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(a) Feasibility Studies. During the period commencing on April 1, 2009 and ending
<br />fifteen (15) days prior to the close of escrow or such later date as mutually agreed
<br />upon by the Parties ("Due Diligence Period") Buyer may, at Buyer's expense,
<br />undertake an inspection and review of the Property, including without limitation (i) a
<br />review of the physical condition of the Property, including but not limited to,
<br />inspection and examination of soils, environmental factors, Hazardous Materials (as
<br />defined in Exhibit C attached hereto), and archeological information relating to the
<br />Property; (ii) a review and investigation of the effect of any zoning, maps, permits,
<br />reports, engineering data, regulations, ordinances, and laws affecting the Property,
<br />and (iii) an evaluation of the Property to determine its feasibility for Buyer's intended
<br />use. Buyer may consult with or retain civil engineers, contractors, soils and geologic
<br />engineers, architects and other specialists in its investigation, and may consult with or
<br />retain other consultants to determine if the Property is suitable for Buyer's intended
<br />use.
<br />If Buyer's environmental consultants require additional time to determine the
<br />existence and extent of any Hazardous Materials on the Property, Buyer shall have
<br />the right, exercisable by delivering written notice to Seller prior to the expiration of
<br />the Due Diligence Period, to extend the Due Diligence Period and the date for Close
<br />of Escrow for up to twenty (20) additional days to complete the testing.
<br />(b) Other matters. During the Due Diligence Period, Buyer may inspect, examine,
<br />survey and review any other matters concerning the Property, including without
<br />limitation, any and all studies or reports provided by Seller, all contracts, leases,
<br />rental agreements and other obligations relating to the Property, and the Property's
<br />conformity with all applicable laws and regulations. During the Due Diligence
<br />Period, Buyer shall have the right to perform due diligence regarding the
<br />investigation, assessment, and monitoring of the environmental condition of the
<br />Property, and upon completion of the Due Diligence Period, unless Buyer elects to
<br />terminate this Agreement pursuant to the terms hereof, Buyer will purchase the
<br />Property in its "AS IS, WHERE-IS WITH ALL FAULTS" condition as such
<br />condition exists at the end of the Due Diligence Period.
<br />(c) Disapproval of Property Condition. Should Buyer fail to approve the condition of
<br />the Property or any matters related to the Property at any time prior to the end of the
<br />Due Diligence Period (as such may be extended pursuant to Section 12(a)), Buyer
<br />shall have the right, exercisable by giving written notice to Seller, to cancel the
<br />escrow, terminate this Agreement, and recover all amounts paid by Buyer to Seller or
<br />deposited with the Escrow Agent by or on behalf of Buyer. The exercise of this right
<br />by Buyer shall not constitute a waiver by Buyer of any other rights Buyer may have at
<br />law or in equity.
<br />13. Studies, Reports and Investigations. Seller shall make available to Buyer not later
<br />than one (1) business day following the Effective Date, any and all correspondence with
<br />governmental agencies, information, studies, reports, investigations, contracts, leases, rental
<br />agreements and other obligations concerning or relating to the Property which are in Seller's
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