|
18. SOIL TESTING. It Is understood and agreed upon and between the parties hereto that this
<br />escrow Is subject to and conditioned upon acceptable soils conditions and the absence from the property of
<br />toxic or hazardous substances and any other kind of sell or water contamination and Seller further authorized
<br />the Buyer, its agents or assigns to enter upon the subject: property for the purpose of conducting a soils,
<br />toxic, and hazardous substance test. Any other provision of this Agreement notwithstanding, at Buyer's
<br />discretion, either may elect to rescind this Agreement and cancel any escrow which may have been opened
<br />pursuant hereto In the event soils conditions are not acceptable to Buyer or there Is present on the Property
<br />toxic or hazardous substances or any other kind of sell or water contamination.
<br />U FULL AND COMPLETE SETTLEMENT. Seller hereby acknowledges that thecompensatlon paid to Seller
<br />through this Agreement constitutes the full and complete settlement of any and all claims against Buyer, by
<br />reason of Buyer's acquisition of the property and any dislocation of Seller from same, specifically including,
<br />but not limited to, any and all rights to participation In the redevelopment of property In the Redevelopment
<br />Project Area, the value of the Property, any and all claims In inverse condemnation and for pre -condemnation
<br />damages, any and all loss of business goodwill and any and all relocation benefits that Seller may be entitled
<br />to, the nature of which is fully known by Seller and any and all other claim that Seller may have, whether or
<br />not specifically mentioned here, relating directly or indirectly to the acquisition by Buyer of this Property,
<br />however Seller and Buyer, and each and all of their Individual and collective agents', representatives,
<br />attorneys, principals, predecessors, successors, assigns, administrators, executors, heirs, and beneficiaries,
<br />hereby release the other party, and each of them from any and all obligations, liabilities, claims, costs,
<br />expenses, demands, debts, controversies, damages, causes of action, Including without limitation those
<br />relating to just compensation, damages, which any of them now have, or might hereafter have by reason of
<br />any matter or thing arlsing out or In any way relating to any condemnation action affecting the subject
<br />property. The terms and conditions, covenants, and agreements set forth herein shall apply to and bind the
<br />heirs, executors, administrators, assigns and successors of the parties hereto.
<br />Seller hereby acknowledges that it has been advised by Its attorney concerning, and are familiar with, the
<br />provisions of Callfornla Civil Code section 1542, which provides as follows;
<br />A general release does not extend to claims which the creditor does not know or suspect to exist In his favor
<br />at the time of executing the release, which If known by him or her must have materially affected his or her
<br />settlement with the debtor.
<br />Seller acknowledges that pursuant to N C e Section 34315(d), Buyer has the power of eminent domain
<br />and may exercise such power at any ti e.
<br />_Kr"` H
<br />Seller's Initials
<br />Seller acknowledges that it may have sustained damage, loss, costs or expenses which are presently
<br />unknown and unsuspected, and such damage, loss, costs or expenses which may have been sustained may
<br />give rise to additional damage, loss, costs or expenses In the future, Seller also acknowledges that changes
<br />In law may occur in the future which may apply retroactively and may allow Seller to be entitled to further
<br />claims for damage, loss, costs or expenses which are presently unknown and unsuspected, Nevertheless,
<br />Seller hereby acknowledges that this Agreement has been negotiated and agreed upon in light of that
<br />situation, and hereby expressly waives any and all rights which it may have under Callfornla Civil Code section
<br />1542, or under any statute or common law or equitable principle of similar effect,
<br />This acknowledgment and release survives the close of escrow.
<br />20. CONTINGENCY, It is understood and agreed between the parties hereto that the completion of this
<br />transaction, and the escrow created hereby, is contingent upon the specific acceptance and approval of the
<br />Buyer herein. The execution of these documents and the delivery of same to Escrow Agent constitutes said
<br />acceptance and approval.
<br />Page 6
<br />
|