CCP 09-22-1997 - Laserfiche WebLink

Home Browse Search

. I f' (B) Purchaser represents and warrants to Seller thaI Purchaser has the full authority I and power to execute this Agreement and to close the sale of the Property, which representation and warranty shall be deemed made by Purchaser to Seller as of the Final Execution Date and again as of the Closing Date, shall survive the Closing and, but for such representation and I warranty, Seller would not execute this Agreement. 9. RISK OF LOSS; CONDEMNATION. I (A) Seller shall bear the risk of loss until Closing. All hazard insuranSe, if any, maintained by or on behalf of Seller in respect to the Property shall be canceled as of the Closing I Date. (B) If, prior to the Closing Date, all or any part oCthe Property shall be condemned by I governmental or other lawful authority, Purchaser shall have the option of either (i) completing this transaction, in which event (a) there shaH be no reduction of the Purchase Price, (b) Seller shall have no duty to repair or restore, (c) Sener shall pay to Purchaser all condemnation I proceeds theretofore or thereafter received by Seller with respect to such condemnation, (d) Seller shall assign to Purchaser all rights of Seller in and to such condemnation proceeds, and (e) Seller shall furnish to Purchaser such documents, cooperation and assistance as Purchaser Ie requires to enforce the rights of Seller with respect thereto; or (ii) temrinating this Agreement, in which event neither party shall have any further obligation to the other hereunder and the parties shall execute an agreement in recordable fonn canceling this Agreement. I 10, SUlTABD..ITY; INSPECTION PERIOD. I (A) Purchaser shall have from the date hereof until October 1 S, 1997, (the "InSpection Period") to determinc whether the Property is suitable for Purchaser's intended development and operation with regard to the following criteria (the "Purchaser's Criteria"). Purchaser shall use I diligent, good faith efforts to satisfy the Purchaser's Criteria. To assist Purchaser in its determination of the suitability of the Property for the intended I use, Seller shall, within ten (10) days of the date hereof, deliver to Purchaser copies of all documents which pertain to restrictive covenants, plans, plats, surveys, reports, tests. studies, title materials (including copies of exeeption documents rcfc:renced in the title policy or title I commitment, as the case may be), and environmClltal infonnation that are in Seller's possession. (1) Pwchaser may, at its sole risk, cost and expense, conduct or cause to be I conducted soil conditions. and/or hazardous materials engineering tests and/or environmental assessments of the Land and in this connection, it or its designated agents may enter upon the Land for purposes of inspection, soil analysis, core drilling or other I tests that may be deemed necessary or desirable by PUIChaser or its engineer (including, without limitation, engineering tests to determine the existence, iC any, of any geological .- faults in or undermining of the subsurface of the Land and the location thereof). Purchaser shall restore or repair any damage caused, related to or arising out of Purchaser's conducting of these tests. Purchaser shall indemnifY. hold harmless and, at I 6 roOd 6~ lZ6 2:i9 'I;:lOd '3>iI3CI 'g A3-.aI;:l~ S0:~i 1.66,-6i-d3S ----------------------