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agrees that the Property will be considered a public nuisance subject to applicable code
<br />enforcement actions and remedies.
<br />5.4 [Intentionally Omitted]
<br />5.5 Liens. Prior to the Closing, Buyer shall not place, or allow to be placed, on
<br />the Property, Improvements, or any portion thereof, any mortgage or encumbrance of lien. Buyer
<br />shall, within thirty (30) calendar days following receipt of notice thereof, cause to be removed or
<br />bonded against (such bonding to be by the provision of bonds satisfying California statutory
<br />requirements) any and all mechanic's liens, stop notices and/or bonded stop notices that are
<br />recorded and/or served by contractors, subcontractors (of all tiers) and suppliers in connection with
<br />the portion of the Property prior to the Closing.
<br />5.6 Property Rights. The Remediation Work and any other work completed by
<br />Buyer, prior to the Closing, will be considered Improvements on the Property, and the right, title,
<br />and interest in said Improvements will be held by Seller in the event the Closing fails to occur for
<br />any reason except a default by Seller. In the event that the Agreement is terminated prior to
<br />Closing for any other reason, other than a default by Seller, the Remediation Work and any other
<br />work completed by Buyer will remain the property of Seller, and Seller will not reimburse Buyer
<br />for said Remediation Work or other work completed on the Property.
<br />6. Due Diligence, Inspections.
<br />6.1 Feasibility. Within ten (10) business days following the execution of this
<br />Agreement by Buyer and Seller, Seller shall deliver to Buyer copies of all maps, permits,
<br />applications, contracts, correspondence, studies, reports, appraisals and all other documents,
<br />materials or infornation of any kind that relate to the Property, whether in the possession of Seller
<br />or any agent or consultant of Seller (collectively, the "Property Documents"). Seller will
<br />immediately furnish Buyer with copies of any revisions or supplements to the Property Documents
<br />and will immediately furnish Escrow Holder and Buyer with copies of any revisions or
<br />supplements to the Property Documents. Seller shall deliver original versions of the Property
<br />Documents (to the extent available) to Buyer at the Close of Escrow.
<br />6.2 License. Seller hereby grants Buyer and its agents, consultants, contractors,
<br />subcontractors, employees, representatives, and attorneys (collectively, "Buyer's Agents") a
<br />license and permission to enter upon, over, under and/or across the Property in order to conduct
<br />visual inspections, physical testing, air samplings, borings, and other samplings, including but not
<br />limited to, observing and documenting the Property's as -built conditions, exposing and
<br />documenting hidden conditions at the Property, by limited removal of interior non -historic fixtures
<br />and finishes, performing certain non-destructive testing of materials at the Property, extracting
<br />concrete core samples in interior non -historically sensitive locations, in connection with the
<br />proposed rehabilitation and reuse of the Property ("Inspections"). The Inspections shall be
<br />completed at Buyer's sole cost and expense. Buyer or Buyer's Agent shall contact Seller within
<br />one (1) day prior to the time of actual entry onto the Property and provide notice of the date and
<br />time when entry will be made. Seller may refuse access to Buyer if it would be unsafe or
<br />inappropriate, in Seller's reasonable discretion, for Buyer or Buyer's Agents to be on the Property
<br />at the desired time. Seller shall make the Property available as soon as reasonably practical
<br />25-13
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