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Agenda - Economic Development Authority - 05/08/2025
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Agenda - Economic Development Authority - 05/08/2025
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5/13/2025 1:47:07 PM
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4/30/2025 3:40:54 PM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Economic Development Authority
Document Date
05/08/2025
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waived Buyer's objections to the extent Seller has not agreed to address them in <br />Seller's Title Notice, the matters to which Buyer objected and Seller did not agree <br />to resolve are deemed Permitted Exceptions, and the parties shall proceed to <br />Closing in accordance with the terms of this Agreement and the terms of Seller's <br />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 from all "Claims," as defined in Section 10, arising out of, resulting <br />from or relating to any loss of or damage to any property or business or out of <br />any injury to or death of any person, if the loss, damage, injury, or death arises or <br />is alleged to arise either directly or indirectly and either wholly or in part from: <br />(a) any action or omission of Buyer or its employees, agents, or contractors, while <br />on the Property pursuant to this Section; or (b) actions or omissions of Buyer or <br />Buyer's employees, agents, or contractors that cause or result in the release of <br />any Hazardous Substance onto the Property or onto other property. <br />c. <br />Buyer must comply with and shall cause its employees, agents, and contractors <br />to 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. Buyer does not represent or warrant any environmental information <br />or work product provided to Seller by any third party. <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. Buyer does not represent or warrant any environmental information <br />or work product provided to Seller by any third party. <br />f. The cost of any test or additional survey work will be borne solely by Buyer. <br />Page 3 of 20 <br />
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