Resolution 4976 - Laserfiche WebLink

t coverage and shall provide that it is not subject to cancellation or a reduction in coverage except after thirty(30)days' prior written notice to Seller. Purchaser shall deliver to Seller, within five (5)days after this Agreement is fully executed and from time to time thereafter, and in any case prior to entering upon the Property, a copy of such insurance policy or a certificate evidencing the existence and amount of same and naming Seller as an additional insured thereunder. 10.2 Purchaser's Contingencies . The occurrence or waiver of the following events(collectively, "Purchaser's Contingencies") shall be conditions precedent to Purchaser's obligation to purchase the Property: (a) Purchaser shall have reviewed and approved, in its sole discretion, the Preliminary Commitment, as provided in Section 9.1 above; and (b) Purchaser shall have inspected and approved, in its sole discretion, before the expiration of the Due Diligence Period, the physical condition of the Property. 10.3 Satisfaction/Waiver of Purchaser's Contingencies . Purchaser's Contingencies are solely for the benefit of Purchaser. If Purchaser's Contingencies are not timely satisfied, Purchaser shall have the right at its sole election either to waive such unsatisfied Purchaser's Contingencies in writing and proceed with the purchase or to terminate this Agreement. If Purchaser fails to notify Seller in writing of the satisfaction or waiver of Purchaser's Contingencies set forth in Sections 10.2(a)and(b)before the expiration of the time periods set forth therein, Purchaser shall be deemed to have elected to proceed with the purchase pursuant to this Agreement. If Purchaser elects to terminate this Agreement, the escrow shall be terminated,the Deposit shall immediately be returned to Purchaser, all documents and other funds shall be returned to the party who deposited them, and neither party shall have any further rights or obligations under this Agreement, except as otherwise provided in this Agreement, and except that Seller and Purchaser shall each pay one-half of any costs of terminating the escrow. 11. Risk of Loss; Condemnation. 11.1 Risk of Loss . The risk of loss of or damage to the Property shall be borne by Seller until the Closing Date or until Purchaser takes possession of the Property, whichever date is earlier. Thereafter, Purchaser shall bear the risk of loss. In the event of material loss of or damage to the Property prior to the date upon which Purchaser assumes the risk, Seller shall not be obligated to restore the Property nor pay damages to Purchaser by reason of such loss or damage, and Purchaser may terminate this Agreement by giving notice of such termination to Seller and Closing Agent; provided, however, that such termination shall not be effective if Seller agrees in writing within such ten(10)- day period to restore the Property substantially to its present condition by the Closing Date; and provided further that if Seller does not elect to restore the Property, Purchaser may elect to purchase the Property in the condition existing on the Closing Date, in which case 6 S:\MSoine\Real Estate\Reservation\PUrcahse&Sale final corrected I I-14-OO.doc Seattle/11.15.00