SET
FORTH IN THIS CONTRACT OR THE SPECIAL WARRANTY DEED, PURCHASER HAS NOT RELIED
UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION
OR WARRANTY OF SELLER OR ANY AGENT OF SELLER.
PURCHASER REPRESENTS THAT
PURCHASER IS A KNOWLEDGEABLE PURCHASER OF REAL ESTATE AND THAT PURCHASER IS
RELYING SOLELY ON PURCHASER'S OWN EXPERTISE AND THAT OF PURCHASER'S CONSULTANTS
IN PURCHASING THE SUBJECT PROPERTY.
PURCHASER WILL CONDUCT SUCH INSPECTIONS AND
INVESTIGATIONS OF THE SUBJECT PROPERTY
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AS PURCHASER DEEMS NECESSARY, INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND
ENVIRONMENTAL CONDITIONS THEREOF, AND SHALL RELY UPON SAME.
UPON CLOSING,
PURCHASER SHALL BE DEEMED TO HAVE RELEASED SELLER FROM AND TO HAVE ASSUMED THE
RISK THAT ADVERSE MATTERS, INCLUDING, BUT NOT LIMITED TO, ADVERSE PHYSICAL AND
ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER'S INSPECTIONS
AND INVESTIGATIONS.
PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, SELLER
SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE SUBJECT
PROPERTY "AS IS, WHERE IS," WITH ALL FAULTS.
PURCHASER FURTHER ACKNOWLEDGES AND
AGREES THAT THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS,
COLLATERAL TO OR AFFECTING THE SUBJECT PROPERTY BY SELLER, ANY AGENT OF SELLER
OR ANY THIRD PARTY.
THE TERMS AND CONDITIONS OF THIS PARAGRAPH SHALL EXPRESSLY
SURVIVE THE CLOSING AND SHALL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING
DOCUMENTS.
SELLER IS NOT LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN
STATEMENTS, REPRESENTATIONS, OR INFORMATION PERTAINING TO THE SUBJECT PROPERTY
FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON,
UNLESS THE SAME ARE SPECIFICALLY SET FORTH OR REFERRED TO HEREIN.
PURCHASER
FURTHER ACKNOWLEDGES AND AGREES THAT THE PROVISIONS OF THIS PARAGRAPH WERE A
MATERIAL FACTOR IN THE DETERMINATION OF THE PURCHASE PRICE FOR THE SUBJECT
PROPERTY.
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ARTICLE VIII
CONDITIONS PRECEDENT TO CLOSING
A.
The obligation of Purchaser to close this Contract shall, at the
option of Purchaser, be subject to the following conditions precedent:
a.
All of the representations, warranties and agreements of Seller
set forth in this Contract shall be true and correct in all material respects as
of the date hereof and at closing, and Seller shall not have on or prior to
closing, failed to meet, comply with or perform in any material respect any
conditions or agreements on Seller's part as required by the terms of this
Contract.
b.
There shall be no change in the matters reflected in the Title
Commitment, and there shall not exist any encumbrance or title defect affecting
the Subject Property not described in the Title Commitment except for the
Permitted Exceptions.
c.
There shall be no changes in the matters reflected in the Survey,
and there shall not exist any easement, right-of-way, encroachment, waterway,
pond, flood plain, conflict or protrusion with respect to the Subject Property
not shown on the Survey.
d.
Purchaser shall have obtained a standard Texas owner's form of
title insurance policy (the "Title Policy") issued by the Title Company and
insuring Purchaser in the amount of the