OF THIS AGREEMENT, WHICH BUYER HAS
OR MAY HAVE IN THE FUTURE, ARISING OUT OF THE PHYSICAL, ENVIRONMENTAL, ECONOMIC
OR LEGAL CONDITION OF THE PROPERTY.
AS FURTHER CONSIDERATION FOR, AND AS AN
INDUCEMENT TO SELLER TO ENTER INTO, THIS AGREEMENT, BUYER HEREBY AGREES THAT
MATTERS RELEASED HEREIN ARE NOT LIMITED TO MATTERS WHICH ARE KNOWN TO BUYER OR
DISCLOSED, AND BUYER WAIVES ANY AND ALL RIGHTS IT MAY HAVE UNDER SECTION 1542 OF
THE CALIFORNIA CIVIL CODE OR ANY SIMILAR STATE, LOCAL OR FEDERAL LAW, STATUTE,
RULE, ORDER OR REGULATION.
SAID SECTION 1542 PROVIDES AS FOLLOWS:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.
Buyer hereby specifically acknowledges that Buyer has carefully reviewed this
subsection and discussed its import with legal counsel and that the provisions
of this subsection are a material part of this Agreement.
Buyer's Initials:
5
The provisions of this Section shall survive Closing.
5.
TITLE AND SURVEY MATTERS.
5.1.
CONVEYANCE OF TITLE.
AT CLOSING, SELLER AGREES TO DELIVER TO BUYER
A GRANT DEED (THE "GRANT DEED"), IN RECORDABLE FORM, CONVEYING THE LAND AND THE
IMPROVEMENTS TO BUYER OR BUYER'S ASSIGNEE OR DESIGNEE, FREE AND CLEAR OF ALL
LIENS, CLAIMS AND ENCUMBRANCES EXCEPT FOR THE PERMITTED EXCEPTIONS (AS
HEREINAFTER DEFINED).
BUYER SHALL ORDER A COMMITMENT (THE "TITLE COMMITMENT"),
DATED AFTER THE EFFECTIVE DATE, ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY
(5 FIRST AMERICAN TITLE, SANTA ANA, CA
92707; ATTN: LEANN BERRY) (THE "TITLE
COMPANY"), FOR AN OWNER'S TITLE INSURANCE POLICY (THE "TITLE POLICY"), ALTA
POLICY FORM B-1992, IN THE FULL AMOUNT OF THE PURCHASE PRICE.
THE PREMIUM FOR
THE TITLE POLICY SHALL BE PAID IN ACCORDANCE WITH THE TERMS OF SECTION 13 OF
THIS AGREEMENT.
PROVIDED THAT BUYER HAS CONFIRMED WITH THE TITLE COMPANY, IN
WRITING, PRIOR TO THE REVIEW PERIOD EXPIRATION DATE THAT THE TITLE COMPANY WILL
ISSUE THE SAME, IT SHALL BE A CONDITION PRECEDENT TO BUYER'S OBLIGATION TO
PROCEED TO CLOSING THAT, AT CLOSING, THE TITLE COMPANY SHALL ISSUE THE TITLE
POLICY TO BUYER INSURING BUYER AS THE FEE SIMPLE OWNER OF THE PROPERTY FOR THE
FULL AMOUNT OF THE PURCHASE PRICE WITH ALL STANDARD AND GENERAL PRINTED
EXCEPTIONS DELETED SO AS TO AFFORD FULL "EXTENDED FORM COVERAGE," AND SHALL
FURTHER INCLUDE, TO THE EXTENT THAT BUYER OBTAINS THE WRITTEN COMMITMENT FOR THE
SAME FROM THE TITLE COMPANY PRIOR TO THE REVIEW PERIOD EXPIRATION DATE, ALL OF
THE FOLLOWING ENDORSEMENTS TO THE EXTENT AVAILABLE IN THE STATE OF CALIFORNIA:
AN OWNER'S COMPREHENSIVE ENDORSEMENT; ALTA ZONING ENDORSEMENT NO. 3.1 (INCLUDING
PARKING); A TAX PARCEL ENDORSEMENT; AN ACCESS ENDORSEMENT; A SURVEY ENDORSEMENT;
AND A CONTIGUITY ENDORSEMENT (COLLECTIVELY, THE "ENDORSEMENTS").
5.2.
SURVEY.
BUYER MAY ORDER, AT BUYER'S EXPENSE, AN ALTA, AS-BUILT
SURVEY OF THE LAND AND THE IMPROVEMENTS LOCATED THEREON (THE "SURVEY").
5.3.
DEFECTS AND CURE.
IF THE TITLE COMMITMENT, THE SURVEY