DEVELOPMENT.
SUCH INQUIRIES
AND INVESTIGATIONS OF BUYER SHALL BE DEEMED TO INCLUDE AN ENVIRONMENTAL AUDIT OF
THE PROPERTY, AN INSPECTION OF THE PHYSICAL COMPONENTS AND GENERAL CONDITION OF
ALL PORTIONS OF THE PROPERTY, SUCH STATE OF FACTS AS AN ACCURATE SURVEY AND
INSPECTION WOULD SHOW, THE PRESENT AND FUTURE ZONING AND LAND USE ORDINANCES,
RESOLUTIONS AND REGULATIONS OF THE MUNICIPALITY, COUNTY AND STATE WHERE THE
PROPERTY IS LOCATED AND THE VALUE AND MARKETABILITY OF THE PROPERTY.
BUYER ACKNOWLEDGES THAT THERE HAVE BEEN NO REPRESENTATIONS OR AGREEMENTS
REGARDING SELLER'S OBLIGATION TO PROVIDE OR COMPLETE ROADS, SEWER, WATER,
ELECTRIC OR OTHER UTILITY SERVICES, RECREATIONAL AMENITIES, OR ANY OTHER
IMPROVEMENTS TO THE PROPERTY MADE BY SELLER OR RELIED UPON BY BUYER WHATSOEVER.
BUYER ACKNOWLEDGES THAT SELLER HAS INFORMED BUYER THAT SELLER ACQUIRED TITLE TO
THE PROPERTY THROUGH FORECLOSURE PRIMARILY TO PROTECT ITS SECURITY INTEREST
WITHIN THE MEANING OF THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION,
AND LIABILITY ACT ("CERCLA"), 42 U.S.C. § 9601 ET SEQ. AND THE RULES AND
REGULATIONS PROMULGATED THEREUNDER.
WITHOUT IN ANY WAY LIMITING THE GENERALITY OF THE PRECEDING, BUYER SPECIFICALLY
ACKNOWLEDGES AND AGREES THAT
EXCEPT TO THE EXTENT EXPRESSLY SET FORTH HEREIN OR
IN ANY DOCUMENT OR INSTRUMENT BETWEEN BUYER AND SELLER IN CONNECTION WITH THE
CLOSING ,IT HEREBY WAIVES, RELEASES AND DISCHARGES ANY CLAIM IT HAS, MIGHT HAVE
HAD OR MAY HAVE IN THE FUTURE AGAINST THE SELLER, OR ANY SHAREHOLDER, DIRECTOR,
OFFICER, EMPLOYEE, AGENT OR ATTORNEY OF SELLER (COLLECTIVELY, "SELLER RELATED
PARTIES") WITH RESPECT TO COSTS, DAMAGES, OBLIGATIONS, PENALTIES, CAUSES OF
ACTION AND OTHER LIABILITIES (WHETHER ACCRUED, CONTINGENT, ARISING BEFORE OR
AFTER THIS AGREEMENT, OR OTHERWISE) ARISING AS A RESULT OF (I) THE CONDITION OF
THE PROPERTY, EITHER PATENT OR LATENT, (II) ITS ABILITY OR INABILITY TO OBTAIN
OR MAINTAIN BUILDING PERMITS, EITHER TEMPORARY OR FINAL CERTIFICATES OF
OCCUPANCY OR OTHER LICENSES FOR THE USE OR OPERATION OF THE PROPERTY, AND/OR
CERTIFICATES OF COMPLIANCE FOR THE PROPERTY, (III) THE ACTUAL OR POTENTIAL
INCOME OR PROFITS TO BE DERIVED FROM THE PROPERTY, (IV) THE REAL ESTATE TAXES OR
ASSESSMENTS NOW OR HEREAFTER PAYABLE THEREON, (V) THE
MIA 182,706,175
PAST, PRESENT OR FUTURE CONDITION OR COMPLIANCE OF THE PROPERTY, OR COMPLIANCE
OF PAST OWNERS AND OPERATORS OF THE PROPERTY, IN REGARD TO ANY PAST, PRESENT AND
FUTURE FEDERAL, STATE AND LOCAL ENVIRONMENTAL PROTECTION, POLLUTION CONTROL,
POLLUTION CLEANUP, AND CORRECTIVE ACTION LAWS, RULES, REGULATIONS, ORDERS, AND
REQUIREMENTS (INCLUDING WITHOUT LIMITATION CERCLA, RCRA, AND OTHERS PERTAINING
TO THE USE, HANDLING, GENERATION, TREATMENT, STORAGE, RELEASE, DISPOSAL,
REMOVAL, REMEDIATION OR RESPONSE TO, OR NOTIFICATION OF GOVERNMENTAL ENTITIES
CONCERNING, TOXIC, HAZARDOUS, OR OTHERWISE REGULATED WASTES, SUBSTANCES,
CHEMICALS, POLLUTANTS OR CONTAMINANTS), OR LAND USE LAWS, RULES, REGULATIONS,
ORDERS OR REQUIREMENTS, (VI) THE PRESENCE ON, IN, UNDER OR NEAR THE PROPERTY OF
(INCLUDING WITHOUT LIMITATION ANY RESULTANT OBLIGATION UNDER CERCLA, THE
RESOURCE CONSERVATION AND RECOVERY ACT ("RCRA"), 42 U.S.C. § 6973 ET SEQ., ANY
STATE STATUTE OR REGULATION, OR OTHERWISE, TO REMOVE, REMEDIATE OR RESPOND TO)
ASBESTOS CONTAINING MATERIAL, RADON, UREA FORMALDEHYDE OR ANY OTHER TOXIC,
HAZARDOUS