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to convey; or <br /> <br />(2) <br /> <br />terminate this Contract by written notice to the transferring Party pursuant <br />to Section 14. <br /> <br /> e. Permitted Exceptions. The following shall be deemed to be "Permitted <br />Exceptions": <br /> <br />(1) <br /> <br />any item disclosed by the Title Commitment or Survey and any Additional <br />Exception to which an acquiring Party does not object; <br /> <br />(2) zoning ordinances; and <br /> <br />(3) the lien for current taxes. <br /> <br />7. INSPECTION PERIOD. <br /> <br /> a. Engineering and Feasibility Study. Each acquiring Party, at its expense, may <br />conduct such studies of the Exchange Parcels to be acquired as such acquiring Party shall desire, <br />including without limitation, architectural, geotechnical, environmental, marketing, engineering <br />and financial feasibility studies, and Horton shall utilize the results of such studies to determine <br />whether or not the Exchange Parcels are suitable to Horton. <br /> <br />(1) <br /> <br />In the event that Horton determines in its sole judgment and discretion that <br />the Exchange Parcels are suitable to Horton, Horton shall send written <br />notice (the "Notice of Suitability") to Elk River on or before February 27, <br />2002. <br /> <br />(2) <br /> <br />If Horton fails to send to Elk River the Notice of Suitability on or before <br />the date specified in subparagraph (1) above, and such failure continues <br />fpr a period of ten (10) days after written notice from the transferring <br />Party, this Contract shall automatically terminate pursuant to Section 14. <br /> <br />(3) <br /> <br />Notwithstanding anything contained herein to the contrary, the Notice of <br />Suitability from Horton shall not be effective unless signed by any one of <br />Donald R. Horton, Donald J. Tomnitz or George Seagraves, each in his <br />capacity as an officer of Horton. <br /> <br />b. Environmental Investigation. <br /> <br />Environmental Reports. Each acquiring Party may obtain, at its <br />expense, an environmental engineering report (or reports) addressed to <br />itself, the form and content of which and the individual or firm preparing <br />the report(s) being acceptable to such acquiring Party, presenting the <br />results of an investigation of the Exchange Parcels to be acquired, and <br />such property in the vicinity of the Exchange Parcels as may be <br />appropriate in such acquiring Party's discretion in light of the intended use <br /> <br />2174122vl 4 <br /> <br /> <br />