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Agenda - Economic Development Authority - 08/11/2022
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Agenda - Economic Development Authority - 08/11/2022
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3/14/2025 12:46:20 PM
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8/5/2022 12:03:36 PM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Economic Development Authority
Document Date
08/11/2022
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DocuSign Envelope ID: 1 D7DF6CE-1 FE8-46C2-846A-D23B59B6B176 <br /> does not deliver a Buyer's Title Termination Notice to Seller within the three(3) <br /> business days after Buyer's receipt of Seller's Title Notice,than Seller must perform in <br /> accordance with Seller's Title Notice,Buyer shall be deemed to have waived Buyer's <br /> objections to the extent Seller has not agreed to address them in Seller's Title Notice,the <br /> matters to which Buyer objected and Seller did not agree to resolve are deemed <br /> Permitted Exceptions,and the parties shall proceed to Closing in accordance with the <br /> terms of this Agreement and the terms of Seller's Title Notice. <br /> 7. RIGHT OF ENTRY. At all times after Buyer has deposited the Earnest Money with <br /> Seller and before the Closing, Buyer(and its employees, agents, and contractors) may <br /> enter the Property for the purpose of conducting soil tests, environmental tests and <br /> additional survey work, subject to the following conditions: <br /> a. Within one week after the termination of this Agreement,if either Seller or Buyer <br /> terminate this Agreement in accordance with the provisions hereof prior to <br /> Closing, Buyer must repair and or restore any damage Buyer or its employees, <br /> agents or contractors cause to the Property and remove any personal property, <br /> refuse or debris Buyer or its employees, agents or contractors brought onto or <br /> authorized third parties to bring onto the Property. <br /> b. Buyer must defend and indemnify Seller from and against and hold Seller <br /> harmless Seller from all"Claims," as defined in Section 10, arising out of, <br /> resulting from or relating to any loss of or damage to any property or business or <br /> out of any injury to or death of any person, if the loss, damage, injury, or death <br /> arises or is alleged to arise either directly or indirectly and either wholly or in part <br /> from: (a) any action or omission of Buyer or its employees, agents, or contractors, <br /> while on the Property pursuant to this Section; or(b) actions or omissions of <br /> Buyer or Buyer's employees, agents, or contractors that cause or result in the <br /> release of any Hazardous Substance onto the Property or onto other property. <br /> c. Buyer must comply with and shall cause it employees, agents, and contractors to <br /> comply with all applicable laws, while on the Property. <br /> d. Other than a standard Phase 1 environmental assessment, Buyer may not <br /> commence any environmental testing on the Property until Buyer submits a work <br /> plan for such testing to Seller and Seller approves the work plan, in writing. <br /> Seller may not unreasonably withhold, condition or delay Seller's approval of a <br /> work plan. <br /> e. Buyer must, promptly and without demand from Seller,provide Seller with true <br /> and complete copies of all draft and final reports relating to Buyer's geotechnical <br /> and environmental investigations and testing of the Property including, without <br /> limitation, any reports relating to any Phase I Environmental Site Assessment of <br /> the Property. <br /> f. The cost of any test or additional survey work will be borne solely by Buyer. <br /> 2636471.v4 Page 3 of 12 <br />
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