08-12-1998 Council Agenda - Laserfiche WebLink

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(3) Copies of any written notices received from any governmental agency or authority relating to the Property. (4) Copies of all leases relating to the Property and any addenda, agreements or material correspondence with tenants or other relative thereto. (5) Copies of all management and service contracts relating to the operation of the Property. (6) Lists of all personal Property located on the premises. (7) Copies of all underlying mortgage notes, mortgage deeds, title insurance policies, title opinions, and casualty insurance policies. Purchaser may terminate this Agreement at its sole discretion within thirty (30) days following Purchaser's receipt of all of the documents referred to in this paragraph (a) above. b. Environmental Investigation. Purchaser shall have the right to obtain a Phase I Environmental Evaluation and soils investigation by parties acceptable to Purchaser. The cost of such investigation shall be paid equally by Purchaser and Seller in the event that Purchaser desires to obtain environmental and /or soils investigation. Purchaser shall obtain such report(s) within forty -five (45) days following the date of full execution of this Agreement and shall have thirty (30) days after receipt of such report(s) to terminate this Agreement if the report(s) reveals a condition affecting the Property which is unacceptable to the Purchaser in the Purchaser's sole discretion. Purchaser shall make arrangements for such investigation and Seller shall promptly reimburse the Purchaser for one -half of the cost of such investigation upon Seller's receipt of an invoice therefore. c. Property Inspection Contingency. Purchaser and Purchaser's agent shall have the right to make a thorough examination of the Property within thirty (30) days of the date of full execution of this Purchase Agreement. Purchaser shall advise the Seller, in writing within ten (10) days of the expiration of said thirty (30) day inspection period of any defects or conditions deemed unacceptable by the Purchaser. Seller shall, at Seller's option, either correct such conditions to Purchaser's satisfaction at Seller's expense or terminate this Purchase Agreement and refund all earnest money to Purchaser. Purchaser shall have the right to re- inspect the Property within five (5) days of the date of closing. Seller covenants and agrees that Seller shall maintain the Property in its present condition until the date of closing and shall repair or correct any conditions noted by Purchaser upon re- inspection which have occurred or arisen since the date of Purchaser's original inspection. In the event that this Purchase Agreement is terminated pursuant to any of the foregoing contingencies and conditions precedent, all earnest money, together with accrued interest, Page 7 of 11 Page 40