AG 2000 02 21 - Laserfiche WebLink

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5. Reports. Not later than five (5) days from the date hereof, Seller shall deliver to Purchaser copies of all existing title insurance policies (together with exceptions noted therein), surveys and soil reports, zoning, architectural, engineering, topographical, geological, soil subsurface, environmental, water drainage, traffic, roads, water, sewer, natural gas and utility services studies, reports, documents or compilations pertaining to the Property. 6. Inspection. (a) Examination of Property. During the period from and including the date of acceptance of this Agreement and through the date which is two hundred ten (210) days thereafter (the "Inspection Period"), Purchaser shall have the right to enter upon the Property for the purpose of performing such examinations and tests, including soil tests, as Purchaser may deem appropriate, in determining the feasibility of the Property for Purchaser's intended use. Purchaser may, at its election, shorten the Inspection Period. (b) Indemnity. Purchaser agrees to indemnify and hold Seller harmless from any loss, cost, expense, or liability incurred or sustained by the claim of any third person during the Inspection Period made by reason of Purchaser's activities as permitted pursuant to this Section 6(a). This indemnity shall not extend to any reduction of value of the Property resulting from the discovery of any hazardous substances on, or defects to, the Property or for reasonably incurred damage to the Property resulting from the conduct of the permitted tests. All liability of Purchaser herein shall cease upon the earlier of the end of the Inspection Period or the termination of the Agreement. (c) No Liability. Purchaser shall not be responsible for or liable to Seller or any third persons by reason of the conduct of tests and the disclosure of any defect or condition from examination or report of the Property. Reasonable ingress and egress and violation of the integrity of the Property as required by the testing and examination of the Property, as herein authorized, shall be permitted without compensation to Seller. Purchaser shall not be required to re-grade or re-grass the Property. (d) Termination. If Purchaser determines the Property is unacceptable to Purchaser for whatever reason, as determined by Purchaser in its sole discretion, Purchaser may terminate this Agreement by delivering written notice of such termination to Seller prior to the expiration of the Inspection Period. Upon such termination by Purchaser, the Escrow Deposit shall be returned to Purchaser and neither party hereto shall have a claim against the other, and Purchaser's indemnity shall terminate. All such reports and tests shall be the exclusive property of Purchaser, however, Purchaser shall provide copies of all reports and tests to Seller at no cost of Seller if requested within ten (10) days following the termination of this Agreement. 7. Condemnation. If, during the term of this Agreement, any portion of the Property is subjected to actual or threatened condemnation or eminent domain proceedings, Seller shall promptly notify Purchaser of such event, and Purchaser shall have the option of (i) terminating this Agreement, in which event Seller shall cause Escrow Agent to return the Escrow Deposit to Purchaser and thereupon this Agreement shall become null and void and without further force and effect; or (ii) proceeding to Closing, in which event Seller shall either pay to, or assign to, Purchaser at closing of the sale of Property all of the proceeds or any right thereto from any such condemnation. 2