2. Subject to Satisfactory Building Report
(a) The Contract is subject to and conditional upon the Buyer obtaining from a licensed builder or a registered engineer or architect, on or before the xxxx a report satisfactory to the Buyer as to the condition of the improvements on the Land.
(b) The Buyer shall immediately arrange for the report to be made by builder, engineer or architect.
(c) The Seller shall permit the builder, engineer or architect reasonable access to inspect the improvements for the purpose of compiling the report.
(d) The Buyer upon receipt of the report shall forthwith notify the Seller in writing as to whether or not the Buyer wishes to terminate this Contract because the report is not satisfactory to the Buyer. In the event that the Buyer terminates this Contract pursuant to this Clause then all moneys paid by the Buyer shall be refunded to the Buyer.
(e) In the event that the Seller does not receive written notification by the xxxx advising that this Contract is terminated, then the Buyer is deemed to be satisfied with the report and this Clause is deemed to have been fulfilled.