UNDER EITHER OF THEM, INCLUDING WITHOUT LIMITATION ANY MECHANICS' OR
MATERIALMEN'S LIENS.
E.
BUYER SHALL HAVE THE RIGHT TO REQUEST
FROM THE TITLE COMPANY THE BUYER'S ENDORSEMENTS.
AS USED HEREIN THE TERM
"BUYER'S ENDORSEMENTS" SHALL MEAN, TO THE EXTENT SUCH ENDORSEMENTS ARE AVAILABLE
UNDER THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED:
(1) OWNER'S
COMPREHENSIVE; (2) ACCESS; (3) SURVEY (ACCURACY OF SURVEY); (4) LOCATION (SURVEY
LEGAL MATCHES TITLE LEGAL); (5) SEPARATE TAX LOT; (6) SUBDIVISION MAP ACT;
(7) ZONING 3.1, WITH PARKING AND LOADING DOCKS; (8) MECHANIC'S LIEN;
(9) DELETION OF CREDITORS' RIGHTS EXCEPTION; (10) ENDORSEMENT OVER ENVIRONMENTAL
PROTECTION LIENS; (11) UTILITIES ENDORSEMENT; AND (12) SUCH OTHER ENDORSEMENTS
AS BUYER MAY REQUIRE BEFORE THE TITLE OBJECTION DATE BASED ON ITS REVIEW OF THE
PRELIMINARY REPORT AND UPDATED SURVEY.
SATISFACTION OF ANY REQUIREMENTS IMPOSED
BY THE TITLE COMPANY IN CONNECTION WITH THE ISSUANCE OF THE BUYER'S ENDORSEMENTS
SHALL BE BUYER'S SOLE RESPONSIBILITY AND SHALL NOT BE A CONDITION TO OR IN ANY
WAY DELAY THE CLOSING.
BUYER SHALL BE RESPONSIBLE FOR THE COST OF THE BUYER'S
ENDORSEMENTS.
3.2
BUYER'S DUTY TO INVESTIGATE.
A.
IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THE ACCESS AND DUE DILIGENCE AGREEMENT BETWEEN SELLER AND BUYER,
DATED MAY 23, 2006, BUYER AND ITS REPRESENTATIVES SHALL HAVE ACCESS TO THE
PROPERTY FOR BUYER'S DUE DILIGENCE AND INSPECTIONS OF THE PROPERTY.
SUCH ACCESS
AND DUE DILIGENCE AGREEMENT IS HEREBY INCORPORATED BY REFERENCE AND MADE A PART
HEREOF.
B.
BUYER ACKNOWLEDGES THAT IT HAS HAD OR
WILL HAVE THE OPPORTUNITY TO CONDUCT WHATEVER INSPECTION AND REVIEW OF THE
PROPERTY THAT BUYER DEEMS RELEVANT TO BUYER'S DECISION TO PURCHASE THE PROPERTY,
AND AGREES TO PURCHASE THE PROPERTY AS-IS.
ACCORDINGLY:
(I)
BUYER HEREBY ACKNOWLEDGES AND AGREES
THAT AS A MATERIAL INDUCEMENT TO SELLER TO EXECUTE AND ACCEPT THIS AGREEMENT AND
IN CONSIDERATION OF THE PERFORMANCE BY SELLER OF ITS DUTIES AND OBLIGATIONS
UNDER THIS AGREEMENT, THE SALE OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON
AN "AS IS, WHERE IS" BASIS. EXCEPT AS PROVIDED IN SECTION 6.1 HEREOF, SELLER HAS
NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY
REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER,
WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT, FUTURE OR OTHERWISE,
OF, AS TO, CONCERNING OR WITH
4
RESPECT TO THE PROPERTY, INCLUDING WITHOUT LIMITATION:
(1) THE EXISTENCE OF
HAZARDOUS MATERIALS UPON THE LAND OR ANY PORTION THEREOF; (2) GEOLOGICAL
CONDITIONS, INCLUDING, WITHOUT LIMITATION, SUBSIDENCE, SUBSURFACE CONDITIONS,
WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING THE WITHDRAWAL
OF WATER AND FAULTING; (3) WHETHER OR NOT AND THE EXTENT TO WHICH THE LAND OR
ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR UNDERGROUND), BODY OF
WATER, FLOOD PRONE AREA, FLOOD PLAIN, FLOODWAY OR SPECIAL FLOOD HAZARD; (4)
DRAINAGE; (5) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF INSTABILITY, PAST SOIL
REPAIRS, SOIL ADDITIONS OR CONDITIONS OF SOIL FILL, OR SUSCEPTIBILITY TO
LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING; (6) USAGES OF ADJOINING
PROPERTIES; (7) THE