WORLD OIL MARKETING COMPANY (PURCHASE/SALE AGMT)

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attorneys), and assigns, and all other persons and associations, known or unknown, from all claims and causes of action by reason of any damage which has been sustained by Seller, or may be sustained by Seller, as a result of Buyer's efforts to acquire the Property or to construct the works of improvement thereon, or any preliminary steps thereto; provided, however, Seller shall not release Buyer from or with respect to any claims or causes of actions resulting or arising from Buyer's gross negligence or willful conduct in connection with such efforts by Buyer. This Agreement does not, and shall not be construed to, require Sellerto indemnify Buyer for damages which may arise as a result of Buyer's efforts to construct improvements on the Property. C. Seller hereby acknowledges that it either has consulted with legal counsel, or had an opportunity to consult with legal counsel, regarding the provisions of the California Civil Code section 1542, which provides as follows: "A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor." Seller acknowledges that it may have sustained damage, loss, costs or expenses which are Presently unknown and unsuspected, and such damage, loss, costs or expenses which may have been sustained, may give rise to additional damage, loss, costs or expenses in the future. Nevertheless, Seller hereby acknowledges that this Agreement has been negotiated and agreed upon in light of that situation, and hereby expressly waives any and all rights which Seller may have under California Civil Code Section 1542, or under any statute or common law or equitable principal of similar effect. This acknowledgment and release shall survive the Close of Escrow. 14. Notices. The mailing address of the City of Santa Ana is 20 Civic Center Plaza, M -36, P.O. Box 1988, in the City of Santa Ana 92701, County of Orange, State of California. The mailing address of the Seller is c/o World Oil Corp., 9302 Garfield Avenue, South Gate, California 90280, attn: Edward L. Kaufman, Esq. 15. Exceptions. City agrees to accept title to said real property subject to the following exceptions: All matters of record and all matters that would be disclosed by an accurate survey or visible from an inspection of said real property as of the closing date (the "Permitted Exceptions "). Notwithstanding anything to the contrary contained herein, City shall have the right to terminate this Agreement at any time prior to the date that is sixty (60) days after City executes this Agreement if City disapproves any matters that are disclosed by an accurate survey or visible from an inspection of said real property. 16. Entire Agreement. It is mutually agreed that the Parties hereto have herein set forth the whole of their Agreement. Performance of this PSA by City shall lay at rest, each, every, and all issue(s) that were raised or could have been raised in connection with the acquisition of Said Real Property by City. 17. Hazardous Waste. Buyer acknowledges and agrees that Seller has disclosed to Buyer that a gasoline service station was operated on the Property for several years prior to and including 1997. Thereafter, the underground gasoline and fuel storage tanks were removed from the Property and corrective action was conducted under the directive of the Santa Ana Fire Department and California Regional Water Quality Control Board -Santa Ana Region and Case Closure was granted November 25, 1998 (the "Prior Gasoline Use "). Except for the Prior Gasoline -5- 4833 3'F42-9053.3 v 2- 9053.3