Seller, naming Seller as an additional insured.
Buyer and Buyer’s representatives shall, in performing its Due Diligence Inspection, comply with the agreed upon procedures and with any and all laws, ordinances, rules, and regulations applicable to any or all of such procedures and the Real Property.
In the event Seller terminates this Agreement pursuant to Section 11.5, then in addition to causing Escrow Holder to immediately return the Deposit to Buyer, Seller shall also pay to Buyer, within thirty (30) days after receipt a written invoice from Buyer, Buyer’s actual out-of- pocket expenses incurred in connection with the negotiation of this Agreement and Buyer’s performance of its Due Diligence Inspection (not to exceed, in the aggregate, $50,000).