insurance shall in no way limit Purchaser's indemnity
obligations hereunder.
c. CONVEYANCE "AS IS". EXCEPT AS TO ANY REPRESENTATIONS EXPRESSLY SET
FORTH IN THIS CONTRACT, THE PROPERTY SHALL BE CONVEYED SUBJECT TO ALL PERMITTED
EXCEPTIONS, AND ANY MATTERS AFFECTING THE PROPERTY AS OF THE CLOSING DATE,
INCLUDING, BUT NOT LIMITED TO, ENVIRONMENTAL MATTERS. FURTHER, EXCEPT AS
OTHERWISE EXPRESSLY SET FORTH IN THIS CONTRACT, THE PROPERTY WILL BE CONVEYED IN
ITS "AS IS" CONDITION ON A "WHERE IS" BASIS AND "WITH ALL FAULTS," WITHOUT
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WHETHER STATUTORY OR OTHERWISE,
AND WITHOUT ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR, OR
PURCHASER'S INTENDED, USE OR PURPOSES, INCLUDING, BUT NOT LIMITED TO, WITH
RESPECT TO ENVIRONMENTAL MATTERS. WITHOUT LIMITING THE FOREGOING, PURCHASER,
UPON CLOSING, SHALL, EXCEPT FOR THOSE MATTERS EXPRESSLY STATED TO SURVIVE THE
CLOSING (AND SUBJECT TO THE LIMITATION ON SURVIVAL PROVIDED HEREIN) BE DEEMED TO
HAVE WAIVED, RELINQUISHED AND RELEASED SELLER FROM AND AGAINST ANY AND ALL
MATTERS ARISING OUT OF LATENT OR PATENT DEFECTS OR PHYSICAL CONDITIONS,
VIOLATIONS OF APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS,
CIRCUMSTANCES OR MATTERS AFFECTING THE PROPERTY. FOR THE FOREGOING PURPOSES,
PURCHASER HEREBY
3
SPECIFICALLY WAIVES THE PROVISIONS OF ANY LAW OF ANY STATE, TERRITORY OR
JURISDICTION THE IMPORT OF WHICH IS 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. PURCHASER FURTHER
ACKNOWLEDGES AND AGREES THAT SELLER HAS NO OBLIGATION TO CURE ANY ENVIRONMENTAL
MATTERS CONCERNING THE PROPERTY OR TO PROVIDE PURCHASER WITH A CREDIT AGAINST
THE PURCHASE PRICE AS A RESULT THEREOF, AND PURCHASER HEREBY EXPRESSLY WAIVES
ANY AND ALL CLAIMS AND ANY AND ALL RIGHTS OF CONTRIBUTION PURCHASER MAY HAVE
RESULTING FROM ANY ENVIRONMENTAL MATTERS AT THE PROPERTY. PURCHASER FURTHER
ACKNOWLEDGES THAT SELLER HAS OWNED THE PROPERTY FOR A LIMITED TIME AND SELLER'S
KNOWLEDGE AS TO THE CONDITION THEREOF IS ACCORDINGLY LIMITED. THIS SECTION 4(C)
SHALL SURVIVE THE CLOSING OF THE TRANSACTION CONTEMPLATED HEREBY AND/OR THE
EARLIER TERMINATION OF THIS CONTRACT.
5. Title Commitment and Survey.
a. Title and Survey. During the Inspection Period, Purchaser shall
obtain, at Purchaser's cost, a title update and survey update. Purchaser shall
have the right to examine such documents and title to the Property during the
Inspection Period. If title is found to be defective or not acceptable to
Purchaser for any reason or if there are any matters on the survey which render
title defective or unacceptable to Purchaser, Purchaser shall, prior to the
expiration of the Inspection Period, notify the Seller in writing specifying any
defect(s) or unacceptable items. Seller shall have the right (but not the
obligation) within thirty (30) days from receipt of such notice to cure the
defect(s) if Seller elects to do so, and if after the thirty (30) day period
Seller shall not have