ACKNOWLEDGED BY THE PARTIES THAT THE THIRD AMENDMENT TO
DECLARATION REQUIRES CERTAIN APPROVALS (INCLUDING SPECIFICALLY, WITHOUT
LIMITATION, APPROVAL BY THE LENDER) AND THAT THERE IS NO ASSURANCE THAT SUCH
APPROVALS WILL BE OBTAINED.
ARTICLE III
INSPECTION PERIOD
3.1
PROPERTY DOCUMENTS. AS SOON AFTER THE EFFECTIVE DATE AS REASONABLY
PRACTICABLE THROUGH THE USE OF GOOD FAITH EFFORTS BY SELLER, SELLER SHALL
DELIVER OR MAKE AVAILABLE TO PURCHASER AT THE PROPERTY OR AT SELLER'S OFFICE, TO
THE EXTENT IN SELLER'S POSSESSION, THE DOCUMENTS DESCRIBED ON EXHIBIT B ATTACHED
HERETO AND MADE A PART HEREOF FOR ALL PURPOSES (THE "PROPERTY DOCUMENTS").
PURCHASER SHALL, IF REQUESTED BY SELLER, EXECUTE INSTRUMENTS ACKNOWLEDGING
RECEIPT OF THE PROPERTY DOCUMENTS OR ANY OTHER DOCUMENT DELIVERED OR MADE
AVAILABLE TO PURCHASER IN CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREBY.
DURING THE INSPECTION PERIOD (AS HEREINAFTER DEFINED), PURCHASER MAY INSPECT THE
PROPERTY DOCUMENTS DURING NORMAL BUSINESS HOURS AND MAY PHOTOCOPY SAME AT
PURCHASER'S EXPENSE. NOTWITHSTANDING THE FOREGOING PROVISIONS, SELLER SHALL NOT
BE OBLIGATED TO DELIVER TO PURCHASER ANY REPORT DESCRIBED IN EXHIBIT B IF THE
TERMS OF SUCH REPORT RESTRICT SELLER FROM DOING SO. WITH RESPECT TO ANY
ENVIRONMENTAL REPORT OR OTHER REPORT DESCRIBED IN EXHIBIT B WHICH SELLER
DELIVERS TO PURCHASER, PURCHASER UNDERSTANDS AND AGREES THAT (A) SUCH REPORT
SHALL BE DELIVERED TO PURCHASER FOR GENERAL INFORMATION PURPOSES ONLY,
(B) PURCHASER SHALL NOT HAVE ANY RIGHT TO RELY ON ANY REPORT RECEIVED FROM
SELLER AND WILL NOT RELY THEREON, BUT RATHER WILL RELY ON INSPECTIONS AND
REPORTS PERFORMED BY OR ON BEHALF OF PURCHASER, AND (C) SELLER SHALL HAVE
ABSOLUTELY NO LIABILITY FOR ANY INACCURACY IN OR OMISSION FROM ANY REPORT WHICH
IT DELIVERS TO PURCHASER.
3.2
RIGHT OF INSPECTION. DURING THE PERIOD BEGINNING ON THE EFFECTIVE
DATE AND ENDING AT 5 P.M., DALLAS, TEXAS TIME, ON THE THIRTIETH (30TH) DAY
THEREAFTER (THE "INSPECTION PERIOD"), PURCHASER AND ITS REPRESENTATIVES
(INCLUDING PURCHASER'S ARCHITECTS, ENGINEERS AND CONSULTANTS) SHALL HAVE THE
RIGHT TO EXAMINE THE PROPERTY DOCUMENTS AND TO MAKE A PHYSICAL INSPECTION OF THE
PROPERTY (INCLUDING THE RIGHT TO CONDUCT SUCH SOIL, ENGINEERING, ENVIRONMENTAL,
HAZARDOUS OR TOXIC MATERIAL, NOISE POLLUTION, SEISMIC OR OTHER PHYSICAL TEST,
STUDY OR INVESTIGATION AS PURCHASER MAY DESIRE, PROVIDED, HOWEVER, THAT
PURCHASER MUST OBTAIN SELLER'S CONSENT TO ANY PHYSICALLY INVASIVE TESTING). IN
THIS REGARD, PURCHASER AND ITS AUTHORIZED AGENTS AND REPRESENTATIVES SHALL BE
ENTITLED TO ENTER UPON THE PROPERTY AT ALL REASONABLE TIMES
5
DURING THE INSPECTION PERIOD, UPON REASONABLE PRIOR ORAL OR WRITTEN NOTICE TO
SELLER AND WHILE ACCOMPANIED BY A REPRESENTATIVE OF SELLER, SUBJECT TO THE
RIGHTS OF TENANTS OF THE PROPERTY. ALL ACTIVITIES BY PURCHASER OR ITS
REPRESENTATIVES DURING THE INSPECTION PERIOD SHALL BE COORDINATED THROUGH
SELLER'S DESIGNATED REPRESENTATIVE, SAM GILLESPIE. SELLER SHALL HAVE THE RIGHT
TO HAVE A REPRESENTATIVE PRESENT DURING ANY MEETINGS WITH TENANTS OF THE
PROPERTY OR WITH REPRESENTATIVES OF THE HOTEL THAT IS LOCATED IN THE HOTEL UNIT.
ALL INSPECTIONS SHALL OCCUR AT REASONABLE TIMES AGREED UPON BY SELLER AND
PURCHASER AND SHALL BE CONDUCTED SO AS NOT TO UNREASONABLY