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(d) If any of the standards provided for in Paragraph 13 are <br /> not satisfied as of the date of closing of Parcel 1. <br /> (e) If any of the requirements of Paragraph 14 are not <br /> satisfied as of the date of closing of the Parcels . <br /> If the Purchasers terminate this Agreement pursuant to this <br /> provision all sums paid hereunder by Purchasers to Seller shall be <br /> returned to Purchasers. If one of the Purchasers elects not to <br /> purchase its interest in the Property based upon this Paragraph, <br /> the remaining Purchaser may elect to complete the transaction and <br /> purchase the entire Property or terminate this Agreement as set <br /> forth in the preceding sentence. <br /> j INSPECTION AND ENVIRONMENTAL AUDIT <br /> 12 . At all reasonable times during the term of this <br /> Agreement, Purchasers shall have access to the Property for <br /> the purpose of conducting tests, studies and surveys thereon, <br /> including, without limitation, environmental audits, soil and <br /> subsoil tests . Purchasers may have performed at their option <br /> and/or expense the following inspections : <br /> (a) 'Soil and percolation tests; <br /> (b) Inspections for asbestos, PCB' s, underground tanks, or <br /> other hazardous substances; <br /> (c) ;Any other tests and/or studies deemed necessary by <br /> Purchasers which do not materially damage the Property. <br /> Purchasers shall promptly provide to Seller copies of the <br /> results of all such tests, inspections, and studies following the <br /> receipt of same by Purchasers . Any inspections conducted by <br /> Purchasers shall not mitigate or otherwise affect Seller' s <br /> representations and warranties, above. Prior to the closing of the <br /> Parcels, Purchasers may at their sole expense, obtain a Phase I <br /> environmental audit of the Property. The Phase I environmental <br /> audit and Other inspections must be satisfactory to the Purchasers, <br /> in the Purchasers ' sole discretion. If the Phase I or other <br /> inspections are not satisfactory to the Purchasers, Purchasers <br /> shall, within 10 days of the receipt of the Phase I, give Seller <br /> notice of the environmental defects. Seller agrees to attempt to <br /> correct such defects at Seller' s expense within 120 days of said <br /> notice, or within a time agreed to, in writing, by both parties . <br /> If necesslary, the closing set forth in Paragraph 8 of this <br /> Agreement) shall be postponed for 120 days or to a date agreed upon <br /> BOWES PURCHASE AGREEMENT, <br /> DIVISION OF LAND -13- <br />