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�'U <br /> '"t! <br /> �7 <br /> .e the Premises is reduced or restricted by condemnation or appropriaiion by public <br /> � auihority oi• any party exercising the i•igl�t of eminent domain, oi• is tl�reatened <br /> � <br /> � thereby, oi• (c) if ihe improvemenis on the Premises ar•e desiroyed oi� materially <br /> � damaged by fire, windstorm, explosion or other casualty, Developer may <br /> 't� ierminate this Agreemeni and in such event of termination, Municipality shall <br /> ;� i•eturn the Earnest Money Deposii to Developer and the parties shall be released <br /> '� fi�om further liability under this Agreement. <br /> IY <br /> � <br /> �, J. INSPECTION. It is further agi•eed between Municipality and Developer as <br /> �' follows: <br /> � <br /> 1. Developer, at its eapense, may have the Premises inspected within thirty <br /> (30) days after the execution of this Agreement to verify that no <br /> Hazardous Substance is present, that the Premises is in strict compliance <br /> with all Environmental Laws and that no underground foundations, <br /> footings or other materials exist that, in the sole opinion of Developer's <br /> engineer, will increase the Developer's anticipated construction costs or <br /> hinder or delay the Developer's anticipated construction schedule. The <br /> Developer may select the inspection firm or individual. <br /> 2. In the event said inspection reveals the presence of any condition(s) <br /> described in Section 1J1 herein, then the Developer may give written <br /> notice to Municipality within seven (7) days, excluding Saturdays, <br /> Sundays, and federal holidays, after the date of its receipt of an inspection <br /> report, stating the nature of such inspection, the defect and the estimated <br /> cost to remove and correct said condition(s). <br /> 3. Within seven (7) days excluding Saturdays, Sundays and federal holidays <br /> after receipt of such notice from the Developer, Municipality shall notify <br /> Developer in writing of its election of one of the following options: <br /> a. To remove and correct said conditions(s) prior to Closing in <br /> accordance with Developer's written inspection report and written <br /> cost estimate. <br /> b. To obtain the Developet�'s agreemeni to apportion the cost <br /> necessaiy to remove and correct said conditions(s). Developer <br /> shall have seven (7) days, excluding Saturdays, Sundays and <br /> federal holidays, to accept or reject Municipality's offel• to <br /> apportion the cost of correcting said condition(s). If Developer <br /> rejects Municipality's offer or does not respond in writing within <br /> the allotted time, this Agreement shall become null and void and <br /> earnest money shall be refunded to Developer; or <br /> c. To declare this Agreement void, in which event the earnest mone}� , <br /> shall be refunded to the Developer, <br /> - 10 - <br />