Item 16 - Purchase and Sale Agreement for 1601 and 1607 N Bristol Street

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affect the Property or any portion thereof prior to the Close of Escrow, without Buyer's written consent, 6.1.12 Access. There is full and unobstructed direct access to the Property from public streets, highways or roads that are adjacent to the Property, 6.1.13 Bat>kniptcX. No "Bankruptcy Event" (as defined below) has occurred with respect to Seller nor any momber.or manager of Seller. There is notpending or threatened any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidations dissolution or re. composition .of Seller or any member or manager of Seller or seeking appointment of a receiver, trustee, custodian or similar official for Seller or any member or manager of Seller for all or any substantial pact of its or their assets. "Bankruptcy Event" means (a) the making by a person of a general assignment forthe benefit of such person's creditors, (b) the admission in writing by a person of its inability to pay its or their debts as they mature, (c) are attachment, execution or other judicial seizure of any property interest which remains in effect; or (d) the failure to have taken or submission to any action indicating a general inability by a person to meet its financial obligations as they acmes. 6.1.14 Material Chance. Seller shall promptly notify Buyer if Seller obtains information that would make any of the representations or warranties contained herein materially inaccurate or misleading. 6.2 Bayer's Wamties. In consideration of Seller entering urto this ,A.gmement and as an inducement to Seller to sell the Property to Buyer, Buyer makes the fbllowing representations and warranties which shall be true and correct as of the Effoctive Date and the Close of Escrow and each of which is material and being relied upon by Seller. For all purposes of this Agreement, including Buyer's representations and warranties contained herein, the phrase "to the best of Buyer's knowledge" shall mean the current actual knowledge of Buyer. If prior to 'the Close of Escrow Seller determines that any representation or wadaaty of Buyer is untrue, inaccurate or incomplete in any material respect (and without. waiving any of Seller's rights or remedies .hereunder at law or in equity with respect to any material untruth, incompleteness or inaccuracy existing on the.Effective Date, that was known of or -should have been known of by Buyer), Seller may give Buyerwritten notice of same and Buyer shall have seven (7) days from the date of reoeipt of Seller's notice (and the Closing Hate shall be extended to permit the running of such seven (7) day period) (`Buyer Cure Period") to correct any fact or circumstance that makes such representation or warranty materially untrue or inaccurate to Seller's reasonable satisfaction. If Buyer fails to make such correction within the Buyer Glare Period, then Seller by written notice to Buyer within three (3) days after the expiration of the Buyer Cure Period (and the Closing Date shall be extended to permit the running of such three (3) day period) shall be entitled (a) to terminate this Agreement or (b) continue this Agreement in full force and effect with no change in terms, but without waiving any legal, equitable or other remedies it may have against Buyer. The foregoing is not a waiver or release of any of Seller's rights or remedies for any material untruth, incompleteness or inaccuracy in a representation or warranty - of Buyer ofwhich Seller obtains knowledge after the Close of Escrow. -11-