06-B UARCO Purchase - Laserfiche WebLink

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MAY-10-2002 16:45 LEGGETT PLFTT 417 358 8449 P.04i09 remove the same. If the encumbrances are not cwed or removed within such period Buyer may, as its sole option, either (i) waive such enicumbrances and conanuc to closirg, or (ii) terminate this Agreemerrt and recover the Deposit, it being agreed that no damages against Seller shall be recoverable. The cost of aay title insurance policy obtained by Buyer sha11 be paid by Buyer. All title compaoy settlement fees shall also be paid one half by Buyer and one half by Seller. All recording fees shall be paid by Buyer. 5. SURVEY. Buyer may at its own cost obtain a metes and bounds survey of the Property. The description of the Property contained in the Survey shall he substituted for the description contained in Exhibit A to this Agreement if the same differs in any respect from the Survey description. Seller does not guarantee the exact amount of area of the Land or the Bwlding, it being agreed and understood that Permitted Encumbrances may reduce such area, and that Buyer shall solely rely on its own due diligence to determine svch area, 6, CONTINGENCIES. (a) Buyer's Inspecfiazs. From the execution of tlvs Agreement unel June 15, 2002, Buyer and its agents shall have the right to perform inspections on the Property that Buyer deems advisable, including but not limited to inspcctions conceming environmental conditions, asbestos, applicable zoning laws, building codes, potable water availability, availabiliry of utilities such as electric power, public road access, and soil percolation tests. From the full execution ofthis Agreement until June 15, 2002 (or the earlier termination of this Agreemem), Buyer is hereby granted a limited license by Seller to access the Property for the sole purpose of perfortning such inspections. Buyer shall give Seller reasonable notice prior to its performance of any such inspection, and Buyer shall ensure that such inspections do not interfere with Se11ei s current use of the Property. Buyer shall indemaify and hold Seller harmless from and against any damage to the Property, or any personal injury to any person or property damage of any 3"' party that occurs, directly or indirectly, as a result o4'Buyer's or its agents inspections. BuyePs obGeation to purchase the Property sha11 be conditioned upon Buyer's reasonable satisfaction with the results of its inspections. If Buyer is not reasojiably satisfied with its inspections, Buyer may terminate this Agreement upon written notice to Seller at any tirne within the inspection period, and in that event Buyer shall receive a refund of the Deposit. (b) Financing, Seller acknowledges that Buyer iotends to finance its purchase of the Property hereunder by sellit~g Certificates oFObligation as pertnitted under the laws of the State of Texas (the "Certificates"). Buyer agrees to use diligent effons to promptly consummate the sale of the Certificates, and shall immediately notify Scller in writing when the sale of the Cenificates is completed. ln the event Buyer is unable to complete the sale ofthe Certificates for any reason other than its own willful acts or omissions, Buyer may terminate this Agreement upon wrinen notice to Seller, and in that event Buya shaU receive a refund of the Deposit, and neither party shall have any further liability or obligation to the other under this Agreement, ln the event Buyer is unable to complete the sale of the Certificates withirt six (6) months from the full exewtion of this Agreement and it has not previously temtinated this Agreement as set forth in the preceding sentence, Seller may terminate this Agreement upon wrntten nodce to Seller at any time after the expiration of such six (6) month period. 7. CONSTRUCTION OF NEW FACILITY. (a) Within sixty (60) days of its receipt of written notice that Buyer has completed the sale of the Certificates as set forth in Section 6(b) of this Agreement, SeJler will commence