|
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 />
|