BELIEVES TO EXIST WITH RESPECT TO THE RELEASED MATTERS,
BUT THAT IT IS BUYER'S INTENTION TO FULLY, FINALLY AND
4
FOREVER TO SETTLE AND RELEASE ALL OF THE RELEASED MATTERS IN ACCORDANCE WITH THE
PROVISIONS OF THIS SECTION 4.5, AND THE RELEASE SET FORTH HEREIN SHALL BE AND
REMAIN IN EFFECT AS A FULL AND COMPLETE RELEASE NOTWITHSTANDING THE DISCOVERY OR
EXISTENCE OF ANY SUCH ADDITIONAL OR DIFFERENT CLAIMS OR FACTS.
THE FOREGOING
RELEASE OF CLAIMS SHALL BE BINDING ON BUYER AND ALL SUBSEQUENT OWNERS, LESSEES
AND OTHER TRANSFEREES OF THE PROPERTY.
(B)
IN CONNECTION WITH SECTION 4.5(A) ABOVE, BUYER EXPRESSLY WAIVES
THE BENEFITS OF SECTION 1542 OF THE CALIFORNIA CIVIL CODE 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."
Buyer's Initials /s/ AB /s/ JB
5.
CONDITIONS OF BUYER'S OBLIGATIONS.
THE CLOSING AND BUYER'S
OBLIGATIONS UNDER THIS AGREEMENT TO PURCHASE THE PROPERTY SHALL BE SUBJECT TO
THE REASONABLE SATISFACTION, PRIOR TO THE TIMES PRESCRIBED HEREIN, OF THE
FOLLOWING CONDITIONS, WITH BUYER TO RETAIN THE RIGHT TO WAIVE, IN WRITING, IN
WHOLE OR IN PART, ANY OF THE FOLLOWING CONDITIONS (COLLECTIVELY, THE
"CONTINGENCIES") AT OR PRIOR TO THE TIME PRESCRIBED HEREIN FOR APPROVAL OR
DISAPPROVAL BY BUYER:
5.1
TITLE REPORT.
WITHIN FIVE (5) BUSINESS DAYS AFTER THE EXECUTION
DATE, SELLER SHALL DELIVER TO BUYER A PRELIMINARY TITLE REPORT PREPARED BY
CHICAGO TITLE COMPANY ("TITLE COMPANY") WITH RESPECT TO THE PROPERTY (THE "TITLE
REPORT"), TOGETHER WITH COMPLETE COPIES OF ALL EXCEPTIONS SET FORTH THEREIN.
BUYER SHALL HAVE UNTIL 5:00 P.M. (PACIFIC TIME) ON THE DATE WHICH IS THIRTY (30)
DAYS AFTER THE EXECUTION DATE (OR THE NEXT BUSINESS DAY IF SUCH DATE FALLS ON A
WEEKEND OR HOLIDAY) TO NOTIFY SELLER AND THE ESCROW AGENT, IN WRITING, OF
BUYER'S DISAPPROVAL OF ANY EXCEPTIONS OR ITEMS SHOWN THEREON AND TO OBTAIN, AT
BUYER'S SOLE COST, THE COMMITMENT OF THE TITLE COMPANY TO ISSUE THE TITLE POLICY
(AS DEFINED IN SECTION 5.5 BELOW), INCLUDING SUCH ENDORSEMENTS AS BUYER MAY
REASONABLY REQUEST.
IF BUYER DOES NOT GIVE SELLER WRITTEN NOTICE OF DISAPPROVAL
OF ANY OF THE FOREGOING ITEMS WITHIN THE PRESCRIBED TIME, THE TITLE REPORT AND
THE SUPPORTING DOCUMENTS SHALL BE DEEMED APPROVED (AND ALL EXCEPTIONS THEREIN
SHALL BE DEEMED "PERMITTED EXCEPTIONS" AND THIS CONDITION SHALL BE DEEMED
SATISFIED); PROVIDED, HOWEVER, BUYER MAY AT ANY TIME DURING THE FOREGOING THIRTY
(30) DAY PERIOD OBJECT TO ANY TITLE MATTERS AFFECTING THE PROPERTY.
WITHIN FIVE
(5) DAYS OF RECEIPT OF BUYER'S NOTICE OF DISAPPROVAL OF ANY OF THE FOREGOING
ITEMS, SELLER SHALL NOTIFY BUYER WHETHER SELLER IS WILLING TO REMOVE ANY SUCH
ITEM WHICH BUYER HAS DISAPPROVED. IF SELLER DOES NOT GIVE BUYER WRITTEN NOTICE
WITHIN THE PRESCRIBED PERIOD OF TIME, SELLER SHALL BE DEEMED TO HAVE ELECTED NOT
TO REMOVE