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deems necessary or appropriate, including any "Phase 1" or "Phase 2" investigations of the Real
<br />Property. If, based upon such evaluation, inspections, tests or investigation, Buyer determines that
<br />it, in its discretion, does not wish to proceed with purchase of the Real Property based upon the
<br />condition of the Real Property, Buyer may cancel this Agreement by giving written notice of
<br />termination to Seller on or before the Contingency Date which specifically references this Section 5.
<br />If Buyer does not cancel this Agreement by the time allowed under this Section 5, Buyer shall be
<br />deemed to have approved the evaluation, inspections and tests as provided herein and to have
<br />elected to proceed with this transaction on the terms and conditions of this Agreement. Buyer shall
<br />be provided a copy of all reports and test results provided by Buyer's Environmental Consultant
<br />promptly after receipt by the Buyer of any such reports and test results.
<br />Buyer shall bear all costs, if any, associated with restoring the Real Properly to the
<br />condition prior to its testing by or on behalf of Buyer if requested to so do by Seller.
<br />(b) No Warranties as To the Real Property. The physical condition and
<br />possession of the Real Property, is and shall be delivered from Seller to Buyer in an "as is"
<br />condition, with no warranty expressed or implied by Seller, including without limitation, the
<br />presence of Hazardous Materials or the condition of the soil, its geology, the presence of known or
<br />unknown seismic faults, or the suitability of the Real Property for development purposes.
<br />(c) Buyer Precautions after Closing. Upon and after the Closing, Buyer shall
<br />take all necessary precautions to prevent the release into the environment of any Hazardous
<br />Materials which are located in, on or under the Real Property. Such precautions shall include
<br />compliance with all laws, ordinances, statutes, codes, rules, regulations, orders, and decrees of the
<br />United States, the state, the County, the City, or any other political subdivision in which the Real
<br />Property is located, and of any other political subdivision, agency, or instrumentality exercising
<br />jurisdiction over the Real Property ("Governmental Requirements ") with respect to "Hazardous
<br />Materials ", as defined below.
<br />"Hazardous Materials" means any substance, material, or waste which is or becomes
<br />regulated by any local govermnental authority, the County, the State of California, regional
<br />governmental authority, or the United States Government, including, but not limited to, any material
<br />or substance which is (i) defined as a "hazardous waste,'" .. extremely hazardous waste," or
<br />"restricted hazardous waste " under Sections 25115, 25117 or 25122.7, or listed pursuant to Section
<br />25140 of the California Health and Safety Code, Division 20, Chapter 6.5 (Hazardous Waste
<br />Control Law), (ii) defined as it "hazardous substance" under Section 25316 of the California Health
<br />and Safety Code, Division 20, Chapter 6.8 (Carpenter- Presley- Taimer Hazardous Substance
<br />Account Act), (iii) defined as a "hazardous material," "hazardous substance," or "hazardous waste"
<br />under Section 25501 of the California Health and Safety Code, Division 20, Chapter 6.95
<br />(Hazardous Materials Release Response Plans and Inventory), (iv) defined as a "hazardous
<br />substance" under Section 25281 of the California Health and Safety Code, Division 20, Chapter 6.7
<br />(Underground Storage of Hazardous Substances), (v) petroleum, (vi) friable asbestos, (vii)
<br />polychlorinated biphenyls, (viii) listed under Article 9 or defined as "hazardous" or "extremely
<br />hazardous" pursuant to Article 11 of Title 22 of the California Administrative Code, Division 4,
<br />Chapter 20, (ix) designated as "hazardous substances" pursuant to Section 311 of the Clean Water
<br />Act (33 U.S.C. § 1317), (x) defined as a "hazardous waste" pursuant to Section 1.004 of the Resource
<br />Conservation and Recovery Act, 42 U.S,C. §6901 et seq. (42 U.S.C. §6903) or (xi) defined as
<br />"hazardous substances" pursuant to Section 101 of the Comprehensive Environmental Response,
<br />Compensation, and Liability Act, 42 U.S.C. §6901 et seq.
<br />80A -12
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