Seller, by execution of this Agreement, hereby grants Purchaser and Purchaser’s authorized representative and experts the right to enter upon and inspect and make reasonable tests upon the Property at reasonable times and upon notice to Seller, and Purchaser shall hold Seller harmless from any damage or injury to persons or property by reason of the entry upon the Property by Purchaser, its agents and its experts.
Purchaser shall order and pay all costs with respect to such inspections.
This Real Estate Purchase Agreement is for commercial or retail real estate. The agreement contemplates the presence of a broker in the transaction, but those provisions may be removed.
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Received from Purchaser the sum of $ __________________ (“Initial Deposit”).
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This sum, as evidenced by a bank check, is to be held uncashed until the mutual execution of this Agreement and then deposited in escrow within three (3) business days from the Contract Date (defined as the date of execution by the last signatory) as a deposit for the purchase of property (the “Property”) situated in the City of Mountain View, County of Santa Clara, State of California, more particularly described as follows: Within five (5) days following the Contract Date, Seller shall deliver to Purchase at Seller’s expense a current preliminary title report (the “Title Report”), together with a copy of all exceptions shown on the Title Report. An escrow shall be opened with Chicago Title Company (the “Title Company”).To the extent that the signatories to this Agreement shall comprise of a group of individuals, the individuals represent that they are all the owners of the Property and agree that the obligations and liabilities of such individuals under this Agreement shall be joint and several. “Special Flood Zone Area Maps.” As a condition to obtaining financing on most properties located in “flood zones,” some banks, savings and loan associations and insurance lenders require that H. If the Property is in a Geologic Zone, the construction or development on the Property of any structure for human occupancy may be subject to the findings of a geologic report prepared by a geologist registered in the State of California.Seller discloses that the property is not located in a “flood zone,” as set forth on H. In part, the Act requires owners and tenants of public accommodations to remove physical barriers to access and provide auxiliary aids or services for persons with hearing, vision or speech impairment.Within thirty (30) days from the Contract Date, Purchaser’s determination that the Property, its income and development potential, its market position, its uses and other economic aspects are acceptable to Purchaser, in Purchaser’s sole discretion.Within thirty (30) days from the Contract Date, Purchaser’s approval of inspections by Purchaser and professionals employed by Purchaser of the Property and all improvements thereon, including, but not limited to, roof, plumbing, soils tests, electrical, sprinkler, water, sewer, engineering studies, heating and air conditioning system or systems, and structural integrity of the improvements, including structural pest control reports, toxic/hazardous substance inspections, and to measure the square footage of the Property, including land and any improvements.Purchaser’s approval of any inspection of the Property, however, shall not alter or diminish any Seller’s representations or warranties to the extent made under this Agreement, and Seller acknowledges and agrees that Purchaser is nonetheless relying on Seller’s representations and warranties made herein, except to the extent reliance on such representation or warranty is specifically waived, in whole or in part, in writing, by the Purchaser.Within thirty (30) days from the Contract Date, Purchaser’s inspection and approval of the following documents or copies thereof: All surveys, soils tests, engineering studies, or any other test results or reports in Seller’s possession or under Seller’s control, any leases and/or tenant agreements, current rent roll, maintenance contracts, and any amendments thereto, covering the Property, and books and income/expense records covering the Property for the current year to and including the Contract Date.If Purchaser does not give written notice of such disapproval within such period, the Title Report shall be deemed approved.If Purchaser disapproves of any exception in writing as described above, Seller shall have 10 working days from the date of Seller’s receipt of written notice of the disapproval to give written notice to Purchaser that Seller shall remove the disapproved exception(s) prior to Escrow Closing.This Agreement, to the extent assignable, is binding upon the heirs, executors, administrators, successors and assigns of the Purchaser and Seller, and shall survive recordation of the Grant Deed and close of escrow. Purchaser acknowledges that Purchaser has not received or relied upon any representations from either Seller or Broker(s) regarding the legal effect, interpretation or economic consequences of the National Flood Insurance Program and related legislation.Each person executing this Agreement on behalf of a party represents and warrants that such person is duly and validly authorized to do so on behalf of the entity it purports to so bind, and if such party is a partnership, corporation or trustee, that such partnership, corporation or trustee is the owner of the Property and has full right and authority to enter into this Agreement and perform all of its obligations hereunder. flood insurance be carried where such properties are security for the loan. situated in a Special Study Zone as designated under the Alquist-Priolo Special Studies Zone Act, Sections 2621-2630, inclusive, of the California Public Resources Code, or otherwise in an area of the high geologic hazard (“Geologic Zone”).