Resolution 4976 - Laserfiche WebLink

9.2 Title Insurance Policy . As soon as available after Closing, Seller, at Seller's expense, shall provide to Purchaser a standard form owner's policy of title insurance pursuant to the Preliminary Commitment and Supplemental Report, dated as of the Closing Date and insuring Purchaser in the amount of the Purchase Price against loss or damage by reason of defect in Purchaser's title to the Property(the "Purchaser's Title Insurance Policy"), subject only to the exceptions permitted by Section 3. 10. Conditions to Closing. 10.1 Due Diligence Period. 10.1.1 Duration . Purchaser shall have a period of sixty(60)days within which to conduct a due diligence investigation of the Property (the "Due Diligence Period"). The Due Diligence Period shall commence on October 1, 2000. 10.1.2 Property Inspection . During the Due Diligence Period, Purchaser may conduct a physical inspection of the Property(the "Property Inspection"). The Property Inspection may include, without limitation, an environmental investigation of the Property, geologic tests and inspections, and any other tests, studies and inspections of the Property that Purchaser desires to conduct,provided Purchaser has(a)previously delivered to Seller evidence of the insurance policy required under Section 10.1.3 and (b) obtained Seller's prior written approval of the manner in which each test, study and inspection shall be performed and the person or entity that will perform each test, study and inspection. Seller shall not unreasonably withhold or delay any approval required under this Section 10.1.2. Purchaser shall, at its expense, repair all damage to the Property caused by any test, study or inspection conducted hereunder so that the condition of the Property after such test, study or inspection is the same as it was before such test, study or inspection. Purchaser shall indemnify, defend and hold Seller harmless from and against all losses, damages, costs and expenses incurred by Seller as a result of the Property Inspection. Purchaser shall deliver each written report and all information resulting from the Property Inspection to Seller within five (5) days after Purchaser receives such report or information. 10.1.3 Insurance Requirements . If Purchaser elects to conduct a Property Inspection under Section 10.1.2,then, during the Due Diligence Period and until the earlier to occur of(a)the termination of this Agreement under Section 10.3 or(b) Closing, Purchaser shall, at Purchaser's expense, maintain in full force and effect a policy of commercial general liability insurance insuring Purchaser's activities at the Property against claims of bodily injury or death and property damage or loss with a limit of not less than one million dollars($1,000,000), combined single limit per occurrence and in the aggregate per policy year. Such insurance shall be with a company duly authorized to do business in the State of Washington. Such insurance policy shall not be cancelled or reduced in 5 S:\MSoine\Real EstateUteservation\PUrcahse&Sale final corrected 11-14-OO.doc Seattle/11.15.00