2005/08/24 Council Agenda Packet

1.3 Inspection Contingency. As used herein, the term "Inspection Period" shall mean the period commencing on the day following CSR A ssociatedRinker's written notice of its intent to convey each of the respective Transfer Lots to City and terminating sixty(60) days thereafter. City's obligations under this Agreement are contingent on City's satisfactory completion of its inspection, review, examination and investigation of all matters pertaining to each of the Transfer Lots, including, without limitation: conducting soils, geotechnical and environmental studies and assessments;reviewing the documents and information provided by CSR AssociatedRinker hereunder; and conducting or undertaking any other analyses City deems necessary or advisable to determine that the condition of each of the Transfer Lots afe-is consistent with the terms of this Agreement. City shall perform and complete, at its expense, all of its due diligence and if the City determines in its own discretion that the proposed Transfer Lot is not consistent with the terms of this Agreement, the City may exercise its remedies under Section 1.10 of this Agreement by written notice to CSR AssociatedRinker on or before 5:00 P.M., Seattle time, on the last day of the Due Diligence Period. If City does not deliver such notice to CSR AssociatedRinker on or before the expiration of the Due Diligence Period, this inspection contingency shall be deemed to have been waived and the Agreement shall continue in full force and effect. 1.4 Access. During the Inspection Period Tthe City and its employees, agents, consultants and advisers may enter upon the applicable Transfer Lots and make such inspections and tests (including soil borings and environmental tests) of the respective Transfer Lots as City deems desirable. CSR AssociatedRinker shall provide City and City's employees, agents, consultants and advisers, with reasonable access to the respective Transfer Lots and shall provide reasonable access to all known information respecting the Transfer Lots in CSR 2004 Revised Development Agreement !:.!:_. • . .•• •. •. . .. .. . .• .. . • 8/1/2005 : !! H _ !! !! H !! a:r!!. ! :r!!.; _!!.; . !!•• .!!.: • !!