1.1 This Contract is subject to and conditional upon the Seller providing to the Buyer copies of all building inspection reports, final certificates and local authority approvals for all Improvements on the Property (Seller’s Reports) on or before 14 days from the date of this Contract (the Seller’s Report Date), failing which the Buyer may terminate the Contract.
1.2 This Contract is further subject to and conditional upon the Buyer being satisfied in their absolute discretion with the Seller’s Reports on or before 21 days from the date of this Contract (the Buyer’s Satisfaction Date).
1.3 The Buyer must give notice to the Seller that:-
a. They are not satisfied with the Seller’s Reports by the Buyer’s Satisfaction Date and the Buyer terminates the Contract. The Buyer may act in its absolute discretion and without being required to give any reasons; or
b. Special Condition 1.2 has been satisfied or waived by the Buyer.
1.4 The Seller may terminate this Contract by notice to the Buyer if notice is not given under Special Condition 1.3 by 5:00pm on the Buyer’s Satisfaction Date. This is the Sellers only remedy for the Buyers failure to give notice.
1.5 The Sellers right under Special Condition 1.4 is subject to the Buyers continuing right to give written notice to the Seller of satisfaction, termination or waiver pursuant to Special Condition 1.3.
1.6 In the event that this Contract is terminated by either the Buyer or Seller pursuant to this Special Condition then the Deposit is to be refunded to the Buyer in full without deduction.