BUYING THE PROPERTY "AS IS" AND IN ITS
PRESENT CONDITION AND THAT EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
AGREEMENT, BUYER IS NOT RELYING UPON ANY REPRESENTATION OF ANY KIND OR NATURE
MADE BY SELLER, OR ANY OF ITS EMPLOYEES OR AGENTS OR SELLER WITH RESPECT TO THE
LAND OR PROPERTY, AND THAT, IN FACT, NO SUCH REPRESENTATIONS WERE MADE EXCEPT AS
EXPRESSLY SET FORTH IN THIS AGREEMENT; and
(c) FURTHER AND WITHOUT IN ANY WAY LIMITING ANY OTHER PROVISION OF THIS
AGREEMENT, SELLER MAKES NO WARRANTY WITH RESPECT TO THE PRESENCE ON OR BENEATH
THE LAND OR ANY BUILDINGS THEREON (OR ANY PARCEL IN PROXIMITY THERETO) OF
HAZARDOUS MATERIALS.
BY ACCEPTANCE OF THIS AGREEMENT AND THE DEED, BUYER
ACKNOWLEDGES THAT BUYER'S OPPORTUNITY FOR INSPECTION AND INVESTIGATION OF SUCH
LAND (AND OTHER PARCELS IN PROXIMITY THERETO) HAS BEEN ADEQUATE TO ENABLE BUYER
TO MAKE BUYER'S OWN DETERMINATION WITH RESPECT TO THE PRESENCE ON OR BENEATH THE
LAND (AND OTHER PARCELS IN PROXIMITY THERETO) OF SUCH HAZARDOUS
MATERIALS.
FURTHERMORE, BUYER'S CLOSING HEREUNDER SHALL BE DEEMED TO CONSTITUTE
AN EXPRESS WAIVER OF BUYER'S AND ITS SUCCESSORS' AND ASSIGNS' RIGHTS TO SUE ANY
OF THE SELLER AND OF BUYER'S RIGHT TO CAUSE ANY OF SELLER TO BE JOINED IN AN
ACTION BROUGHT UNDER ANY FEDERAL, STATE OR LOCAL LAW, RULE, ACT, OR REGULATION
NOW EXISTING OR HEREAFTER ENACTED OR AMENDED WHICH PROHIBITS OR REGULATES THE
USE, HANDLING, STORAGE, TRANSPORTATION OR DISPOSAL OF
6
HAZARDOUS MATERIALS OR WHICH REQUIRES REMOVAL OR REMEDIAL ACTION WITH RESPECT TO
SUCH HAZARDOUS MATERIALS, SPECIFICALLY INCLUDING BUT NOT LIMITED TO FEDERAL
"CERCLA", "RCRA", AND "SARA" ACTS.
(d) Buyer acknowledges and agrees that as of the Closing Date Buyer is acquiring
the Property in its "AS IS" condition, WITH ALL FAULTS, IF ANY, AND WITHOUT ANY
WARRANTY, EXPRESS OR IMPLIED.
Other than as expressly set forth herein, none of
Seller or Owner or any agents, representatives, or employees of Seller or Owner
have made any representations or warranties, direct or indirect, oral or
written, express or implied, to Buyer or any agents, representatives, or
employees of Buyer with respect to the Property, including, without limitation,
(a) the physical condition of the Property (including the presence or absence of
Hazardous Materials), zoning, set-back and other ordinances, codes, regulations,
rules, requirements and orders affecting occupancy or operation of the Property,
plans, specifications, any affordable housing restrictions or requirements,
costs or other estimates, projections, including income and expense projections
concerning the same, and (b) the Property's compliance with any environmental
laws, including without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (42 U.S.C. Section 9601 et
seq.), the Resource Conservation and Recovery Act of 1976 (42 U.S.C. Section
6901 et seq.), the Clean Water Act (33 U.S.C. Section 1251 et seq.), the Safe
Drinking Water Act (42 U.S.C. Section 300f et seq.), the Hazardous Materials
Transportation Act (49 U.S.C. Section 1801 et seq.), the Toxic Substances
Control Act (15 U.S.C. Section 2601 et seq.), the California Hazardous