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<br />Commercial Contract - Improved Property concerning
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<br />(2) Inspections, Studies, or Assessments:
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<br />(a) Within 5 days after the effective date, Buyer, at Buyer's expense, may complete or
<br />cause to be completed inspections, studies, or assessments of the Property, including all
<br />improvements and fixtures. Inspections, studies, or assessments may include, but are not
<br />limited to:
<br />(i) physical property inspections (for example, structural pest control, mechanical, structural,
<br />electrical, and plumbing inspections);
<br />(ii) economic feasibility studies;
<br />(iii) environmental assessments (for example, soil tests, air sampling, and paint sampling);
<br />(iv) engineering studies; and
<br />(v) compliance inspections (for example, compliance determination with zoning ordinances,
<br />restrictions, building codes, and statutes).
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<br />(b) Seller, at Seller's expense, will turn on all utilities necessary for Buyer to make inspections,
<br />studies, or assessments.
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<br />1402 West Hopkins Street, San Marcos
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<br />(c) Buyer must:
<br />(i) employ only trained and qualified inspectors and assessors;
<br />(ii) notify Seller, in advance, of when the inspectors or assessors will be on the Property;
<br />(iii) abide by any reasonable entry rules or requirements that Seller may require;
<br />(iv) not interfere with existing operations or occupants of the Property; and
<br />(v) restore the Property to its original condition if altered due to inspections, studies, or
<br />assessments that Buyer completes or causes to be completed.
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<br />(d) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is
<br />responsible for any claim, liability, encumbrance, cause of action, and expense resulting from
<br />Buyer's inspections, studies, or assessments, including any property damage or personal injury.
<br />Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any claim
<br />involving a matter for which Buyer is responsible under this paragraph. This paragraph survives
<br />termination of this contract.
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<br />(3) Feasibilitv Period and Riqht to Terminate: Buyer may terminate this contract for any reason within
<br />N/A days after the effective date by providing Seller with written notice of termination. If
<br />Buyer does not terminate within the time required, Buyer accepts the Property in its present "as
<br />is" condition with any repairs Seller is obligated to complete under this contract. (Check only one
<br />box.)
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<br />o (a) If Buyer terminates under this Paragraph 7B(3), the earnest money will be refunded to Buyer
<br />less $ that Seller will retain as independent consideration for Buyer's right
<br />to terminate. Buyer has tendered the independent consideration to Seller upon payment of the
<br />full amount specified in Paragraph 5 to the escrow agent. The independent consideration is to
<br />be credited to the sales price only upon closing of the sale.
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<br />o (b) Buyer has paid Seller $ as independent consideration for Buyer's right to
<br />terminate by tendering such amount directly to Seller or Seller's agent. If Buyer terminates
<br />under this Paragraph 7B(3), the earnest money will be refunded to Buyer and Seller will retain
<br />the independent consideration. The independent consideration 0 will 0 will not be credited to
<br />the sales price upon closing of the sale.
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<br />(T AR-1801) 2-6-02
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<br />Initialed for Identification by Buyer ~,_ Selle~, SL3
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<br />Page 5 of 14
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<br />T6285880.ZFX
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