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AZREB.com | Real Estate Clauses
Feasibility
Period, Environmental Matters and Condition of Property
Buyer shall have the period from the Opening of Escrow
until
., M.S.T., on
, 20__ (the "Feasibility Period") in which to conduct
pre-marketing studies, engineering, environmental, feasibility and/or land plan
studies, inspections, investigations and reviews of the Property, and review of
information and documents as set forth in _________, and Buyer and its
employees, agents and/or independent contractors may come upon the Property at
any time during the Feasibility Period in connection with the Buyer's review of
The Property (provided that Buyer shall indemnify and hold harmless Seller from
and against any and all liability, responsibility or damages incurred or
sustained by Seller as a result of the actions of Buyer, its employees, agents
or independent contractors in connection therewith).
Prior
to the expiration of the Feasibility Period, the Buyer shall provide the Seller
and the Escrow Agent with written notice that either (i) The Property is
acceptable and Buyer desires to consummate the transaction contemplated hereby
or (ii) The Property is not acceptable and the Buyer desires to terminate this
Agreement. (Buyer's election to close the transaction contemplated with respect
to The Property shall constitute Buyer's election that The Property is
acceptable.) If the Buyer elects to accept the Property and to consummate the
transaction contemplated hereby, such an election shall constitute Buyer's
conclusive acknowledgment of Buyer and Buyer's agents having inspected The
Property and having observed and evaluated its physical characteristics and
existing conditions, and having had the opportunity to conduct such
investigation and environmental assessment on and of said Property as the Buyer
deems necessary. By closing the transaction contemplated hereby Buyer agrees
that (i) Buyer shall be deemed to have accepted all risk that adverse physical
characteristics and existing environmental conditions that may or may not have
been revealed by its investigation, (ii) as between Seller and Buyer,
following the respective closings, the Buyer shall be deemed to have accepted
all costs and liability associated in any way with the physical and
environmental condition of the Property or any other violation, past or present,
of any environmental law, rule, or regulation, (iii) Buyer shall acquire the
Property "AS-IS", and (iv)
Buyer hereby waives any and all objections, claims, and causes of action
(whether under a statute or the common law, including, without limitation, any
other federal environmental statute, including those listed above, and state
equivalents) concerning the physical characteristics and existing conditions of
the Property including, without limitation, subsurface conditions, and any
hazardous materials on, under or related to the Property. In the event that the
Buyer provides the Seller and the Escrow Agent with the Buyer's election to not
accept the Property, this Agreement shall be terminated. The agreements of the
Buyer contained in this paragraph shall survive the closing of the transaction
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