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Agmt10 Schrader Leask Development, Inc.
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Agmt10 Schrader Leask Development, Inc.
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Last modified
10/13/2010 3:31:38 PM
Creation date
10/13/2010 3:29:33 PM
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Agreement
Contractor Name
Schrader Leask Development, Inc.
PROJECT NAME
Real Estate Option Agreement 80 Chemical Way APN 052-392-190
RMP File Number
304
Date
10/1/2010
MO Ref
10-194
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(f) Post - Closing Adjustments. Except as otherwise provided in this <br /> Agreement, any revenue or expense amount that cannot be ascertained with certainty as of the <br /> Closing Date shall be prorated on the basis of the parties' reasonable estimates of such amount, <br /> and shall be the subject of a final proration after the Closing. Owner and Optionee agree that, to <br /> the extent items are prorated or adjusted at Closing on the basis of estimates, or are not prorated <br /> or adjusted at Closing pending actual receipt of funds or compilation of information upon which <br /> such prorations or adjustments are to be based, each of them will, upon a proper accounting, pay <br /> to the other such amounts as may be necessary such that Owner will receive the benefit of all <br /> income and will pay all expenses of the Property prior to the Closing Date and Optionee will <br /> receive all income and will pay all expenses of the Property after the Closing Date. Owner and <br /> Optionee agree that as soon as reasonably possible, but in no event later than April 15, 2012, the <br /> parties shall undertake a final master reconciliation of taxes and other operating expenses with <br /> respect to the Property. Such reconciliation shall be final. <br /> (g) Existing Lease. Owner and the Tenant shall prorate all operating <br /> expenses, taxes, and other expenses and costs owing under the Existing Lease outside of Escrow. <br /> Optionee shall have no liability for any such expenses or costs relating to any period prior to the <br /> Closing. <br /> 8. Possession. Pursuant to the New Lease, Tenant shall retain possession of the <br /> Property as of the Closing Date. At the Closing, Owner shall deliver exclusive possession of the <br /> Property to Optionee subject only to the rights of the Tenant under the New Lease. <br /> 9. Authorization to Enter; Cooperation. <br /> (a) Authorization to Enter. From and after the Execution Date, Optionee and <br /> its agents, employees, contractors, consultants, and other designees (collectively, "Optionee's <br /> Authorized Parties ") may, upon three (3) business days' prior written notice, enter upon the <br /> Real Property to conduct any activity and perform any investigation, test, study or analysis for <br /> the purpose of determining the feasibility of the Real Property for Optionee's planned <br /> development of the Real Property, including, but not limited to, soils studies, Phase I and /or <br /> Phase II Hazardous Materials (as defined in Paragraph 12(d)) studies, engineering and soil <br /> studies, tree surveys, archeological studies, biological studies, utilities studies, hydrology studies <br /> and any other matters necessary to evaluate the suitability of the Real Property for Optionee's <br /> contemplated purposes. Notwithstanding the above (i) no invasive testing shall be done without <br /> Owner's written consent which shall not be unreasonably withheld (it being agreed that Owner <br /> shall respond to Optionee's written request for consent within three (3) business days after <br /> receipt of such request), and (ii) Optionee shall provide Owner with copies of all results and <br /> reports received as a result of any investigation, test, study, or analysis regarding the physical <br /> condition of the Property done by any third party consultants on behalf of Optionee. Optionee <br /> shall pay all costs with respect to such studies and tests. Optionee's Authorized Parties may <br /> bring such equipment on the Real Property as is necessary or appropriate to make such studies. <br /> Optionee shall maintain, repair and restore the Real Property as necessary to remedy any damage <br /> to the Real Property to the extent caused by the feasibility activities of Optionee's Authorized <br /> Parties on the Real Property, shall take reasonable precautions to minimize interference with the <br /> activities of Owner on the Real Property, and shall indemnify and hold harmless Owner and <br /> Owner's Parties (as hereinafter defined in Paragraph 13(d)) from and against all suits, causes of <br /> Option Agreement 80 Chemical <br /> 10.01. 2010 v.7 <br /> 10 <br />
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