|
5.6 Buyer's Investigation. Buyer shall be entitled to conduct such independent
<br /> investigations as Buyer deems necessary or appropriate concerning(i) Buyer's proposed use, sale,
<br /> development or suitability for development of the Property; (ii) the condition and all other
<br /> attributes of the Property, including, without limitation all improvements located thereon;
<br /> (iii) applicable laws, statutes, rules, regulations, ordinances, limitations, restrictions or
<br /> requirements concerning the use, density, location or suitability of the Property or any existing or
<br /> proposed development or condition thereof, including but not limited to zoning, subdivision and
<br /> other regulations(collectively,the"Regulations");(iv) the necessity or availability of any specific
<br /> plan or general amendments, rezoning, zone variances, conditional use permits, building permits,
<br /> environmental impact reports, subdivision maps,public reports issued by the California Bureau of
<br /> Real Estate (`BRE") and all other governmental permits, approvals or acts (collectively, the
<br /> "Permits"); (v) the necessity and existence of all dedications, fees, charges, costs or assessments
<br /> which may be imposed by any Governmental Authority in connection with the proposed
<br /> maintenance of the Property; (vi) the value of the Property; (vii) the availability or adequacy of
<br /> access to the Property, or of water, sewage, gas, electrical or other utilities serving the Property
<br /> and(viii)the presence or adequacy of infrastructure or other improvements on, near or concerning
<br /> the Property. If Buyer disapproves the Property for any reason or for no reason prior to the Closing
<br /> Date, Buyer may elect to give Seller written notice terminating this Agreement and the parties
<br /> shall have no further obligations hereunder except those that expressly survive termination of this
<br /> Agreement.
<br /> 5.7 No Representations or Warranties. Buyer shall rely solely and exclusively
<br /> upon the results of its Investigations of the Property, including, without limitation, investigations
<br /> regarding geotechnical soil conditions, compliance with all laws applicable to the development or
<br /> use of the Property by the Buyer and any other matters relevant to the condition or suitability of
<br /> the Property for the development or operation of the Project, as the Buyer may deem necessary or
<br /> appropriate. The Seller makes no representation or warranty, express or implied, to the Buyer
<br /> relating to the condition of the Property or suitability of the Property for any intended use or
<br /> development by the Buyer.
<br /> 5.8 Acceptance of Property "AS-IS." Buyer shall accept all conditions of the
<br /> Property, without any liability of the Seller whatsoever, upon the Buyer's unconditional and
<br /> irrevocable acceptance of the condition of the Property in the Property's AS IS, WHERE IS,
<br /> SUBJECT TO ALL FAULTS CONDITION, WITHOUT WARRANTY AS TO QUALITY,
<br /> CHARACTER, PERFORMANCE OR CONDITION and with full knowledge of the physical
<br /> condition of the Property, the nature of the Seller's interest in and use of the Property, all laws
<br /> applicable to the Property and of any and all conditions,restrictions, encumbrances and all matters
<br /> of record relating to the Property, and that the Property is being acquired by Buyer as a result of
<br /> its own knowledge, inspection and investigation of the Property and not as a result of any
<br /> representation(s) made by the Seller or any employee, official, consultant or agent of the Seller
<br /> relating to the condition of the Property, unless such statement or representation is expressly and
<br /> specifically set forth in this Agreement. Seller hereby expressly and specifically disclaims any
<br /> express or implied warranties regarding the Property.
<br /> -12-
<br />
|