Survey; Inspection Clause Samples
Survey; Inspection. 4.1 Purchaser has, at the expense of Purchaser, caused the Property to be surveyed by ▇▇▇▇▇▇ ▇. ▇▇▇▇ Associates (“Surveyor”) and has obtained a plat of survey dated December 6, 2002 (the “Survey”). The Survey is acceptable to Purchaser for the purposes of this Contract, subject to the conditions that the Surveyor must, prior to Closing, cause the Survey to be modified in accordance with the requirements (“Survey Requirements”) listed on Exhibit C attached hereto and made a part hereof by this reference.
4.2 Purchaser and its agents, employees and independent contractors shall have the right upon prior notice to seller to enter upon the Land and the Improvements during normal business hours during the Term of this Contract to conduct such tests and inspections, at Purchaser’s sole cost and expense, as Purchaser deems necessary or desirable; provided that, in exercising such rights, Purchaser shall not damage the Improvements or conduct any intrusive testing without the prior written consent of Seller, which shall not be unreasonably withheld, delayed or conditioned. Purchaser hereby indemnifies Seller and holds Seller harmless from and against any and all loss, liability, cost, claim, demand, damage, cause of action and suit of any nature, including reasonable attorney’s fees actually incurred, arising out of personal injury, death, property damage or liens attributable to the exercise by Purchaser of Purchaser’s rights under this Paragraph 4.2. The foregoing indemnity hereby excludes any loss, liability, cost, claim, demand, damage, cause of action and suit of any nature arising out of the discovery of any pre-existing condition at the Property, but would cover loss to the extent attributable solely to negligence or willful misconduct of Purchaser which contributes to such damage, cost or liability. After conducting any soil boring or other tests which affect the physical condition of the Land or the Improvements, Purchaser will restore the Land or the Improvements, as applicable, to as nearly as practicable its condition prior to such test. The indemnification by Purchaser of Seller in this Paragraph 4.2 shall survive Closing and any Termination of this Agreement.
4.3 Seller acknowledges and agrees that Purchaser is not assuming any service or management contracts of any nature which may be in effect as of the Date of this Contract or as of the date of Closing and that Seller will terminate all such contracts not later than the date of Closing.
Survey; Inspection. (1) Both the Buyer and the Seller hereby nominate SGS S.A. in Geneva (formerly Société
Survey; Inspection. 18.1 The Purchaser shall be entitled to conduct a survey of the Land to ascertain the boundaries and area of the Land and to establish the location of structures purporting to be on the Land or on adjoining land.
18.2 If there is any immaterial error in the boundaries or area of the Land or any immaterial encroachment, the Purchaser shall not be entitled to terminate this Agreement but shall be entitled to such compensation (if demanded in writing on or before the Date for Completion) as the case may require. The Purchaser shall not be entitled to delay Completion or to withhold any part of the Purchase Price by reason of any such claim for compensation.
18.3 If there is any material error in the boundaries or area of the Land or any material encroachment, the Purchaser shall be entitled to elect by notice in writing to the Vendor given on or before the Date for Completion either:-
(a) to terminate this Agreement in which event the Stakeholder shall refund the Deposit to the Purchaser; or
(b) to complete this Agreement with compensation, in which event the Purchaser shall be entitled to such compensation as the case may require and shall not be entitled to delay Completion or to withhold any part of the Purchase Price by reason of any such claim for compensation. Table of Contents