IN-N-OUT BURGERS (2) - 2017 - Laserfiche WebLink

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(e) Buyer shall have obtained all final approvals, including, without limitation, the building permit and all governmental approvals, permits and other determinations (the "Approvals") necessary for developing the Property and constructing thereon, pursuant to a site plan which is acceptable to Buyer, a building or buildings, together with patio seating area, trash enclosure, drive-through facilities or other special window service facilities, parking, signage and related site improvements (the "Intended Improvements") and the operation of an In -N -Out Burgers Restaurant with a drive-through facilities or other special window service facilities and a patio seating area in accordance with Buyer's plans and specifications (as the same may be modified from time to time) (the "Intended Use"), such that immediately following the Close of Escrow, Buyer shall be entitled to commence construction of the Intended Improvements. (f) No material adverse physical change to the Property, including those caused by condemnation and/or casualty, shall have occurred subsequent to the Effective Date and on or prior to the Close of Escrow. (g) There shall not be pending any action or proceeding before any governmental authority involving the Property, including, but not limited to, any action or proceeding, the outcome of which could prohibit the construction of the Intended Improvements or the use of the Property or the Intended Improvements for the Intended Use. If any of the conditions precedent in favor of Buyer set forth above are neither satisfied nor waived by Buyer by the Close of Escrow and said failure continues for two (2) business days after notice thereof from Buyer to Seller, then, Buyer (at its option) may terminate this Agreement by giving a notice of termination to Seller on or before all of the applicable conditions have been satisfied. In such case, (i) the Escrow shall terminate, (ii) Buyer will have no further obligation to purchase the Property from Seller, (iii) Seller will have no further obligation to sell the Property to Buyer, and (iv) the parties will have no further obligation to one another, except as otherwise expressly provided herein. In the event of such a termination, the Escrow Deposit shall be returned to Buyer. 2.7 Seller Conditions Precedent to Close of Escrow For the benefit of Seller, the Close of Escrow shall be conditioned upon the timely performance by Buyer of all obligations required by the terms of this Agreement. 2.8 License to Enter Property During Due Diligence Period Seller licenses the Buyer and its contractors to enter the Property for the purpose of undertaking the Due Diligence Investigations as the Buyer deems necessary and appropriate. The license given in this Section 2.8 shall only be effective until the earlier of: (i) the Close of Escrow, (ii) the termination of this Agreement, or (iii) the date of any Termination Notice provided hereunder. The Buyer shall conduct all Due Diligence Investigations during the Due Diligence Period at its sole cost and expense. The Buyer shall abide by any reasonable condition(s) of entry onto the Property required by Seller, 5