DEVELOPMENT, OWNERSHIP AND
OPERATION OF PROPERTIES SIMILAR TO THE PROPERTY AND THAT PURCHASER, PRIOR TO THE
CLOSING DATE, WILL HAVE INDEPENDENTLY INVESTIGATED AND INSPECTED THE PROPERTY OR
WILL HAVE HAD THE OPPORTUNITY TO INSPECT THE PROPERTY TO ITS SATISFACTION AND IS
QUALIFIED TO MAKE SUCH INSPECTION. PURCHASER FURTHER ACKNOWLEDGES AND AGREES
THAT IT IS RELYING ON SUCH INDEPENDENT INVESTIGATION AND INSPECTION AND IS NOT
RELYING ON ANY INFORMATION BY SELLER, ANY OF SELLER'S REPRESENTATIVES OR
EMPLOYEES, OR THE BROKER OR ANY STATEMENTS (ORAL OR WRITTEN) WHICH MAY HAVE BEEN
MADE OR MAY BE MADE (OR PURPORTEDLY MADE) BY SELLER OR ANY OF ITS
REPRESENTATIVES OR EMPLOYEES, IN DETERMINING WHETHER TO PURCHASE THE PROPERTY.
PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT ANY INFORMATION PROVIDED BY
SELLER TO PURCHASER WITH RESPECT TO THE PROPERTY HAS BEEN OBTAINED FROM A
VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR
VERIFICATION OF SUCH INFORMATION AND EXCEPT AS SPECIFICALLY PROVIDED TO THE
CONTRARY IN THIS CONTRACT, MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR
COMPLETENESS OF SUCH INFORMATION. PURCHASER FURTHER ACKNOWLEDGES THAT AT
CLOSING, IT WILL BE FULLY AND COMPLETELY
10
SATISFIED THAT THE PROPERTY IS SATISFACTORY IN ALL RESPECTS FOR ITS INTENDED USE
AND PURCHASER SHALL HAVE NO RECOURSE WHATSOEVER AGAINST SELLER OR THE BROKER IN
CONNECTION WITH THE PROPERTY.
PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT EXCEPT FOR SELLER'S SPECIAL
WARRANTY OF TITLE TO THE PROPERTY AND FOR THE REPRESENTATIONS SPECIFICALLY
PROVIDED IN THIS CONTRACT, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY
DISCLAIMS ANY AND ALL REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS,
AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR
IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH
RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO: (A) THE NATURE, MANNER,
QUALITY, CHARACTERISTICS OR CONDITION OF THE PROPERTY, OR ANY PORTION THEREOF,
ON THE SURFACE OR SUBSURFACE THEREOF, WHETHER OR NOT OBVIOUS, VISIBLE OR
APPARENT; (B) THE USE, INCOME OR POTENTIAL INCOME TO BE DERIVED FROM THE
PROPERTY; (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND
USES WHICH PURCHASER MAY CONDUCT THEREON; (D) THE PRESENCE, OR ABSENCE OF, OR
CONTAMINATION BY HAZARDOUS MATERIALS OF THE PROPERTY, OR THE COMPLIANCE OF OR BY
THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF
ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, INCLUDING, BUT NOT LIMITED TO,
ANY STATE OR FEDERAL ENVIRONMENTAL LAW, RULE OR REGULATION; (E) THE
HABITABILITY, MERCHANTABILITY, DESIGN OR FITNESS FOR ANY SPECIFIC PURPOSE OR
PARTICULAR PURPOSE OF THE PROPERTY FOR A PARTICULAR PURPOSE; OR GOOD AND
WORKMANLIKE CONSTRUCTION, OR THE COMPLIANCE OF OR BY THE PROPERTY OR ITS
OPERATION WITH ANY STATE OR FEDERAL ACCESSIBILITY LAW RULE OR REGULATION,
INCLUDING, WITHOUT LIMITATION, THE AMERICANS WITH DISABILITIES ACT OR THE TEXAS
ARCHITECTURAL BARRIERS ACT; (F) THE SOIL CONDITIONS, DRAINAGE, DETENTION
REQUIREMENTS, FLOODING CHARACTERISTICS, UTILITIES OR OTHER CONDITIONS EXISTING
IN, ON OR UNDER THE PROPERTY; OR (G) ANY OTHER MATTER WITH RESPECT TO THE
PROPERTY.