2015-07-08 CC Packet - Laserfiche WebLink

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5. Feasibi%and Inspection Period. a. Buyer shall have the right during a period commencing with the Effective Date and ending one hundred eight (180) days after the Effective Date (the "Feasibility and Inspection Period") for the following: (i)to determine that Buyer is satisfied with any appraisals, surveys, reviews, inspections, investigations and testing (including without limitation soil, environmental and engineering tests and studies) of the Property made by or on behalf of Buyer; (ii)to obtain all preliminary governmental permits and approvals necessary or appropriate in Buyer's determination for Buyer's intended use of the Property; (iii)to determine that Buyer is satisfied with the Seller's Due Diligence Documents and the matters disclosed therein(collectively,the"Buyer's Contingencies"). If the Feasibility and Inspection Period ends on a Saturday, Sunday or legal holiday, it shall be extended through the end of the next business day. b. Seller hereby grants to Buyer, its agents,representatives and contractors, the right to enter upon the Property at reasonable times and from time to time after the Effective Date for the purpose of appraising, surveying, reviewing, investigating, inspecting and testing the Property and for other purposes consistent with Buyer's interests under this Agreement. Buyer agrees to indemnify,defend and hold harmless Seller from and against any lien or liability resulting from the activities of Buyer or its agents, representatives or contractors on the Property pursuant to this Paragraph 5, and, if Buyer damages the Property, Buyer shall restore the Property to substantially the condition existing prior to such damage by Buyer. C. At any time prior to and not later than five(5) business days after the end of the Feasibility Period, Buyer may, in its sole and absolute discretion, and for any reason or for no reason, elect not to purchase the Property and elect to terminate this Agreement by giving written notice of termination to Seller. Upon such termination, the Earnest Money shall be returned to Buyer and neither party hereto shall have any further liabilities or obligations under this Agreement. The Buyer's Contingencies are for the sole and exclusive benefit of Buyer and may be waived by Buyer. In the event that this Purchase Agreement is not terminated within (5) five days after the end of the Feasibility and Inspection Period, all of the Buyer's Contingencies set forth in this Paragraph 5 will be deemed waived. 6. 1031 Exchange Contingency. a. The closing on the purchase of the Property is further contingent on Buyer first closing on the sale of property located at 3024 4t' Street Southeast and 2 Malcolm Avenue Southeast, both located in the City of Minneapolis, MN (collectively, the "Exchange Property"). The anticipated closing date on the sale of the Exchange Property is on or about April 1,2016. b. The Seller herein acknowledges that it is the intention of the Buyer to complete an IRC Section 1031 Tax-Deferred Exchange and that the Buyer's rights under this Purchase 3 62