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Resolution No. 3659 Site Plans & Execution Real Estate Purchase Agrmnt. (Momentum) - Signed
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Resolution No. 3659 Site Plans & Execution Real Estate Purchase Agrmnt. (Momentum) - Signed
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Dept of Community Investment
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B.Due Diligence Period. Buyer shall have a period of thirty (30) days following <br />the Contract Date to complete its examination of the Property in accordance with this Section <br />4 (the “Due Diligence Period”). By mutual agreement, the Parties may proceed to Closing <br />prior to the expiration of the Due Diligence Period described in this Section. <br />C.Authorizations During Due Diligence Period. During the Due Diligence <br />Period, Seller authorizes Buyer, upon Buyer providing Seller with evidence that Buyer has <br />general liability insurance reasonably acceptable to Seller, in the amount of at least One <br />Million Dollars ($1,000,000), naming Seller as an additional insured and covering the <br />activities, acts, and omissions of Buyer and its representatives at the Property, to <br />(i)enter upon the Property or to cause agents to enter upon the Property <br />for purposes of examination; provided, that Buyer may not take any action upon the <br />Property which reduces the value thereof and Buyer may not conduct any invasive <br />testing at the Property without Seller’s express prior written consent; further <br />provided, that if the transaction contemplated herein is not consummated, Buyer shall <br />promptly restore the Property to its condition prior to entry, and agrees to defend, <br />indemnify and hold Seller harmless, before and after the Closing Date whether or <br />not a closing occurs and regardless of any cancellations or termination of this <br />Agreement, from any liability to any third party, loss or expense incurred by Seller, <br />including without limitation, reasonable attorney fees and costs arising from acts or <br />omissions of Buyer or Buyer’s agents or representatives; and <br />(ii)file any application with any federal, state, county, municipal or <br />regional agency relating to the Property for the purpose of obtaining any approval <br />necessary for Buyer’s anticipated use of the Property. If Seller’s written consent to <br />or signature upon any such application is required by any such agency for <br />consideration or acceptance of any such application Buyer may request from Seller <br />such consent or signature, which Seller shall not unreasonably withhold. <br />Notwithstanding the foregoing, any zoning commitments or other commitments that <br />would further restrict the future use or development of the Property, beyond the <br />restrictions in place as a result of the current zoning of the Property, shall be subject <br />to Seller’s prior review and written approval. <br />D.Termination of Agreement. If at any time within the Due Diligence Period <br />Buyer determines, in its sole discretion, not to proceed with the purchase of the Property, <br />Buyer may terminate this Agreement by written notice to Seller’s Representative. <br />5.SELLER’S DOCUMENTS <br />Upon Buyer’s request, Seller will provide Buyer a copy of all known environmental inspection, <br />engineering, title, and survey reports and documents in Seller’s possession relating to the Property. <br />In the event the Closing does not occur, Buyer will immediately return all such reports and <br />documents to Seller’s Representative with or without a written request by Seller.
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