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06-14-11 Packet
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6C 2
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Entry Properties
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11/1/2012 2:27:12 PM
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6/10/2011 12:43:56 PM
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(v) Purchaser's satisfaction with the packaging of financial and tax incentives for <br />the proposed redevelopment. <br />11. INSPECTION PERIOD. Purchaser, its agents, employees, consultants and <br />contractors shall have the privilege, opportunity, and right to enter upon the Property to <br />inspect, examine, and perform surveys, soil tests, borings, structural analysis and tests, <br />and any other tests needed to determine structural surface, subsurface, and topographic <br />conditions of the Property, or for any other reasons deemed necessary by Purchaser. <br />Purchaser shall be under no obligation to purchase the Property or otherwise perform <br />under this Agreement unless Purchaser determines the Property to be, in all respects, <br />suitable for its intended purposes. The decision as to whether the Property is suitable <br />for its intended purposes shall be the sole decision of Purchaser, determined in the <br />absolute discretion of Purchaser, with Purchaser's decision being final and binding <br />upon both parties. Likewise, Purchaser shall be under no obligation to purchase the <br />Property or otherwise perform under this Agreement unless Purchaser determines the <br />Financial and Tax Incentives to be, in all respects, sufficient for the proposed <br />redevelopment. The decision as to whether the Financial and Tax Incentives are <br />sufficient for the proposed redevelopment shall be the sole decision of Purchaser, <br />determined in the absolute discretion of Purchaser, with Purchaser's decision being <br />final and binding upon both parties. Purchaser shall have one hundred and eighty (180) <br />days from the Effective Date to notify Seller of its termination of this Agreement due to <br />Purchaser's determination that the Property is unsuitable or unacceptable or that the <br />Financial and Tax Incentives are insufficient or unacceptable (the "Inspection Period "). <br />Purchaser may also extend the Inspection Period by another one hundred and eighty <br />(180) days (the "Extension ") by providing written notice to Seller, prior to the <br />expiration of the Inspection Period, of Purchaser's intention to extend the Inspection <br />Period, and by Purchaser concurrently providing Seller with an additional earnest <br />money deposit of $2,000.00 (the "Extension Deposit "). In the event Purchaser elects to <br />terminate this Agreement, Purchaser shall provide written notice of termination to <br />Seller prior to the expiration of the Inspection Period and /or Extension. In the event <br />Purchaser provides said notice of termination prior to the request for any Extension, the <br />Seller shall be obligated to return the Deposit to Purchaser as provided in Paragraph 3 <br />hereof. In the event that Purchaser provides notice of termination after requesting an <br />Extension, then Seller shall retain the Deposit and the Extension Deposit at which point <br />neither party shall have any further rights or obligations under this Agreement. <br />Moreover, Seller shall promptly provide any releases requested by the Purchaser to <br />affect the return of the Deposit to Purchaser. In the event Purchaser does not submit <br />written notice of termination prior to the expiration of the Inspection Period, or <br />Extension if the Extension has been requested by Purchaser, Purchaser shall be deemed <br />to be satisfied with its inspections of the Property and all contingencies shall therefore <br />be deemed to be fulfilled or waived. Seller shall fully cooperate with Purchaser in the <br />obtaining of all governmental approvals necessary for Purchaser to satisfy itself during <br />3 <br />
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