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<br />11. TAXES (S)
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<br />THE PROPERTY 'WILL BE REASSESSED UPON CHANGE OF OWNERSHIP, THIS 'WILL AFFECT
<br />THE AMOUNT OF PROPERTY TAXES. After close of escrow, a Supplemental Tax Bill will be issued
<br />which shall be the responsibility of BUYER to pay.
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<br />12. PROPERTY PURCHASED IN "AS-IS" CONDITION (N)
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<br />BUYER acknowledges that SELLER has made available to BUYER, for review, a Hazardous Materials
<br />Assessment Report prepared by the County of Orange, Environmental Management Agency, dated
<br />December 8, 1993 and a Limited Subsurface Investigation Report prepared by Kleinfelder, Inc., dated June
<br />13, 1995. BUYER agrees that SELLER shall have no responsibility, financial or 'otherwise, for maintenance.
<br />abatement, or remediation of hazardous materials on the property, except as otherwise provided by law.
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<br />BUYER acknowledges that SELLER has made no representations, warranties, or agreements as to any
<br />matters concerning the property, including, but not limited to, the marketability of title, the land, topography,
<br />climate, air, water, water rights, utilities, present or future zoning, soil, sub-soil, hazardous substances, waste.
<br />or materials, the purposes for which the property is suited, drainage, access to public roads, proposed routs or i
<br />extensions of roads, or the availability of governmental permits or approvals of any kind. Notwithstanding
<br />the above, SELLER warrants and represents to BUYER that it is not aware of any releases of hazardous
<br />substances or contamination of the Property, except as othervvise disclosed in the reports referenced in this
<br />section. BUYER represents and warrants to SELLER that BUYER and BUYER's representatives and
<br />employees have made their o\-vn independent inspection and investigation of the property and BUYER
<br />agrees to purchase the property in its "as-is" condition.
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<br />BUYER's initials ~ 17J'.
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<br />13. PROPERTY INSPECTIONS (N)
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<br />BUYER shall have the right during the escrow term and at BUYER's expense to conduct tests, surveys,
<br />31 studies, inspections, and investigations. (collectively, "Inspections") of the Property, concerning, but not
<br />. limited to soils, possible environmental hazards. and other substances, products and geologic conditions.
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<br />BUYER shall keep the property free and clear of any liens. indemnify and hold SELLER harmless from all
<br />35 liability, claims, demands, damages, or costs, and repair all damages to the Property arising from such
<br />inspections.
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<br />BUYER represents and warrants to SELLER that BUYER and/or BUYER's representatives and employees
<br />39 have made, or will make during the escrow term, their O\\>TI independent inspections, investigations, tests,
<br />surveys, and other studies of the property.
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<br />14. LIQUIDATED DAMAGES (S)
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<br />IF BUYER FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY AS HEREIN PROVIDED.
<br />45 BY REASON OF ANY DEFAULT OF BUYER, SELLER SHALL BE RELEASED FROM SELLER'S
<br />OBLIGA TION TO SELL THE PROPERTY TO BUYER. BY INITIALING BELOW, BUYER AGREES
<br />47 THA T, IN SUCH EVENT, SELLER SHALL RETAIN AS LIQUIDATED DAMAGES THE PURCHASE
<br />DEPOSIT PAID BY BUYER, AND PROMPTLY RETURN ANY EXCESS T(JBUYER.
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<br />CEO'Cu~ of SA/Plud'I.aK Agreemenl
<br />CEOI'POCEo.m.oo:
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<br />Page 4 of7
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<br />Jal'I~IS.20(J;;
<br />Forrut Paw Park Purchase Agrccmcnl
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